In just one year, over 67000 jobs gone at Infosys, TCS, Wipro and Tech Mahindra

 For tech workers worldwide, 2023 was a difficult year since several big businesses announced massive layoffs. Infosys, TCS, Wipro, and Tech Mahindra, four of the biggest IT companies, alone, let go of about 67,000 workers.

To Put It Briefly

• Globally, IT businesses announced massive layoffs in 2023.
• In a single year, Infosys, TCS, Wipro, and Tech Mahindra let go of almost 67,000 workers.
• Businesses also stopped recruiting on campuses and reduced employment.

For IT enthusiasts everywhere, 2023 got off to a dismal start as several businesses began to announce massive layoffs. Former workers of a wide range of organizations, including Google, Amazon, Microsoft, Twitter (now named X), and Meta, came out to discuss their experiences on LinkedIn. Many workers in India were also affected by the wave of layoffs, and many used social media to express their emotions or hunt for other employment.

According to a recent Mint study, four of the biggest IT companies in the world—Infosys, TCS, Wipro, and Tech Mahindra—let go of almost 67,000 workers in only one year. The data also shows that Wipro gave 21,875 staff the boot while Infosys lay off 24,182 workers. Conversely, Tech Mahindra eliminated 10,669 positions, while TCS said goodbye to 10,818 employees.

But in the last year, were layoffs the only hardships faced by techies? Not really. In addition to the layoffs, the Mint story mentions Naukri.com and claims that recruiting at IT companies has also halted. Comparing December 2022 to December 2023, there was a 21% decrease in the quantity of employment offers extended to applicants.

In addition to delaying recruiting and pointing out the departure, businesses implemented further cost-cutting measures. For example, in February of last year, Wipro made the decision to reduce employment offers to freshers by about fifty percent. Initially, the software company provided freshmen compensation packages totaling Rs 6.5 lakh. However, the corporation stated that it was adjusting the remuneration for freshmen, citing the "changing macro environment" as the cause.

People were very critical of the action, questioning the morality of the choice. Reports also stated that the corporation was giving the freshmen an opportunity to choose whether or not to accept the new offer with the lesser remuneration, and they were not being pressured to do so.

However, Infosys said in October of last year that it would forego hiring on campuses since it already had a sufficient number of freshmen available for training. Infosys CEO and MD Salil Parekh had stated during a press conference at the time that the business carried "inefficiencies in its employee pyramid and had enough room to tighten utilisation to 84-85 percent."

Additionally, it was stated that for the quarter ending in March 2023, the corporation cut the average variable compensation of its employees by 40%. 

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