AI impact on job market: Software majors delete 24,000 jobs across IT and engineering in a year
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Software majors TCS, Infosys, HCLTech, Wipro, Tech Mahindra, and LTIMindtree cut 24,422 jobs over the last year.
- ✓Data from Xpheno showed that total hiring fell to 68,000 as exits outpaced new roles.
- ✓Many firms saw this trend across five of the last six months, changing how the industry got talent.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Economic Times
- Reading Speed
- 1 Minute(s)
- Market Focus
- India Economy
Over the last one year, Tata Consultancy Services (TCS), Infosys, HCLTech, Wipro, Tech Mahindra and LTIMindtree collectively recorded 92,000 exits, in line with the industry's normal attrition rate of 11-15%. However, with exits outpacing hiring of new employees in the IT and engineering functions in five of the last six months, overall intake over the 12 months fell by 24,422 to 68,000, data from staffing firm Xpheno showed.
Across India's top technology services companies, exits are outpacing new hires in the IT and engineering functions.Over the last one year, Tata Consultancy Services (TCS), Infosys, HCLTech, Wipro, Tech Mahindra and LTIMindtree collectively recorded 92,000 exits, in line with the industry's normal attrition rate of 11-15%. However, with exits outpacing hiring of new employees in the IT and engineering functions in five of the last six months,
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Economic Times
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