This quarter’s hiring numbers indicate a significant improvement in technology services hiring that has remained calm for at least the last seven quarters. While the trend is not the same across the board, it has been better for most of these IT services companies except Wipro and HCLTech.
TCS, Infosys and LTIMindtree saw a net increase in their workforce, while Wipro saw a reversal from the previous quarter and HCLTech continued to see a decline, but the magnitude was much smaller.
| Net increase in workforce | ||
| First Quarter FY25 | Second Quarter FY25 | |
| TCS | 5452 | 5726 |
| infosys | -1908 | 2456 |
| HCLTech | -8080 | -780 |
| wipro | 337 | -502 |
| LTIMindtree | -284 | 2504 |
The trend is mixed compared to what the analysts CNBC-TV18 spoke with had indicated. Krishna Vij, chief business officer at TeamLease Digital, had said before the earnings report was released, based on industry data: Major IT services companies reported a 4-6% increase in hiring for Q2FY25 compared to the previous quarter, and CCGs continue to play a pivotal role in driving this demand.
“Over the last quarter, we have seen a positive shift in technology hiring, especially after companies maintained a more cautious outlook in previous quarters,” Vij had said.
The reason Infosys and LTIMindtree stand out is the fact that in the quarter ended June 2024, the two companies had seen their headcount decline by 1,908 and 284 employees, respectively. But, in the quarter ended September, these two saw a massive rebound and recorded net hiring of 2,456 and 2,504 employees.
LTIMindtree CEO and CEO Debashis Chatterjee said significant hiring in the second quarter, including new hires, positions the company well as it enters the second half of the fiscal year.
Infosys also mentioned that it is on track to recruit between 15,000 and 20,000 first-year students in FY25, adding that the salary increases will be phased in in the third and fourth quarters and that the 20-22% margin guidance takes that aspect into account.
TCS, on the other hand, saw a net increase in total headcount for the second consecutive quarter, after its headcount declined in the previous three quarters.
Milind Lakkad, The HR director of TCS also said that the firm welcomed 11,000 associates in the first half of the year, and remains on track to recruit apprentices as planned.
“We have also begun the campus hiring process for FY26. Our strong talent base and increased learning intensity prepare us well for the complex technology transformations that clients entrust us with,” he said.
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