Infosys and TCS witness a decline in headcount amid macroeconomic headwinds

Infosys experienced a net reduction of 5,423 employees in the January to March 2024 quarter, bringing its total workforce to 317,240 by the end of the 2023-24 fiscal year.

This marks the fifth consecutive quarter of declining workforce numbers for the IT services giant, with a total decrease of over 29,000 employees in this period.

Similarly, Infosys' competitor Tata Consultancy Services or TCS reported a net decrease of 1,759 employees in the same quarter, resulting in a total workforce of 601,546 by the end of the 2023-24 fiscal year, the lowest in the past two years.

At a time when Infosys had implemented a campus hiring freeze, TCS boasted of being the first one to hire from institutes.