CosmicTaco

India's IT Firms Tighten Wage Belts Amid Slowdown

CosmicTaco · 2024-10-19T10:31:12.498556+05:30

- **India's top IT firms** are controlling people costs amid a global slowdown. - **Middle and senior executives** are being replaced by junior employees, with upskilling investments accounting for 5-7% of costs. - **Wage costs** for TCS, Infosys, and HCLTech have declined, while Wipro saw a slight increase. - **Attrition rates** have risen slightly across major firms. - **Future hiring** remains uncertain, influenced by global events and market conditions. Source: [Mint](https://www.livemint.com/companies/latest-company-news-today-on-october-19-2024-live-updates-11729296010195.html), [Mint](https://www.livemint.com/companies/people/india-it-services-employee-costs-wage-costs-hiring-attrition-cost-cutting-demand-it-slowdown-tcs-infosys-hcltech-wipro-11729242822117.html)

India's top IT firms are controlling people costs amid a global slowdown.
Middle and senior executives are being replaced by junior employees, with upskilling investments accounting for 5-7% of costs.
Wage costs for TCS, Infosys, and HCLTech have declined, while Wipro saw a slight increase.
Attrition rates have risen slightly across major firms.
Future hiring remains uncertain, influenced by global events and market conditions.

Source: Mint, Mint