Even as IT companies including TCS, Infosys and Wipro have witnessed a decline in their overall headcount in FY24, the number of employees earning over Rs 1 crore at Infosys and Wipro has also declined in the past two financial years. According to an Economic Times report, Infosys saw a 16 per cent fall in crorepati employees to 103 at the end of FY24, from 123 in FY22. At Wipro, the number of crorepati employees decreased from 92 to 81 during the period.

The decline in crorepati employees at Indian IT companies have been reported due to a post-pandemic slowdown in tech services demand.

Interestingly, during the pandemic years of 2020, 2021 and 2022, the IT companies were on a hiring spree offering substantial hikes in salaries to attract the best talent. Following this, economic slowdown across the globe led to a decrease in discretionary spending which affected IT industry. Subsequenly, the IT companies did mass layoffs after 2022.

In the financial year 2024, Infosys saw an addition of 12 employees earning over Rs 1 crore annually. These high earners were among the 1,400 IT staff transferred from Danske Bank to Infosys following an outsourcing agreement in September 2023. Interestingly, Infosys did not directly hire any employees with a yearly compensation exceeding Rs 1 crore in FY24, marking the first such instance since FY17.

Wipro, on the other hand, onboarded eight employees with salaries of Rs 1 crore or more throughout the fiscal year 2024. The company’s annual report, released on Monday, highlighted that more than 60 percent of its workforce had been hired in the past three years. This significant talent turnover occurred during the tenure of former CEO Thierry Delaporte, whose term came to an unexpected end in April 2024, a year before his five-year term was set to conclude.

In the financial year 2023-24, on headcount, the total number of employees of TCS fell by 13,249 to 6,01,546. Tata Consultancy Services reported a 9.1 per cent growth in its March 2024 quarter net profit at Rs 12,434 crore.

As on March 31, 2024, Infosys’ total headcount stood at 3,17,240, which is a 7.5 per cent decline as compared with the total number of employees a year ago. Infosys posted a 30 per cent year-on-year jump in its net profit to Rs 7,969 crore for the fourth quarter ended March 2024 quarter.

Wipro’s headcount has also fallen 9.5 per cent to 2,34,054 employees in the financial year 2023-24, compared with 2,58,570 a year ago. Wipro reported an 8 per cent year-on-year decline in its net profit to Rs 2,835 crore for the March 2024 quarter (Q4 FY24).