- Cognizant and Capgemini, two major players in the IT sector, drastically reduced their hiring in 2023, with a combined decrease of over 150,000 global employees compared to the previous year.
- The decline in hiring reflects a broader trend in the industry, with Indian IT giants like Tata Consultancy Services, Infosys, and Wipro also experiencing drops in headcount amid macroeconomic uncertainties.
- Tech engineering, once a thriving sector, is now facing challenges as leading tech companies like Microsoft, Google, and Amazon trim their workforce, signaling potential shifts in the industry landscape.
The IT job market witnessed a significant setback in 2023 as industry giants Cognizant and Capgemini slashed their hiring numbers by half compared to the previous year. Cognizant, based in the U.S., hired just over 60,000 employees, while French consultancy firm Capgemini recruited approximately 61,182 employees globally.
This decline in hiring is part of a broader trend affecting the IT sector, with Indian IT powerhouses also reporting drops in their headcounts. The industry faces macroeconomic uncertainties, leading companies to significantly reduce new talent intake. Additionally, the tech engineering sector is grappling with challenges as major players like Microsoft, Google, and Amazon implement workforce reductions, citing reasons such as AI integration.
Tech influencer Deedy Das has raised concerns about an impending “winter” for the industry, highlighting stark differences between the current landscape and the thriving state of the tech industry two decades ago. This trend underscores the evolving dynamics of the IT job market and its impact on both job seekers and industry players alike.
