According to Livemint, four IT outsourcing firms – Cognizant Technologies, DXC Technologies, Wipro, and Tech Mahindra – have seen a net decline in workforce by 26,677 jobs in 2017. As of 1 January 2017, the four companies had 719,471 employees. By the end of the year, that number had dropped to 692,794 employees.
Overall, the seven biggest companies – including Tata Consultancy, Infosys and HCL – saw a net drop of 4,167 jobs in the last calendar year. This number is especially surprising because none of the companies admit to laying off employees. Meanwhile, they have also continued hiring university graduates.
This is the first year where the total number of jobs in the outsourcing industry has declined. During 2016, the same seven companies had seen a net increase of 1,03,340 employees in their workforce.
You can watch the full episode of today’s The Daily Filter here.