- Hiring by nine out of 10 Indian IT companies fell in the July-September quarter, marking the first contraction in hiring in over 25 years.
- The workforce in the top 10 IT companies declined from 2.11 million at the beginning of the quarter to 2.06 million by the end.
- Only L&T Technology Services reported an increase in headcount during the quarter.
- Changing deal types, margin pressures, and uncertainties have limited the talent strategy options for IT firms, leading to lower headcounts by the end of the year.
- Most IT companies have also revised their revenue projections for the coming quarters amid geopolitical risks and spending cuts by Western countries.