As IT services recruitment drops, GCCs pick up slack

Bengaluru: With large IT services companies reducing their workforces in the first quarter of 2023-24, global capability centres (GCCs) – the technology arms of multinational companies – look set to outshine the rest of the Indian tech industry this year in hiring. And if that happens, it would be a first, and would be illustrative of the rapidly growing attractiveness of Indian tech talent for global companies.

The big four IT services companies combined had a reduction of nearly 18,000 people in the quarter ended June. Only TCS had a net addition – a mere 523. Infosys, Wipro and HCL had headcount declines of 6,940, 8,812 and 2,506 respectively.