Employee costs in IT touches five-year high: Report

IT industry hiring has taken a hit as companies like TCS, Wipro, and HCL Technologies are looking to cut down on employee expenses, a Mint reported.

The analysis has also revealed that in first-quarter of the 2023 financial year, employee costs as a percentage of total revenues has increased to a five-year high. This has prompted the three aforementioned companies to keep their hiring targets at a minimal for the time being.

Poor deal pipelines and weak visibility in the near future are behind this decision by the Indian tech giant.