IT giants Cognizant and Capgemini witnessed a significant hiring slowdown in 2023, with their global workforce shrinking by over 55.6% compared to the previous year. This translates to a staggering 151,607 fewer employees across both companies.

In 2022, Cognizant and Capgemini boasted robust recruitment drives, hiring 132,000 and 140,789 employees respectively. However, these figures plummeted in 2023, with Cognizant hiring just over 60,000 and Capgemini bringing on board approximately 61,182 employees. This represents a decrease of 72,000 for Cognizant and 79,607 for Capgemini year-over-year.

This trend reflects a broader slowdown across the Indian IT sector. Major service providers like Tata Consultancy Services, Infosys, and Wipro have also witnessed significant workforce reductions, with estimates suggesting a combined decline of around 64,000 employees for the fiscal year ending March 31, 2023.

This exodus, unprecedented in two decades, highlights the broader shift within the Indian IT sector. The reasons behind this trend likely mirror those impacting Cognizant and Capgemini, reflecting the evolving tech landscape and workforce aspirations.

Due to the worldwide economic slowdown and decreased tech spending by clients, companies have become more careful in their hiring approach.