Tech workers had a gloomy year; will things get better?

Mumbai and Bengaluru: Headcount at India’s top 10 IT firms employing a combined two million people fell by 76,572 last year, as companies retrenched workers in the face of a slowdown. According to staffing firms and job portals, hiring is not expected to pick up soon either, amid muted demand for technology services and rising fears of artificial intelligence eating into existing jobs. Hitesh Oberoi, CEO of Info Edge India Ltd, which operates Naukri.com, said IT services companies went on a hiring binge during the two pandemic years, but a subsequent slowdown forced them to trim down. “This is the phase-one correction where IT services firms are letting go of junior and middle management," said Sunil Chemmankotil, chief executive officer for TeamLease Digital.