Over the last two years, TCS and Infosys, two major IT companies in India, have seen a marked decrease in the number of young employees in their ranks. A report from Live Mint indicates that the percentage of employees under 30 at TCS has dropped from 59% in 2022 to 50.3% in the fiscal year 2024.
These leading IT service providers primarily serve affluent Western markets, yet a large proportion of their workforce is located in India. Based on its annual report, TCS employs around 451,160 people in India, with 226,990 of them being under 30 years old. In response to a query from Mint, TCS’s annual report for the fiscal year 2024 confirms that 50.3% of its Indian workforce is under the age of 30.
Ink Dive: Jobs That AI Just Can’t Do
Infosys, which has a global workforce of over 311,724 employees, saw more than half of its staff being 30 or younger in the fiscal year 2024. This is a decline from March 2022, when 60% of its employees, or 187,700 individuals, were aged 30 or less.
This decline has raised questions about whether AI is starting to replace entry-level jobs.
According to experts, the reduction in the number of employees aged 30 and under is due to a significant drop in hiring new graduates since the post-pandemic peak, coupled with slower growth. By March 2024, TCS and Infosys had hired approximately 40,000 and 12,000 new graduates respectively, compared to 78,000 and 55,000 hired in the year leading up to March 2022. Analysts suggest that this decrease in hiring fresh graduates is linked to the slow growth of Indian IT outsourcing companies.
Industry Growth and Revenue Trends
Data from NASSCOM shows that India's IT sector grew by 3.8% to $254 billion by the end of March 2024, marking its slowest growth rate in 25 years.
Tata Consultancy Services, Infosys and Wipro reported dollar revenue growths of 4.1%, 1.9% and 5.4% respectively last year, whereas Bangalore-based Wipro experienced a full-year revenue decline of 3.8%.
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