With talent acquisition core to its work, India's fourth biggest IT company has seen the sharpest hiring course correction amongst peers
Wipro making the biggest hiring course correction amongst India’s top IT services companies due to the current adverse global macroeconomic conditions.
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Less than 18 months ago, Wipro concluded a good year. Customers in America, heading out of Covid, were investing strongly in tech services, and even not counting the large contribution from Capco, which Wipro had acquired the previous year, the Bengaluru company’s FY22 was toe-to-toe with its larger peers, whom it had lagged for years.
Fast forward to the company’s latest quarterly results, for the three months ended June 30, and the story is slightly different. Revenues decreased sequentially for the second quarter in a row, missing analysts’ estimates even at the lower end of their expectations.
“Yes, we are seeing some softness in revenues,” CEO Thierry Delaporte told analysts in a conference on July 13, discussing the company’s results. “All around us in almost every industry we see businesses that have been reducing discretionary spends in response to the weaker macro environment. That's had an impact on our revenues as well.”
That, plus an organisation-wide restructuring that Delaporte announced earlier this year—the second big re-org since he started at Wipro three years ago—has led Wipro to shed the most jobs among its peers over roughly the last nine months.
That reflects Wipro making the biggest hiring course correction amongst India’s top IT services companies due to the current adverse global macroeconomic conditions.