What Accenture’s hiring spree means for Indian IT industry
Subscribe to enjoy similar stories. Accenture Plc’s renewed hiring—it added 49,000 people globally in the last six months—suggests technology services companies expect a much better growth in the coming months, according to analysts. The Dublin-headquartered company’s hiring spree paints a sanguine outlook for homegrown IT services companies that are expected to record better growth in the coming quarters, the analysts said.
Accenture, which ended November 2024 with 799,000 employees, added 24,000 employees in the June-August 2024 period and 25,000 employees in the three months through November 2024. Its new recruits in the last six months alone make up about 6% of its overall workforce. Accenture follows a September-August accounting year.
India’s $254-billion software services industry, with big names like Tata Consultancy Services (TCS) Ltd, Infosys Ltd, HCL Technologies Ltd, Wipro Ltd, and Tech Mahindra Ltd, reported their slowest revenue growth of 3.3% last year due to macroeconomic uncertainties. TCS, Infosys, and HCLTech grew 4.1%, 1.9%, and 5.4% on a yearly basis to respectively report $29.1 billion, $18.6 billion, and $13.3 billion in revenue for the year ended March 2024. Wipro and Tech Mahindra reported a yearly decline in revenue of 3.8% and 5% to $10.8 billion and $6.3 billion respectively.
Some analysts said a recovery is on the cards. “While a strong recovery of discretionary demand may take a few quarters, it is unlikely to worsen further, in our view," said Nomura analysts Abhishek Bhandari and Krish Beriwal in a note dated 19 September. “Onset of the interest rate cut cycle from September 2024 and a potential thaw in decision-making by US corporates post-US elections in November 2024 could provide a
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