Latest news with #MilindShah
Time of India
4 days ago
- Business
- Time of India
Hiring dips sharply at major IT Firms in Q1; What's behind the slowdown in India's $283-billion outsourcing industry? Check details
Representative AI image If job additions are the pulse check for India's $283-billion outsourcing sector, the June quarter showed worrying signs, with payroll data painting a less-than-ideal picture. These six leading IT companies added only 3,847 positions during April-June, representing a substantial 72% reduction from 13,935 recruitments in the previous quarter, according to recent financial reports. Only TCS and Infosys, the two largest software service providers, increased their workforce by 5060 and 210 personnel respectively between April and June. The other four companies - HCLTech, Wipro, TechM and LTIMindtree - collectively reduced their workforce by 1,423 individuals, ET This trend coincides with the outsourcing industry's revenue challenges, where growth typically correlates with employee numbers. Artificial Intelligence-driven efficiencies are enabling IT providers to accomplish technical work with reduced staff numbers. 'The current stagnancy in headcount additions potentially reflects a strategic recalibration. This shift is driven by the widespread adoption of AI, automation and cloud-based architectures, which have significantly reshaped hiring trends across the IT industry,' Milind Shah, managing director at recruitment firm Randstad Digital India told ET. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Indian Investors Are Buying These Dubai Apartments—Here's Why Binghatti Developers FZE Explore Undo The £283-plus billion revenue IT sector is experiencing a disconnect between revenue growth and talent acquisition due to AI implementation, leading to an emphasis on efficiency, innovation and strategic workforce planning. The integration of AI-powered automation is transforming operational models, necessitating organisations to focus on digital advancement, staff development and sophisticated recruitment approaches. 'As conventional roles evolve, hiring has become more selective and aligned with core business objectives. Simultaneously, organisations are transforming workforce strategies by redeploying existing talent through upskilling programs and capability development rather than expanding workforce numbers,' Shah added. Entry-level recruitment, previously the foundation of IT firms' pyramid-model workforce, has decreased by 50% compared to pre-pandemic levels, according to Teamlease data. "Over the last few quarters, when we added revenue, the headcount has not necessarily increased. So, there is a correlation or a non-linearity, but it is too early to call out to what extent it will happen," LTIMindtree chief Venugopal Lambu told ET after the Q1FY26 results, However, January to June 2025 showed positive workforce growth for the first time in three years. In contrast, the same period in 2024 and 2023 saw declines of 14,000 and 32,000 employees, respectively. Despite announcing strong fresher hiring plans, companies remain cautious with lateral hiring due to uncertain demand, global tariff pressures, and conservative client spending. Together, these firms now employ about 16.25 lakh people still lower than the 16.58 lakh workforce recorded in June 2022. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
News18
4 days ago
- Business
- News18
Tech Hiring Slowdown: Top Six IT Firms Add Only 3,847 Jobs In Q1, Staff Addition Drops 72%
Last Updated: India's top six IT services companies added only 3,847 employees in the April-June period of FY26—a sharp 72% drop from last quarter Hiring Slowdown Hits IT Sector: If net additions to payrolls are considered a key indicator of health in India's $283-billion outsourcing industry, the June quarter has been far from reassuring. India's top six IT services companies added only 3,847 employees in the April-June period of FY26—a sharp 72% drop from the 13,935 people they hired in the March quarter, as per their latest earnings disclosures. Among them, only Tata Consultancy Services (TCS) and Infosys reported net headcount increases, adding 5,060 and 210 employees, respectively. In contrast, HCLTech, Wipro, Tech Mahindra, and LTIMindtree collectively reported a decline of 1,423 employees during the same period. The slowdown comes at a time when revenue growth has also stagnated—typically a signal of reduced hiring needs. But analysts point out that artificial intelligence (AI) and automation are accelerating a structural shift in how tech work is delivered. 'The current stagnancy in headcount additions potentially reflects a strategic recalibration. This shift is driven by the widespread adoption of AI, automation, and cloud-based architectures, which have significantly reshaped hiring trends across the IT industry," said Milind Shah, managing director at Randstad Digital India. Entry-Level Hiring Sees Sharp Decline Hiring of fresh graduates—a long-time cornerstone of the Indian IT industry's pyramid structure—has dropped by nearly 50% compared to pre-Covid levels, according to data from staffing firm TeamLease. 'While early indicators for FY26 suggest a cautious rebound—with top IT firms projecting higher fresher intake linked to an increase in the number of projects coming to India—hiring will remain skill-driven and unlikely to return to earlier volumes," said Neeti Sharma, CEO of TeamLease Digital. Meanwhile, LTIMindtree president Venugopal Lambu told The Economic Times post-Q1FY26 results: 'Over the last few quarters, when we added revenue, the headcount has not necessarily increased. So, there is a correlation or a non-linearity, but it is too early to call out to what extent it will happen." A Glimmer of Recovery? Despite the weak Q1 data, the first half of 2025 (January–June) marked a net positive headcount movement for the first time in three years across the top six IT firms. In comparison, the first halves of calendar years 2024 and 2023 saw talent declines of 14,000 and 32,000, respectively. 'This cohort of Tier-1 IT service players has had challenges with headcount additions since the latter half of CY2022, when the post-lockdown hyper hiring phase ended and sectoral headwinds hit hiring plans," said Kamal Karanth, co-founder at recruitment firm Xpheno. 'As the cohort continues to tackle gradually rising attrition rates, a positive net headcount growth is a sign of a recovery in play." Still, Karanth cautioned that the trend remains nascent: 'These are also early signs, and we will have to wait for the second half to see if the growth trajectory is sustained." While most firms have reaffirmed plans for fresher hiring in FY26, lateral hiring remains muted and will depend on macroeconomic factors and client spending sentiment. The industry continues to face headwinds from global uncertainties, pricing pressures, and delayed tech budgets. As of June-end, the six major IT firms employed about 16.25 lakh people—still lower than the 16.58 lakh reported in June 2022. tags : IT jobs view comments Location : New Delhi, India, India First Published: July 25, 2025, 07:40 IST News business » economy Tech Hiring Slowdown: Top Six IT Firms Add Only 3,847 Jobs In Q1, Staff Addition Drops 72% Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
4 days ago
- Business
- Time of India
Top six IT firms saw staff additions plunge 72% in Q1
Academy Empower your mind, elevate your skills If payroll additions are considered the ideal barometer of health for the $283-billion Indian outsourcing industry , the June quarter has been far from additions at the top six IT majors stood at just 3,847 in April-June, a drop of almost 72% from 13,935 people who were hired by the six firms in the March quarter, the latest earnings statements the largest software service providers, only two including the top two leaders Tata Consultancy Services (TCS) and Infosys reported an increase in workforce by 5060 and 210 people between April and June. The remaining four - HCLTech, Wipro , TechM and LTIMindtree - witnessed a cumulative dip of 1,423 this comes at a time when the outsourcing industry is struggling to grow revenue, which is typically in proportion to employee growth, AI-led efficiency is seen as one of the key reasons for helping IT vendors get tech work done with fewer employees.'The current stagnancy in headcount additions potentially reflects a strategic recalibration. This shift is driven by the widespread adoption of AI, automation and cloud-based architectures, which have significantly reshaped hiring trends across the IT industry,' said Milind Shah, managing director at recruitment firm Randstad Digital say that the people-led $283-plus billion revenue-sized IT sector is also undergoing de-linearity in the revenue growth vis-à-vis the talent addition due to AI resulting in the hiring landscape transitioning towards a focus on efficiency, innovation, and strategic workforce planning. With AI-driven automation reshaping business models, companies must prioritize digital transformation, employee upskilling, and advanced hiring strategies.'As conventional roles evolve, hiring has become more selective and aligned with core business objectives. Simultaneously, organisations are transforming workforce strategies by redeploying existing talent through upskilling programs and capability development rather than expanding workforce numbers,' Shah generic entry-level hiring, that formed a majority of the pyramid-model mass workforce at the IT firms, has fallen by as much as 50% compared to pre-pandemic years, staffing firm Teamlease data showed.'While early indicators for FY26 suggest a cautious rebound—with top IT firms projecting higher fresher intake linked to increase in the number of projects coming to India, hiring will remain skill-driven and unlikely to return to earlier volumes,' said Neeti Sharma, CEO of Teamlease chief Venugopal Lambu told ET after the Q1FY26 results, 'Over the last few quarters, when we added revenue, the headcount has not necessarily increased. So, there is a correlation or a non-linearity, but it is too early to call out to what extent it will happen.'On the flip side, the first half (H1) of the ongoing calendar year 2025 (CY2025) – January to June – showed a net positive headcount movement for the first time in the last three previous H1s of CY2024 and CY2023 had net negative movement of talent growth in the top six IT companies with a decline of 14,000 and 32,000, respectively.'This cohort of Tier-1 IT service players have had challenges with headcount additions since the latter half of CY2022, when the post-lockdown hyper hiring phase ended and sectoral headwinds hit hiring plans. As the cohort continues to tackle gradually rising attrition rates, a positive net headcount growth is a sign of a recovery in play,' said Kamal Karanth, cofounder at another recruitment firm was quick to add that these are also early signs, and we will have to wait for the second half to see if the growth trajectory is all the companies have spelt out stronger fresher hiring plans, they continue to recalibrate the lateral hiring based on the demand outlook, which continues to remain uncertain led by the tariff situation and cautious spending by the six software service providers employ around 16.25 lakh people, which is still below 16.58 lakh seen at the end of June 2022.
Time of India
01-07-2025
- Automotive
- Time of India
MG Select partners with Jaipur Watch Co. for collaborative timepiece
MG select , the luxury brand channel of JSW MG Motor India, has partnered with Jaipur Watch Co . to launch a collaborative timepiece that combines elements of automotive design with Indian watchmaking tradition. The partnership introduces a watch featuring a coin-inspired dial with the MG SELECT insignia placed at the base. The case back is transparent, revealing the internal mechanics, while the bezel incorporates classical Indian design motifs. Cross-industry design collaboration Milind Shah, Interim Head, MG Select, said, 'This partnership with Jaipur Watch Co. is a natural extension of our brand ethos—redefining luxury by connecting stories, heritage, and innovation. Together, we will offer customers a design narrative that is truly one-of-a-kind.' Gaurav Mehta, Founder, Jaipur Watch Co., added, 'Our collaboration with MG Select is a celebration of forward-looking innovation. We are thrilled to co-create timeless pieces that echo the elegance of the past while embracing the spirit of modern design.' Founded on a shared vision for excellence and exclusivity, this collaboration marks the beginning of a new lifestyle journey for MG Select patrons, one that seamlessly blends the spirit of motoring with the art of watchmaking, the company said in a media release. The timepiece is targeted at collectors and consumers seeking products that combine design narrative and functionality.
News18
28-05-2025
- Automotive
- News18
Why Luxury EVs Are Booming in India Now
Luxury EVs in India are no longer a novelty—they're a statement of modern, tech-savvy living. Not long ago, spotting a high-end electric car on Indian roads was a rare treat—an oddity in a market still defined by fuel and horsepower. Step into any luxury showroom today, and the landscape has shifted. From Mumbai to Bengaluru, sleek EVs from global brands are now front and centre, no longer sidelined by their petrol-powered peers. Data from the Federation of Automobile Dealers Associations shows that India's luxury EV sales climbed 6.7% in 2024, with top marques moving 2,809 vehicles compared to 2,633 the year before. It represents a shift in how we think about performance, design, and the future of mobility. It's about image, innovation, and ease. A growing number of buyers now see these vehicles as a reflection of modern values: clean design, advanced technology, and a quieter, more responsible form of mobility. Interestingly, many of these buyers are younger than you might expect. Data shows that a significant share of luxury EV owners in 2024 were under the age of 40. These are digital-first professionals—entrepreneurs, CXOs, and design-led thinkers—who value thoughtful engineering just as much as brand prestige. For them, going electric isn't a compromise; it's a step forward. advetisement 'MG SELECT, the luxury brand channel of JSW MG Motor India, aims to bridge the gap between mainstream and traditional luxury. We are tech-forward and envision curating a meaningful ownership experience for our clientele. With a core focus on New Energy Vehicles, MG SELECT is for the generation of buyers who are drawn to experiences that go beyond the drive," says Milind Shah, Interim Head, MG SELECT. Of course, this momentum isn't just about the cars themselves. The infrastructure that supports them is expanding rapidly. According to figures from the Ministry of Power, fast-charging stations in Delhi, Mumbai, and Bengaluru increased by 119% in the past year. From hotels and gated communities to business parks and shopping hubs, charging points are showing up where buyers already spend time. Luxury brands have also adapted quickly. Most now offer at-home charger installation, support apps for real-time charge monitoring, and concierge services that take the hassle out of maintenance. For many owners, it's a smoother experience than owning a conventional fuel vehicle. But design and experience matter just as much. From minimalist cabins lined with vegan materials to gesture-based controls and connected dashboards, today's premium EVs offer something distinct. They aren't just electric—they're built around a new idea of what a car can be. 'India's EV ecosystem is growing at an impressive rate—we witnessed more than 150% growth in electric car sales last year alone. This is clear proof that the Indian consumer is primed for change, as long as brands deliver on expectations that go beyond the vehicle. That's where MG SELECT comes in. It's not just about offering an electric car—it's about giving you a complete ownership experience that makes using an EV simple and stress-free. With easy access to charging, helpful concierge support, and personalised assistance, MG SELECT is made for today's urban driver who values convenience, style, and smart technology. As someone who has followed the development of luxury mobility in India, I believe that MG SELECT is a shrewd, forward-looking step. It takes some of the biggest concerns people have with EVs—range anxiety and limited infrastructure—and flips them on their head to create opportunities that enrich the overall user experience." Advertisement — Riaan George, Luxury & Auto Content Creator top videos View All Many luxury brands now offer tailored lease plans, EV-specific financing, and partnerships with banks offering preferential 'green' loan rates. And with lower maintenance and running costs over time, these vehicles make more financial sense than they once did. By the end of 2025, over 15 new premium electric models are expected to enter the Indian market—from brands including Porsche, Mercedes-Benz, and Audi. For buyers looking for something that feels progressive but still premium, the options are expanding fast. Watch CNN-News18 here. The News18 Lifestyle section brings you the latest on health, fashion, travel, food, and culture — with wellness tips, celebrity style, travel inspiration, and recipes. Also Download the News18 App to stay updated! tags : cnn-news18 latest news lifestyle news18 Location : New Delhi, India, India First Published: May 28, 2025, 12:00 IST News lifestyle Why Luxury EVs Are Booming in India Now
