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IT majors cut back on hiring

Cos have reduced fresh hiring by more than half in Q1 as demand starts to level off. Terming this downtrend as normalisation of talent acquisition rather than a slowdown in hiring, analysts and company executives pointed out that demand for skilled talent is expected to remain strong

Source | | Romita Majumdar

Top software exporters including global major Accenture and Indian IT services leader Tata Consultancy Services NSE -0.14 % have sharply reduced new recruitments in the first quarter of this financial year despite record levels of attrition, as they adopt a cautionary approach to ride out inflationary and geopolitical headwinds, analysts told ET.

Accenture hired just 12,000 people in the last quarter ending May compared to an average of 40,000 recruitments in the previous three quarters. TCS NSE -0.14 % took in 14,136 new recruits in the quarter April to June marking a stark contrast to its average quarterly hiring of 26,000 in the last fiscal. At HCL Technologies NSE -2.20 % the dip was more pronounced as the Noida company hired just 

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