<ul><li>Cognizant and Capgemini experienced a combined decline of 151,607 hires globally in 2023 compared to the previous year.</li><li>The pandemic-induced hiring spree led to overstaffing, resulting in layoffs. Everest Group's Peter Bendor-Samuel noted this over-hiring trend and attributed it to the expectation of sustained industry growth. However, with the industry contracting, firms are now reducing new talent intake.</li><li>Additionally, the rise of Gen AI is seen as reducing the need for fresh hires. Both companies witnessed a decrease in employee count, with Cognizant's down by 7,100 in FY24 and Capgemini's by 6% in the same period.</li></ul>

IT companies Cognizant, Capgemini hired 1.5 lakh less hands in 2023

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