India’s largest IT services provider, Tata Consultancy Services (TCS) for fiscal 2021-22 had added over 100,000 employees from campus but speaking about its attrition continued to be high.
Commenting on the attrition, Management said that though on the LTM basis the numbers are high, on an incremental basis the numbers are coming down. “The 17.4 per cent is because of the way LTM is calculated. I also believe that this will get worse before its starts to come down. We are already seeing on individual basis the attrition numbers are tapering down,” said Rajesh Gopinathan, CEO & MD, TCS.
The Q4FY22 the company’s attrition was 17.4 per cent. Though the 17.4 per cent could be less than peers, which will soon announce their numbers. For the Q4FY21 the company had reported attrition of 7.3 per cent. Even for the quarter gone by, Q3FY22, TCS attrition was 15.3 per cent.
The company also said that going forward from now, its hiring momentum will be similar to the last fiscal, “And we will start with a campus hiring number of 40,000 for the Q1 of Fy23,” said N Ganapathy Subramaniam, COO, and executive director, TCS.
The company has added 35,209 employees on a net basis for the fourth quarter ended on March 31, 2022. This was the highest ever net addition in any quarter and in any year, the IT behemoth added.
The total number of employees stood at stood 592,195 at the biggest employer in India.
Commenting on Q4FY22, Milind Lakkad, Global HR Head, TCS, said: “With the highest ever net addition this year, consistently highest talent retention, benchmark talent development metrics, continued focus on health and well-being and numerous industry awards, we have reaffirmed TCS’ position as the #1 employer of choice.”
The company has reported a 7.35 per cent year-on-year rise in net profit to Rs 9,926 crore for the fourth quarter ended in March, 2022. The company posted a net profit of Rs 9,246 crore in the corresponding quarter last year.
The consolidated revenue of TCS, jumped 16 per cent year-on-year to Rs 50,591 crore during the quarter under review. It was at Rs 43,705 crore in the corresponding quarter a year ago.
