According to the reports, Tata Consultancy Services Chief Human Resources Officer Milind Lakkad (TCS CHRO) expects the attrition to drop close to 12-13% by H2FY24.
The attrition for every quarter has seen a deep fall to 20.1 percent, continuing its downward trend from last quarter’s. TCS has reported attrition in Q3FY23 stood at 21.3 percent, a slight decline from 21.5 percent in Q2FY23 on a last-twelve-month basis.
According to Moneycontrol, Milind Lakkad said, “We want to go down to our original levels. So 12-13 percent is the band that we are comfortable with… I know my numbers will really come back close to this range.”
“We expect to reach pre-pandemic number levels in the second half of this year”, he added.
Milind Lakkad further said, “As we grow the TCS family, I want to call out the stellar role played by our recruitment team in swiftly scaling up hiring, and onboarding the best available talent, enabling TCS to meet its delivery commitments and capturing growth.”
“We are honoring all job offers, and have added 22,600 employees on a net basis in FY 23. During the year, we onboarded over 44000 freshers and our highest-ever number of experienced professionals”, Milind Lakkad added.
Milind Lakkad further said, “We also doubled down on organic talent development, obtaining over 53K cloud certifications during the year, bringing the total to over 110K employees certified on hyper scaler platforms. This places us among the top 2 partners for the largest cloud providers.”
The company has started to slow down hiring and focus on improving employee utilization rates. The company added 22,600 employees during FY23. There has been a steep decrease as compared to its net addition in FY22. In the previous year, it had added 103,546 employees on a net basis.
The hiring is down by 78%. This is the company’s lowest net headcount addition since FY15 when it added 19,000 employees on a net basis during the year.
Additionally, It is expected that the top performers of TCS will receive a 12-15 percent salary hike. The company employees are expected to get a 100 percent variable payout for the recent quarter.
