An Indian multinational information technology services and consulting company, TCS Asserts End Of “Vicious Cycle” Of Hiring And Counter Hiring Amid Recession Fears.
According to a report in Livemint.com, TCS has laid emphasis on the supply side challenges of the last two years. Tata Consultancy Services has reportedly said that it has escaped the “vicious cycle” of hiring frenzy. As per updates, the IT giant has asserted this against the backdrop of recruiting 150,000 plus campus graduates in the last two fiscals.
The supply-side challenges peaked in the first half of FY 2023, with employee churn reaching unprecedented levels.
The company broke out of the vicious cycle of hiring and counter-hiring within the industry by investing in onboarding an unprecedented number of fresh engineers – over 1,10,000 in FY 2022 and over 44,000 in FY 2023 – and training them on the technologies most in demand.
In FY 2023, the company focused on utilizing the spare capacity built up in the prior year and recalibrated its hiring especially as attrition started falling in the second half of the year.
TCS LTM attrition in IT services for the year was 20.1%. Net addition in FY 2023 was 22,600, and the closing headcount was 614,795. The workforce continued to be very diverse, with over 150 nationalities represented and with women making up 35.7% of the employee base.
“In FY 2023, we focused on utilizing the spare capacity built up in the prior year, and recalibrated our hiring especially as attrition started falling in the second half of the year,” Gopinathan had said in the report.
“The energy, supply chain, and AI transitions are going to require companies to reskill/upskill existing talent base, hire and integrate new talent and invest in research,” said the chairman in the report.
The average annual increase was in the range of 5-8 percent in India. However, during the course of the year, the total increase is in the range of 6-9 percent, after accounting for promotions and other event-based compensation revisions.
The company continued to work with communities across the world, pursuing the long-standing commitment to programs in the areas of skills development, bridging digital divides, and STEM education.
The company’s employee volunteer program called HOPE (Hours of Purpose by Employees) resulted in over 2.8 million hours of volunteering effort towards promoting issues most relevant in their local communities, such as mental health, climate action, circularity, education, skilling, mentoring, and conservation.
