Leading global IT services, consulting and business solutions organization Tata Consultancy Services (TCS), announced that its attrition rate dipped to a record low of 7.6 percent in the third quarter ended December 31, 2020.
In Q3 of 2020-21, its IT Services attrition rate (last twelve months) was at 7.6 percent, the company further said in a statement.
With a consolidated headcount of 4,69,261 people, the company added 15,721 new employees (net addition), as of December 31, 2020. TCS’s diverse workforce comprises 147 nationalities, and women constitute 36.4 percent of the base.
Milind Lakkad, Chief Human Resources Officer, TCS, said, “Our sustained investment in organic talent development is now paying rich dividends, helping us support our business growth. We are also continuing along our journey to reimagine and transform the HR value chain, leveraging technology innovatively to digitize processes, virtualize interactions, and enhance responsiveness.”
He further added that initiatives for entry-level hiring, training, and onboarding were so successful, that the firm is now rolling out similar models for mid-level hiring and incremental reskilling. All this has resulted in a superior employee experience, while materially driving up the throughput.
The firm’s investments in skilling and developing its workforce, and the use of innovative training methods continue to bear fruit. Over 3,66,000 employees have been trained on multiple new technologies, and over 4,44,000 have been trained on Agile methods, the statement said.
During the company's media briefing after its third-quarter results, Lakkad revealed that 3.4 percent of the TCS employees are currently working out of office. This means that 4.53 lakh employees (over 96 percent of TCS employees) are currently working from home.
The Indian IT major has reported the strongest Q3 growth in 9 years despite Q3 being a seasonally weak quarter. It is this performance that is fueling its hopes for a double-digit growth even beyond FY22. In addition, the company’s people culture and HR practices have made it the global industry benchmark in talent retention, helping it bring down the attrition rate.