TCS on a hiring spree, hiring strongest in 5 years
India's biggest software services company Tata Consultancy Services (TCS) has reported net addition of 12,356 employees in the April-June quarter, making it the highest in the last five years. The company stated that it has issued joining letters to over 30,000 fresh graduates.
Around 40% of the fresh graduates have been onboarded in the first quarter and the rest are expected to join by the second quarter. As of June 30, 2019, the consolidated headcount of TCS stood at 436,641 as of June 30, 2019.
Meanwhile, the percentage of women in the workforce rose further to 36.1%, while the total number of nationalities represented grew to 149.
TCS added that it continues to invest heavily in organic talent development. At the end of the first quarter, over 315,000 employees had been trained on multiple new technologies, and over 361,000 had been trained on Agile methods.
Milind Lakkad, Global Head, Human Resources, TCS stated, “'The vibrant, enriching workplace and best-In-class retention rates at TCS are a key competitive differentitator. Customers value the lower attrition because it results In greater stability and fewer disruptions in our service delivery. Moreover, TCS account teams are better placed to retain the contextual knowledge gained over time, and use that to build differentiated solutions tailored to each customer's unique requirements.”
The hiring also comes on the back of the firm’s 10.8% year-on-year rise in its first-quarter profit, bolstered by its strong performance in its key banking, financial services, and insurance segment. For the quarter ended June 30, its net profit rose to Rs 8,131 Cr from Rs7,340 Cr a year ago.
It is heartening to note that the firm has been on a hiring spree though the attrition rate in IT services stood at 11.5%. According to a TeamLease Services report, about 2.5 lakh new jobs are expected to be added in the Indian IT industry this year. Recently, in an attempt to bridge the rising skill gap and improve the employability, TCS has also announced its collaboration with AICTE to offer curated courses to equip students with career skills.