The ongoing layoff spree is like the one the tech industry never saw before. Several thousands of employees were issued pink slips and many still stand on the verge of getting fired.
In the midst of all this, Indian IT giant, Tata Consultancy Services (TCS) is not considering any layoffs. Instead, the company is planning to announce salary hikes soon.
According to a report by Mint, TCS chief Human Resources officer Milind Lakkad on Sunday hinted that the company will soon be announcing salary hikes that will be similar to earlier years. In the third quarter of FY23, TCS reduced its workforce by 2,197 employees sequentially.
"We don't do that (layoffs), we believe in grooming talent in the company…(there will be) no layoffs,” said Lakkad. He said this while talking about layoffs. He further talked about the ongoing firing spree and explained that many companies are forced to take such a step because they hired more than they wanted.
Once an employee joins a company, it becomes the firm’s responsibility to make them productive and derive value. At TCS, the focus is put on training the employee if there is a gap between the skill sets required and what an employee possesses.
Not only is TCS against layoffs, but it will also be looking to hire such impacted workers as the company is doing exciting work across different industries in different technologies, and for it, there is a requirement for some phenomenal talent to come in and participate.
TCS hasn't stopped lateral hiring at all, Lakkad revealed and added that the company is adding laterals as the business demand every quarter.