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Tata Consultancy Services is sticking to its earlier hiring plans for this fiscal, despite the country’s largest software exporter recording an all-time low in employee attrition as of June-end.
In April, TCS had announced plans to add 45,000 staffers (gross) in this fiscal, adding that it could alter hiring plans during the course of the year, depending on the business environment.
“While doing the hiring target we would have assumed a certain percentage of attrition, before coming up with a gross number we wanted to hire. As far as we are concerned, we have factored this in, so our plan remains,” TCS Executive Vice-President and Global Head for Human Resources Ajoy Mukherjee told Business Line .
The Tata group company’s overall attrition, or employees leaving the company, fell to 10.52 per cent as of June 30 on a last 12-month basis.
“The hiring is based on certain demands such as the business or growth requirements, and the need will be in terms of headcount or manpower, and the skills and competencies you need. The hiring is not only for fresh demand, it’s also as replacement…,” he added.
TCS expects its joining ratio (people taking up the job offers) to be higher this year, compared with the normal 70-72 per cent it registers as recruitment this year was on a low pace during the previous years.
“We have done 35,000 (campus hires this year), last year we had done 43,000. But apart from us, others have not done that kind of hiring. So, unless the whole environment changes suddenly and there is a boom, and a lot of job opportunities, people would take up the assignments they have got,” Mukherjee added.
He attributed the all-time low attrition to TCS’ overall performance and its human resource initiatives, as also to the overall slowdown in the industry.
On Thursday, TCS posted an estimate-beating 15.5 per cent rise in consolidated net profit for the first quarter ended June 30, backed by growth across business segments. The growth also came in from across regions other than India during the traditionally strong quarter for the IT sector.
In the reporting quarter, TCS’ net profit rose to Rs 3,831 crore from Rs 3,318 crore in the same quarter a year ago. Its revenues rose 21 per cent to Rs 17,987 crore (Rs 14,869 crore).
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