TCS hiring 40,000 freshers amid global tech layoffs

• Amid global tech layoffs, TCS aims to hire 40,000 freshers this year!
• CHRO Milind Lakkad reassures: no need to fear AI, our team adapts swiftly.
• Plus, TCS revamps the variable pay policy tied to office attendance!

What is happening at TCS? 

With significant layoffs taking place in the global IT sector, such as at Accenture (approximately 19,000 jobs were cut), Salesforce, Microsoft, SAP, and more…TCS is in a league of its own.

In the June quarter, TCS, the Indian IT giant, onboarded 5,452 new team members, which brought their total headcount to 606,998.

To put the icing on the cake, TCS is planning to recruit around 40,000 freshers in the current financial year.

What did the CHRO say? 

TCS’s Chief Human Resources Officer (CHRO) Milind Lakkad, highlighted India’s attractiveness as a talent hub, especially considering the diverse skill requirements and geopolitical challenges in other regions.

Not just domestic companies, but India’s skilled workforce remains a crucial asset, attracting the interest of major IT companies globally.

Also read: Deloitte to hire 50,000 talent from India over the next 5 years

How will TCS attract talent? 

India’s IT sector is constantly changing, and TCS is taking proactive steps to support talent development and stay ahead of global technological changes.

TCS incentives to attract more talent:

1. Reskilling and upskilling programs
2. Large-Scale Employee Development equipping them for upcoming challenges.
3. The Elevate Runway Initiative encourages career advancement, especially for junior employees, enabling them to double their pay by taking fast-track learning routes.
4. Mid-Level Transformation Program was launched a few years ago. It aids employees in gaining relevant market skills to transition into new positions within the company.
5. Salary Increases: TCS has introduced salary raises of 4.5% to 7%, and top performers can receive 10-12%.

New Variable Pay Policy

TCS has made changes to its variable pay policy by including office attendance as a key factor, showing the changing nature of work.

Reportedly, 70% of employees are back in the office.

Lakkad emphasized that the goal is not to punish, but to meant to encourage a sense of discipline, create a more positive work environment, and reward office attendance in a positive way.

Also read: Future of AI is India: Why finance professionals in India must prioritize upskilling

TCS’s Gen AI Earnings Soar to $1.5 Billion

CEO and MD K Krithivasan revealed that TCS has $1.5 billion worth of artificial intelligence (AI) and Generative AI (Gen AI) projects lined up for the first quarter ending June 30.

This brings them close to Accenture’s $2 billion in total Gen AI revenue.

TCS had $900 million worth of AI and Gen AI projects in the pipeline for the fourth quarter ending March 31, 2024.

Lakkad also emphasized that TCS staff are skilled at adjusting to technological changes so there is no need to be concerned about AI.

About TCS

TCS is an Indian multinational IT services and consulting company based in Mumbai. It is a key player in the Tata Group, with a presence in 150 locations spanning 46 countries.

Headcount: As of March 2024, TCS boasted a global workforce exceeding 601,546 employees.

Revenue: TCS’s revenue from operations increased by 5.4% per cent year-on-year to ₹62,613 crore for the April-June period. The leading IT firm saw a 9% rise in its consolidated net profit, reaching ₹12,040 crore.

Leadership

CEO & MD – K Krithivasan
COO & Executive Director – N. G Subramaniam
CFO – Samir Seksaria
CHRO & Executive Vice President – Milind Lakkad
CTO – Dr. Harrick Vin
Global CMO – Abhinav Kumar

Source – Times Of India