Tata Consultancy Services (TCS) has made it clear that it has no intentions of laying off staff. In fact, the Indian information technology (IT) multinational is all set to focus on grooming talent and is keen to hire those laid off by startups.
Milind Lakkad, chief human resources officer, TCS, reportedly indicated that the IT major will soon announce increments as per its normal practice.
According to Lakkad, the Company has been hiring cautiously and considers it its responsibility to ensure that the people it hires remain productive for the organisation and keep adding value to it. If a skills gap is found the Company ensures that adequate training is provided to bring them up to speed.
The Company is tapping the talent laid off from startups and is looking forward to benefitting from their contribution. Indian employees who may have been laid off by startups in the US or have been driven to consider returning to India can look forward to being picked up by TCS.
The investment made by TCS in hiring and training talent last year is now reportedly bearing fruit, according to the Company. Lateral hiring also continues as per demands of the business.
The workforce strength of TCS was about 6.13 lakh in the third quarter of financial year 2023. This was less than the 6.16 lakh in September 2022. The third quarter witnessed a marginal drop in the attrition, to 21.3 per cent. The Company expects the attrition rate to reduce further in the near future.
