On people losing jobs with startups, amid the layoff wave, Tata Consultancy Services (TCS) Chief Human Resources officer Milind Lakkad said that TCS will be looking to hire such impacted employees.
Milind Lakkad told PTI, “We don’t do that (layoffs), we believe in grooming talent in the company…(there will be) no layoffs.”
He explained the layoffs and said many companies are forced to take such a step because they hired more than they wanted.
He further added that TCS staff members will in fact receive salary hikes similar to the ones in previous years.
However, two IT employers Infosys fired 600 freshers after they failing in an internal assessment test. Apart from Infosys, Additionally, Wipro also sacked 452 fresher employees who couldn’t qualify for an internal test. However, the company also waived the training cost of Rs.75,000/- for the freshers.
TCS in Q3FY23 posted a decline of 2,197 people in its employee base, TCS headcount stood at 613,974 as on December 31, 2022.
Earlier, The company said it will hire 1.25 lakh to 1.5 lakh employees in the financial year 2023-24 (FY24). This will lead to an increase in the overall utilization number before it starts going down as the over 40,000 trainees it expects to hire in FY24 start coming in.
Also, Watch Hiring Trends in 2023, CLICK Here
TCS has reported attrition in Q3FY23 stood at 21.3 percent, a slight decline from 21.5 percent in Q2FY23 on a last-twelve-month basis. In Q3, TCSers clocked 11.4 million learning hours, resulting in the acquisition of 1.3 million competencies.
“It is a very large canvas, we are doing exciting work across different industries in different technologies. I think all of that requires some phenomenal talent to come in and participate”, Milind Lakkad added.
He further said, “we are getting it obviously from startups, people who have actually done some good work in those companies and have short-term career challenges.”
The company’s 70% of US employees are Americans. Adding employees will get the number down to 50% because the company also wants to offer global opportunities to its staff in India.