TCS hiring: Tata Consultancy Services (TCS) has confirmed that it won’t reduce hiring but may adjust the pace based on the demand. The leading Indian software exporter in terms of headcount, revenue, and profit, made this announcement in response to reports of the software industry scaling back on hiring due to faltering demand.
The industry body Nasscom reported that the industry added only 60,000 jobs in FY 2023-24 last week, bringing the total headcount to 5.43 million.
TCS Chief Executive K Krithivasan was quoted by PTI as saying that the company intends to continue its hiring plans without any reductions. He emphasised the need for more personnel as the economy shows signs of improvement. While the hiring process may be adjusted, TCS remains committed to its hiring goals. Currently, TCS employs over 6 lakh individuals.
Krithivasan also expressed cautious optimism for the medium to long term. During the December quarter earnings press conference, the company did not disclose a specific hiring number.
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During the quarter, TCS saw an 8.2% increase in net profit to Rs 11,735 crore, propelled by significant growth in the domestic market. However, its largest market, the US, experienced a 3% decline, despite contributing over two-thirds of its income.
The TCS CEO highlighted that over 200,000, or approximately 35.7%, of the company’s workforce are women. He mentioned that there is widespread interest in using Generative AI (GenAI), offering numerous opportunities. However, he cautioned against overlooking the importance of critical thinking, emphasising that technology cannot replace it.
Krithivasan said, “Critical thinking, the ability to do strategic planning and creativity will not be replaced by AI. GenAI in its initial phase, will only assist humans and not transform them.”
Regarding the company’s efforts to bring employees back to offices, the CEO highlighted the value of learning from colleagues and seniors in the workplace. He emphasised that certain lessons cannot be effectively conveyed if people continue to work from home.
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CEO K Krithivasan expressed the belief that remote or hybrid work models hinder both individual and organisational growth. “As an organisation, we value collaboration and camaraderie and this cannot be achieved through Zoom calls or other online medium. Also, as much 30-40 percent of our associates have joined us since the pandemic and if they don’t come to the office, how do they learn these values and organisational cultures?” he said.
Krithivasan was quoted saying that the most crucial learning happens by observing seniors doing their jobs. They emphasised their preference for working from the office, as they believe it is the correct approach. Additionally, they noted that nearly all of their customers are eager to have their workforce return to office settings, with the majority sharing the belief that working from the office is the best course of action.
The industry body Nasscom reported that the industry added only 60,000 jobs in FY 2023-24 last week, bringing the total headcount to 5.43 million.
TCS Chief Executive K Krithivasan was quoted by PTI as saying that the company intends to continue its hiring plans without any reductions. He emphasised the need for more personnel as the economy shows signs of improvement. While the hiring process may be adjusted, TCS remains committed to its hiring goals. Currently, TCS employs over 6 lakh individuals.
Krithivasan also expressed cautious optimism for the medium to long term. During the December quarter earnings press conference, the company did not disclose a specific hiring number.
ALSO READ | Sharpest fall in six years! Headcount at top IT companies like TCS, Infosys and others falls for four quarters; hiring takes a back seat
During the quarter, TCS saw an 8.2% increase in net profit to Rs 11,735 crore, propelled by significant growth in the domestic market. However, its largest market, the US, experienced a 3% decline, despite contributing over two-thirds of its income.
The TCS CEO highlighted that over 200,000, or approximately 35.7%, of the company’s workforce are women. He mentioned that there is widespread interest in using Generative AI (GenAI), offering numerous opportunities. However, he cautioned against overlooking the importance of critical thinking, emphasising that technology cannot replace it.
Krithivasan said, “Critical thinking, the ability to do strategic planning and creativity will not be replaced by AI. GenAI in its initial phase, will only assist humans and not transform them.”
Regarding the company’s efforts to bring employees back to offices, the CEO highlighted the value of learning from colleagues and seniors in the workplace. He emphasised that certain lessons cannot be effectively conveyed if people continue to work from home.
ALSO READ | 20-30% higher salaries than industry standards! Why Paytm rivals are wary of hiring talent from troubled fintech firm
CEO K Krithivasan expressed the belief that remote or hybrid work models hinder both individual and organisational growth. “As an organisation, we value collaboration and camaraderie and this cannot be achieved through Zoom calls or other online medium. Also, as much 30-40 percent of our associates have joined us since the pandemic and if they don’t come to the office, how do they learn these values and organisational cultures?” he said.
Krithivasan was quoted saying that the most crucial learning happens by observing seniors doing their jobs. They emphasised their preference for working from the office, as they believe it is the correct approach. Additionally, they noted that nearly all of their customers are eager to have their workforce return to office settings, with the majority sharing the belief that working from the office is the best course of action.
