Indian IT giant Tata Consultancy Services (TCS) has made an important announcement regarding its hiring plans. TCS Chief Executive K Krithivasan stated that the company has no intentions of cutting down on hiring and will continue to hire as it sees positive signs in the economy. This reaffirmation of commitment comes amidst reports of a slowdown in hiring from other IT companies in the Indian software industry.
TCS, being the largest Indian software exporter in terms of headcount, revenue, and profit, plays a significant role in shaping the industry. Krithivasan mentioned that although the company acknowledges the need to align hiring with evolving demand, there are no plans to reduce hiring plans. He further stated, “As we are already seeing some green-shoots in the economy, we need more people for more work. In fact, we have no plans to reduce our hiring plans and will continue to hire the same way as we have been doing. Probably we will have to change the hiring phase, but no cutting down on our hiring plans, for sure.”
This announcement assumes significance as the Indian software industry is facing challenges in terms of demand from key markets. Some reports even suggest that Indian IT companies are withdrawing their campus offers due to the uncertain market conditions. With TCS vowing to continue its hiring plans, it sends a positive message to the industry and job seekers, indicating that there is still hope for growth and opportunities.
In a recent report published by the apex software industry body Nasscom, it was revealed that the IT industry added 60,000 jobs during the FY-2023-24, bringing the overall headcount to 5.43 million. The report also highlighted that TCS remains cautiously optimistic in the medium to long term. However, during the December quarter earnings presser, TCS did not provide a specific hiring number.
When talking about the company’s workforce diversity, Krithivasan mentioned that more than 35.7% of TCS’ over 600,000 employees are women. This showcases TCS’ commitment to gender equality and inclusivity in the workplace.
TCS reported an 8.2% growth in net profit for the seasonally-weak quarter at Rs 11,735 crore. While the home-market experienced significant growth, there was a 3% decline in TCS’ largest market, the US, from where it generates over two-thirds of its income.
