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04-24-2012, 11:33 AM #1
TCS to hire 50,000 people in FY13 buoyed by good momentum
Buoyed by good momentum, IT major Tata Consultancy Services (TCS) on Monday said it will hire 50,000 people in FY13.
"TCS is well prepared to achieve balanced growth across the industries and markets it operates in FY13. In view of good momentum, we are targeting to hire 50,000 people this year," TCS CEO and MD N Chandrasekaran said.
In view of excellent growth in North American and UK markets, TCS continues to hire in overseas markets, he added.
"With business demand continuing to be robust, we have made 43,600 offers on campuses for trainees to join us from the second quarter of this fiscal year," TCS Executive Vice-President, Head, Global Human Resources, Ajoy Mukherjee said.
During the fourth quarter, TCS added 19,156 professionals (gross) and 11,832 employees (net) to take its total headcount to 2.38 lakh.
In FY12, the company added 70,400 employees (gross), which is the largest ever hiring effort in its history. The net addition during the fiscal stood at 39,969 people.
Commenting on wage hike, Chandrasekaran said employees will get wage hike of eight per cent on average depending on their grades.
He added that though there is a dip in volume growth in Europe, it is expected to pick up in the next quarter.
The company dismissed concerns that US visa rejections to Indian employees would lead to increased hiring in India.
"We are hiring employees in the US, including trainees. We will be visiting campuses in the US during the fall semester," Mukherjee said.
On attrition, Mukherjee said, "Our efforts to increase retention by engaging with our employees and offering them a progressive career path are paying dividends with attrition rates falling further to 12.2 per cent."
The overall attrition rate was lower at 12.2 per cent with IT attrition at a low of 11.05 per cent and BPO attrition at 21.6 per cent on a last twelve month (LTM) basis.
Mukherjee said the average age of a TCS employee is 28 years and 62.4 per cent of the workforce has more than three years experience, while 31.6 per cent of the workforce comprised of women.
TCS has maintained high utilisation rates in the fourth quarter at 80.6 per cent (excluding trainees), while that including trainees stood at 71.3 per cent.