TCS, India’s largest IT firm by revenue and employee numbers, has raised its hiring target for second time this fiscal, but would hire less freshers in India and has even halved the number of college campuses it visits for recruitments.
This comes at a time when the company has reported its highest ever utilisation of manpower at 84.3%.
On the other hand, it has stepped up fresher hiring overseas, especially the US and Latin America.
In all, the company plans to hire 55,000 people this fiscal, up from the target of 50,000 announced in October, which was itself raised from 45,000 people set in April.
However, the additional 5,000 hires will mostly be laterals.
Speaking on the sidelines of TCS’s Q3 results, Ajoy Mukherjee, its global head of HR, said, “This year, we have visited about 350 or less institutes for fresher placements as compared with 600-plus earlier. We will stick to our target of 25,000 fresher hiring, and in case we need more we will hire in September-October. However, we will continue to increase our fresher hiring globally, on a per-project and delivery model need basis, especially in the US and Latin America.”
TCS is already cutting fresher hiring – it plans to recruit only 25,000 this fiscal from 60,000 last fiscal in order to cut costs.
Most Indian software firms are cutting fresher hiring in India as they are awaiting the outcome of the Immigration Bill in the US, which requires software firms to reduce immigration labour and increase more local hiring.
If the Bill becomes a law, it may increase costs of Indian software firms, which would have to pay higher salaries to onsite workers and set up global delivery centres to house them.
Most software firms also delayed fresher joining dates to align them with good project pipeline or are hiring on a need basis from the last quarter and looking to utilise existing bench.