IT hiring 2022: Over 14,000 added so far, on track for 40,000 target, says TCS

While leading Indian IT giant Tata Consultancy Services (TCS) added only 14,000 people on a net basis in the reporting quarter, the company says it is on track for its target of adding 40,000 faces to its workforce this year. This comes at a time when TCS missed its quarterly analyst’s estimated revenue target. 

TCS said that the reason behind the company’s slow hiring in the quarter is the excess capacity built up in the past one year. He clarified that it was not driven by any business growth expectations.

TCS hired a lot of lateral talent in the quarter and is maintaining the hiring target of 40,000 freshers for the year.

TCS COO N Ganapathy Subramaniam said that he does not expect demand to show any slowdown or even any re-prioritisation of their spending by TCS clients in the short term, at least in the current financial year.

There has been a net addition of 14,136 employees in the quarter. The company saw a higher attrition rate at over 19.5 percent and COO expects it to stay high for another quarter before stabilizing in the fiscal year’s second half. 

The total workforce at TCS was 606,331 employees on June 30. The IT giant’s large workforce is highly diverse with employees from 153 nationalities. Women make up 35.5 percent of TCS workforce, it said.

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(With inputs from agencies)