TCS to see 28,000 campus hires, highest in 3 years
Tata Consultancy Services (TCS) is giving offers to 28,000 campus recruits this year, the highest number of offers it has made to freshers in the last three years, signalling a strong demand pipeline for its services.
In each of the last two years, the company made 20,000 offers to freshers. “We are seeing good demand in terms of business and growth. We have already hired 16,000 people in the first half of the year,” said Ajoy Mukherjee, executive VP and head of global human resources at TCS.
The company made a net addition of 10,227 people in the September quarter, its highest in 12 quarters. The attrition rate is relatively low at 10.9%, which prompted CEO Rajesh Gopinathan to say on Thursday that the company was a gold standard in talent retention. Given that, a lot of the fresh hiring will be net additions and not hiring to fill up positions vacated by those leaving.
Two sectors that have been weak, BFSI (banking, financial services & insurance) and retail, have made a comeback, which is helping to drive demand for TCS.
The company has given 100% quarterly variable allowance (QVA) to its employees for the September quarter. An email from Mukherjee to employees also said that individual payout for grades equivalent to C3A (mid-level) and above may vary depending on business unit and performance. The QVA will be reflected in the November payroll. TCS has given 100% or higher variable payouts in the last four quarters.
The company said onsite hiring across all geographies has been net positive. “We want to highlight our journey on multi-location agile teams. TCS follows a location-independent agile strategy. We are hiring onsite and our hiring has been net positive,” Mukherjee said. Asked if TCS is planning to increase the compensation for regular entry-level hires, Mukherjee said it was too early to comment.