Tata Consultancy Services (TCS) on Friday said it will exceed its hiring target...
Tata Consultancy Services (TCS) on Friday said it will exceed its hiring target of 55,000 for FY15, affirming there were no plans to downsize headcount.
TCS, with an employee base of 313,757, targets to hire 55,000 on a gross basis during FY15. Talking to mediapersons on Friday, Ajoyendra Mukherjee, EVP & head – global HR at TCS, said the company has already made 31,000 job offers to engineering college students out of the total 35,000 planned for the fiscal.
Mukherjee said TCS planned to make an additional 3,000 offers to engineering graduates this fiscal. The optimism around hiring stems from stronger business sentiment seen by the IT major, which says it would record revenue growth higher than Nasscom’s industry projection of 13-15% for FY15.
TCS reported annual revenue growth of 17.7% in US dollar terms for the second quarter of the current fiscal. It had ended FY14 with a revenue of $13.4 billion, growing 16.2%.
TCS, which has a presence in 55 countries, also denied any plans of restructuring its workforce, as reported in some sections of the media.
“We are a company that does not believe in hire and fire,” Mukherjee said, emphasising, “We are not restructuring.”
The HR head said the company undertakes performance review of employees every year and there was nothing new in letting a small number of them go if their objectives were not in line with the organisation. “It is not a target-driven exercise,” he remarked.
Involuntary attrition at TCS is 1-1.5% of the total attrition of 12.8%, as reported at the end of second quarter of FY15. The HR head said the company undertakes such performance reviews throughout the year.
The IT major has managed one of the lowest attrition rates in Indian IT despite its employee headcount crossing 3 lakh. None of its peers, from Infosys to Wipro, are anywhere close to matching this headcount.
Mukherjee said the company continues to hire across the globe with over 30 recruits every hour. The company has also started hiring at top 10 MBA colleges in the US. In other parts of the globe, it hires from colleges in Latin America and has an internship alliance with 12 educational institutions in China.