TCS successfully addresses hiring challenges, annual report reveals
TCS Annual Report FY23: TCS navigated the prevalent 'counter-hiring' trend in the IT sector by hiring over 1,50,000 new graduates in the past two fiscal years. The company focused on upskilling and reskilling its talent pool while fostering a diverse work environment.
TCS Annual Report FY23: IT major Tata Consultancy Services (TCS) has revealed in its annual financial report that it has managed to steer clear of the prevalent sector-wide 'counter-hiring' loop. The company managed to solve the talent crisis by hiring over 1,50,000 new graduates over the past two fiscals.
During the initial six months of FY 2023, IT businesses grappled with an elevated degree of employee turnover. This predicament gave rise to a detrimental cycle of constant hiring and counter-hiring across the industry. TCS managed to disrupt this pattern by emphasising the induction and capacity-building of an enormous contingent of new engineering graduates. This strategic move led to the enrolment of an impressive count of over 1,10,000 in FY 2022 and in excess of 44,000 in FY 2023, all of whom were subsequently trained in cutting-edge, high-demand technologies.
During the latter part of FY 2023, TCS shifted its focus towards optimising the use of the sizable talent pool it had cultivated the previous year. This shift was prompted by a decline in attrition rates in the latter half of the year, resulting in a year-end LTM attrition rate of 20.1 per cent in the IT services domain. The net addition for the year amounted to 22,600, leading to a total workforce tally of 614,795 at the close of FY 2023.
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Rajesh Gopinathan, outgoing Chief Executive Officer and Managing Director, also commended TCS's continued commitment to fostering a diverse work environment.
“Our workforce continued to be very diverse, with over 150 nationalities represented and with women making up 35.7 per cent of the employee base,” he wrote.
He also revealed that FY 2023 saw TCS employees complete an astonishing 48.3 million learning hours and develop nearly 6 million new skills. In terms of popular technologies, he highlights the notable interest in hyper-scale cloud skills among TCS staff. During the year, certifications in this domain were acquired by 53,000 TCS employees, bringing the total certified count to over 110,000. Consequently, TCS is ranked as one of the top two associates of the largest cloud service providers.
Apart from dealing with the hiring crisis in the industry, TCS has also focused heavily on upskilling and reskilling its talent pool. “The energy, supply chain and AI transitions are going to require companies to reskill/upskill existing talent base, hire and integrate new talent and invest in research. Our technology strengths make us well-placed to respond to the global demand and scale up our talent base,” explained company Chairman N Chandrasekaran.
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