The Tata Group company plans to promote 40,000 more employees in the fourth quarter. The company added 28,238 during the third quarter, taking the total employee strength to 556,986. TCS had added 19690 employees in the previous quarter.
India’s largest IT services firm Tata Consultancy Services reached the key revenue milestone of $25 billion in annual revenue for the year ended December 2021.
To retain quality talents, TCS has promoted 1.1 lakh employees so far in this fiscal year, and has plans to promote 40,000 more in Q4 FY22.
The company has also added 28,238 staff during the quarter, taking the total employee strength to 5,56,986. TCS had added 19,690 employees in the previous quarter.
This is in line with the company’s target of 78,000 freshers it would add in FY22, up from 40,000 it had in the last year.
Milind Lakkad, Chief HR Officer at TCS, said in a statement, ” We continue to set new records in talent acquisition. In addition to the 43,000 freshers we hired in H1, we on-boarded 34,000 fresh graduates in Q3 – which is higher than our full year fresher hiring numbers in prior years.”
“On the talent retention side, we continue to be the industry benchmark. By continuing to invest in our people, giving preference to internal candidates for the most exciting open positions, providing global deployment opportunities, fast track career paths linked to learning, and promotions to over 110,000 employees, we have been able to retain our best talent and overcome supply side challenges,” he added.
However, attrition continues to be a challenge. The company’s attrition increased to 15.3 percent in the quarter, from 8.6 percent in the beginning of the year and 11.9 percent in the September 2021 quarter.
TCS registered Rs 48,885 crore in revenues for the quarter, up 16.3 percent year-on-year (YoY) and Rs 9,769 crore in net profit, a 12.3 percent YoY growth. Total contract value for the quarter stood at $7.6 billion, up 12 percent from Q3 FY21.
Rajesh Gopinathan, Chief Executive Officer and Managing Director, said: “Our continued growth momentum is a validation of our collaborative, inside-out approach to our customers’ business transformation needs. Customers love our engagement model, our end-to-end capability, and our can-do approach to problem solving. While mapping out their innovation and growth journeys, we are also helping them execute new-age operating model transformations to support those journeys.”
