South Asia’s largest and most successful IT firm, and a subsidiary of India’s second largest conglomerate, Tata Consultancy Services (TCS) announced that the company hired over a lakh of entry level employees for the 2021-22 fiscal year.
The company also plans to hire 40,000 more entry level employees during this fiscal year of 2022-23 as well.
In the fiscal year of 2020-21, the company hired just over 40,000 entry level works. Therefore, the jump of over 100% new hires is a great achievement not only for the company, but for the Indian economy as a whole.
In the final quarter of the fiscal year of 21-22, the company even broke their all-time record and had a net influx of 35,209 entry level employees which is a big milestone for company like Tata Consultancy Services that has often treated their positions like a revolving door.
The company seems to be moving in the right path by hiring the massive pool of talent that the country has to offer. However, the issue of attrition continues to plague the company and it seems to be one of the biggest holes that Tata Consultancy Services will have to fill as soon as they can.
The firm’s attrition rate shot up to 17.4$% for the final quarter of the fiscal year of 2021-22. In the previous quarter the rate stood at an already alarming rate of 11.9% and at the first quarter it stood at potentially threatening 8.6%. The rate seems to be constantly rising every quarter and it seems as though the number shows no signs of slowing down as we enter into the third week of the new fiscal year. The firm needs to figure out a way to keep their employees and not let them leave so easily.
According to experts, the attrition rate is set to increase till the end of 2022, and the data shows that the number is set to slowly decrease in the latter half of the fiscal year of 2022-23. This data is only accurate considering the fact that Tata Consultancy Services will continue their trend of hiring huge scores of entry level employees.
Currently, the company currently boasts just under six lakh employees working for the company and the higher brass are looking to increase their numbers even more to offset the ones leaving. It seems like there are huge changes going on in TCS and we need to keep an eye on their space.
