IT bellwether Tata Consultancy Services (TCS) will start on-boarding of 40,000 freshers in a phased manner from mid-July. It will also start lateral hiring of freshers selectively.
Milind Lakkad, EVP and Global Head, Human Resources, TCS, said the company has been in touch with fresh recruits to reassure them that they would be able to join the company. “The process was delayed because of their academic year got delayed.”
TCS CEO Rajesh Gopinathan said the company is selectively opening up lateral hiring given the positive demand environment. However, he did not disclose in which area will the hiring happen or the quantum of hiring.
TCS during its March quarter result said the company is freezing lateral hiring due to uncertainties around COVID-19. However it will honour 40,000 offers handed out to fresh recruits. The recent move to open lateral hiring indicates the demand recovery and the management’s confidence.
These hirings are likely to happen in new age technology areas such as cloud, where there is a huge demand. NG Subramanium, COO, TCS, said majority of the deal closures were in the areas of digital transformation, cloud migration and reimaging customer experience.
For the quarter-ended June, the company saw its total employee count decline by 4,788 to 4.43 lakh. According to Lakkad, this is due to voluntary attrition and the fact that the company has not added new employees in the quarter.
Lakkad said there will be no change in its bench policy and that the company is not looking at retrenching its employees. However, more offshoring is in the pipeline, which has been a challenge due to COVID-19.
TCS registered revenue of $5,059 million for the first quarter, down 7.1 percent quarter-on-quarter. The growth in revenue was led by life sciences and healthcare, whereas other verticals such as banking and financial services, manufacturing and retail saw negative growth. Also read: After The Bell: TCS feels COVID pain; here’s what investors should do on Friday?