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For the first time in 19 years, Tata Consultancy Services reported a fall in the net headcount for a financial year, witnessing its total employee base shrinking to 601,546 at the end of FY24.
On a year-on-year basis, the company’s headcount fell by over 13,249 for the financial year.
On a sequential basis, the headcount was down by 1,759.
Compared to FY23, the firm’s addition to the number of employees has also been dismal.
The total headcount was 614,795 in FY23 and the company had a net addition of 22,600 employees for the whole year.
In the October-December 2023 quarter, TCS witnessed a reduction of 5,680 employees, bringing the total number of employees to 603,305.
The employee addition during FY24 was starkly different from FY22, when the company added one of the highest number of 103,546 employees.
The company had added a total of 40,185 employees in FY21.
However, despite the plummeting headcount, the company is among the earlier ones that have hit the campus route to hire freshers.
“We are still calibrating the total freshers we want to hire for FY25.
"Our plan is to get to the 40,000 number, but we will see how it goes,” said Milind Lakkad, chief HR officer, TCS.
Lakkad also added that TCS National Qualifier Test will also begin shortly from where the firm also hires students directly.
Meanwhile, the firm said that it has announced a salary hike in the range of 4.5 per cent to 7 per cent, whereas high performers will get increment in double digit.
TCS’ attrition for Q4 FY24 was at 12.5 per cent.
The company said that it expects it to further come down by 30 to 50 basis point more in future.
TCS attrition for Q3 FY24 was at 13.3 per cent.
TCS has employees with 152 nationalities.
Of the total staffers, 35.6 per cent are women.
When it comes to talent development, its employees have clocked 51 million learning hours and acquired 5 million competencies.
The company also said that the number of contextual masters is at 73,000.
TCS won't appoint COO after NGs steps down
Tata Consultancy Services (TCS) announced that following the retirement of N Ganapathy Subramaniam, the chief operating officer and executive director in May this year, the company will not be looking for a replacement.
K Krithivasan, managing director and chief executive officer, TCS, said the company will not plan to appoint anyone and will distribute his duties.
“He’s (Subramaniam) been doing many things and no single individual can replace him.
"Within our leadership team, we are re-distributing the work he’s been doing and we don’t intend to appoint a new COO,” said Krithivasan, during the media briefing post results.
Subramaniam was appointed as COO in 2017.
The only other time TCS had a COO was when N Chandrasekaran was appointed to the post in 2007.
