TCS plans to hire 38,000

IT major Tata Consultancy Services plans to hire about 38,000 personnel in order to improve efficiencies and generate better returns, a top company official said.

"We are hiring a total of around 38,000 people out of which 20,000 would be trainees and 10,000 laterals," TCS' Global Human Resources head and vice president Ajoy Mukherjee told reporters in Mumbai on Tuesday.

"In FY 10, we have been through an entire business cycle where controlled hiring in the first two-quarters gave way to rapid recruitment in the last two-quarters.

"We have made 20,000 campus offers for FY 11," Mukherjee said, adding that the company added 16,668 employees in 2009-10, resulting into a total strength of 1,60,429 employees.

TCS has also filed for new 600-700 H1B visas this year mainly because of business again coming back from countries such as the US, Latin America and Europe, he said.

The company also plans to recruit over 3,000 people on onsite in countries like Brazil, Uruguay, China and in Latin America, among others.

Besides, in certain countries such as China, Brazil and Poland, the company plans to hire locals, he said.

Commenting on attrition rates, Mukherjee said it continued to be stable at 11.8 per cent on a LTM basis (a calculation of consolidated earnings before interest, taxes, depreciation and amortisation for any four-fiscal quarter period obtained by adding the components of consolidated EBITDA for such period).

Overseas nationals formed over 10,700 or 6.7 per cent of the total employee base with employees from 80 different nationalities, he said.

Out of 11.8 per cent attrition rate, 2 per cent is involuntary resignation in the company in the last fiscal, Mukherjee said.

In FY 10, the company clocked a consolidated net profit of Rs 7,000.64-crore (Rs 70 billion), up 33.19 per cent as compared to the year-ago period while its revenue for the period stood at Rs 30,028.92-crore (Rs 300.28 billion), up nearly 8 per cent from the year-ago period.