TCS says hiring will be low this year, but will maintain freshers' hiring target

IT giant Tata Consultancy Services (TCS), says it will slow down hiring of experienced professionals in this fiscal year.

In an interview with CNBC-TV18, Milind Lakkad, the Chief Human Resource Officer of TCS said that the company will closely monitor the business situation every quarter to determine the hiring of experienced employees.

However, this decision will not impact the hiring of freshers, as TCS has set a fixed target of hiring 40,000 trainees for the fiscal year 2023-24, which the company says will be met.

Lakkad emphasized the importance of hiring fresh talent from campuses, stating that it will continue to be a priority for the company. TCS recently reported a net addition of 523 employees for the first quarter, bringing the total headcount to 615,318.

Although this number is lower than the previous quarter's net addition of 821 employees, it is significantly lower than the 14,136 net additions in the same quarter last year.

When asked about the company's hiring numbers returning to pre-pandemic levels, Lakkad acknowledged that the last 24 months were exceptional and that the situation has changed.

He mentioned that TCS will continue to maintain a strong hiring pyramid, which ensures cost-effectiveness. Additionally, the company's investment in training has always been high and will continue to be so, as TCS views it as a worthwhile investment.

With regard to the impact of artificial intelligence (AI), Lakkad revealed that TCS already has 100,000 employees trained in AI, and this focus on upskilling will continue. He assured that there would be no significant impact on any of these parameters.