Tata Consultancy Services (TCS), the country's leading IT service provider, will conclude the current financial year with the recruitment of 1 lakh freshers. This will be the largest recruitment by any IT company or multinational company in a financial year. TCS has so far hired 77,000 freshers in the current financial year.
This figure is much higher than the earlier target of 55,000 recruits for FY2022. The company had hired 40,000 freshers in the last financial year.
Appointed 34 thousand freshers in the October-December quarter
"In the third quarter, we said we would do 34,000 recruitments," said Milind Lakkade, TCS chief human resources officer. Although fourth quarter figures are not yet available, it is safe to say that the pace of recruitment will remain the same. In the first six months of the current financial year, TCS hired 43,000 freshers. The company added 34,000 more freshers in October-December, bringing the total recruitment to 77,000.
Analysts overseeing the company say that the number of experienced employees in the company has also increased compared to the last few quarters. "According to our estimates, TCS has hired 20,000 experienced professionals in the third quarter, and this figure could rise to 30,000 in the fourth quarter," said an analyst.
The dropout rate in TCS has increased
If TCS does not recruit 30,000 more freshers in the fourth quarter, the total number of appointments in the current financial year will be more than 1 lakh. However, TCS did not share the recruitment figures of experienced professionals. The epidemic has seen companies accelerate their adoption of digital and cloud services over the past 18 months, increasing the demand for people with digital skills. It has waged a war of attrition in the industry and has led to rising retirement rates.
The total number of employees in the Indian IT services sector will increase by about 4.5 lakh in the second quarter of the current financial year, according to the Unearthinsight report released in November 2021. It involves mostly experienced professionals but will also see an increase in fresher appointments.
TCS at the forefront of recruitment
TCS has been at the forefront in recruiting, which has helped it to control the dropout rate of employees. However, the company has seen an increase in the number of layoffs compared to the previous quarter. TCS lost 15.3 percent of its employees in the third quarter, compared to 11.9 percent in the second quarter. However, it is lower than Accenture (17 per cent), Infosys (25.5 per cent), Wipro (22.7 per cent) and HCL Tech (19.8 per cent).
