TCS Hired Over 1 Lakh Freshers Hired In FY22; 40,000 To Be Hired In FY23

Tata Consultancy Services (TCS) has hired a little more than 1 Lakh freshers in FY22- a record in the company's long history, and as per sources inside the company, TCS plans to start FY23 with a target of 40,000 hires.

At the same time, the attrition rates in TCS jobs went up from 8.7% in the first quarter of FY22 to 17.4% by the end of it. At the end of FY22, the total number of employees stood at 5,92,195 as the company made a net hiring of 35,209 in the last quarter only.

TCS revenue crosses Rs 50,000 crore for first time; rises 15.8 pc to Rs 50,591 crore in Q4
— Press Trust of India (@PTI_News) April 11, 2022

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Rajesh Gopinathan, the CEO and Managing Director of TCS said, “increasing participation in our customers’ growth and transformation journeys, and an all-time high order book provide a strong and sustainable foundation for continued growth ahead”.

Strong Growth Despite High Attrition Rate In TCS Jobs

Even as the attrition rates of TCS jobs continued to be high, the company reported a steady growth rate over the last few years. TCS reported a 15.8% year-on-year growth rate for the quarter ending March 2022 as the revenue reached INR 50,591 Crore.

For the entire fiscal year, the company’s revenue clocked at INR 1,91,754 Crore - an increase of 16.8% year on year. The company has also reportedly added USD 3.5 billion in incremental revenue over the last year.

Also read; Salary comparison: Who pays more to freshers? Is it Wipro or TCS? HCL or Infosys?

Although the high attrition rates continue to be a concern for the company, things look brighter in the future. According to a note by Kotak Institutional Equities, the talent shortage in the IT industry is likely to continue in spite of the fact that a record number of freshers were hired by companies.

#EarningsWithETNOW | "We are well and truly into normalcy period with respect to execution" says TCS CEO Rajesh Gopinathan

Listen in as he explains why 'Picture abhi baaki hai'@TataCompanies @TCS @AyeshaFaridi1 #TCSQ4 #StocksToWatch #StockMarket pic.twitter.com/B9il6LoH2y
— ET NOW (@ETNOWlive) April 12, 2022

However, the report also noted that the attrition rates likely to be normalized by the second half of the FY22, assuming that the companies have strong hiring plans over the course of FY22.

Reflecting the positive expectation, the TCS chief Gopinathan said, “We are closing FY 22 on a strong note, with mid-teen growth and adding the maximum incremental revenue ever”.

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