India’s largest IT services company Tata Consultancy Services (TCS) on Monday reported a net addition of 9,840 employees during July-September 2022. With this, the company’s workforce as of September 30, 2022, stood at 6,16,171. The net addition during Q2FY23 is lower than the 14,136 net addition recorded in the previous quarter.
“TCS’ workforce was at 616,171 as on September 30, 2022, a net addition of 9,840 during the quarter. The workforce continues to be very diverse, comprising 157 nationalities and with women making up 35.7 per cent of the base. TCS has been meeting demand for services around new technologies by continually investing in organic talent development,” TCS said in a BSE filing on Monday.
Its attrition rate in IT services stood at 21.5 per cent during the September 2022 quarter, which is higher than the 19.7 per cent registered in the previous quarter. The attrition rate in the March quarter was 17.4 per cent.
“IT services attrition was 21.5 per cent on the last twelve months’ basis. With normalizing wage expectations and talent supply catching up across the industry, the company expects attrition to start to taper down in H2,” TCS said.
In the second quarter of the current financial year 2022-23, TCSers clocked 11.7 million learning hours, resulting in the acquisition of 1.5 million competencies, the company said.
Samir Seksaria, chief financial officer of TCS, said, “We are steadily making our way towards achieving our operating margin priority for the year, aided by leverage from good growth, the flattening of the workforce pyramid, steadily improving productivity and currency support. Very importantly, the headwinds from the supply-side challenges are abating, so that sets us up well for the seasonally weak second half of the year.”
Milind Lakkad, chief HR officer of TCS, said, “Reflecting our culture of being committed to our employees, we have honored all the job offers we had made. Our investments in capacity building and organic talent development have allowed us to substantially grow our business ahead of headcount addition this quarter. We believe our quarterly annualized attrition has peaked in Q2 and should see it taper down from this point, while compensation expectations of experienced professionals moderate.”
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