Indian IT giant Tata Consultancy Services (TCS) has ruled out cutting down on hiring. The company has said that it has no plans of pulling down on hiring but the company may have to pace hiring according to the evolving demand scenario. Talking to reporters at a Nasscom event, TCS chief executive K Krithivasan said, “As we are already seeing some green-shoots in the economy we need more people for more work. In fact, we have no plans to reduce our hiring plans and will continue to hire the same way as we have been doing. Probably we will have to change the hiring phase, but no cutting down on our hiring plans, for sure.”
TCS is the largest Indian software exporter in terms of headcount, revenue and profit. The company employs more than 6 lakh people across geographies worldwide.
The statement assumes significance amidst reports that the Indian software industry is going soft on hiring as demand falters from their key markets. There are also reports that some Indian IT companies are withdrawing their campus offers.
Nasscom report on Indian IT hiring
The apex software industry body Nasscom recently said that the IT industry added 60,000 jobs during the FY-2023-24, taking the overall headcount to 5.43 million. TCS chief executive K Krithivasan said in a Nasscom session here.
Krithivasan also said the company continues to be cautiously optimistic in the medium to long term. During the December quarter earnings presser last month, the company did not offer a hiring number, though. Talking about the TCS’ workforce, Krithivasan said that more than 2 lakh or around 35.7 per cent of their over 6 lakh workforce are women.
For the quarter, TCS reported an 8.2 per cent growth in net profit for the seasonally-weak quarter at Rs 11,735 crore, driven by a massive growth in the home-market but a 3 per cent degrowth in its largest market US from where it nets over two-thirds of its income.