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Tata Consultancy says hiring to slow this year

Tata Consultancy says hiring to slow this year
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First Published: Fri, Jan 23 2009. 05 30 AM IST
Updated: Fri, Jan 23 2009. 04 10 PM IST
Singapore: Tata Consultancy Services (TCS), India’s largest IT outsourcing firm, said it expects to slow its rate of hiring new staff this year, as a broad economic downturn affects its global clientele.
CEO S. Ramadorai said in an interview on Friday that the company expects to add 15,000-18,000 people to its headcount over the next 12 months, compared with nearly 8,700 in the three months to December.
Tata Consultany Services, currently has about 144, 500 staff.
Ramadorai said some contracts and projects were being delayed or cancelled, but the company expected to achieve some earnings growth in 2009 despite the worsening global economic outlook.
“We are confident of some growth, but what that amount is is difficult to say,” he said.
“Yes, we are winning some contracts, but then there are delays in the decision making on a number of contracts,” he said, adding there were hold-ups in implementing deals that had already been signed as well as several project cancellations.
“The slowdown is very obvious and very visible, and we think it will continue for the foreseeable future.”
TCS, part of Tata group, posted a lower-than-expected 1.6% rise in October-December net profit on 15 January.
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First Published: Fri, Jan 23 2009. 05 30 AM IST