TCS hiring strongest in 5 years, joining letters issued to 30,000 freshers

Tata Consultancy Services (TCS), India's biggest software services company, reported net addition of ₹12,356 employees in April-June quarter, the highest in the last five years. The company said it has issued joining letters to over 30,000 fresh graduates. Around 40% of the fresh graduates have been onboarded in the first quarter and the rest are expected to join by the second quarter. This announcement was made today as the IT company announced its quarterly numbers today.

Consolidated headcount of TCS stood at 436,641 as of June 30, 2019. The percentage of women in the workforce rose further to 36.1%, while the total number of nationalities represented grew to 149.

The Mumbai-headquartered company said it continues to invest heavily in organic talent development. At the end of Q1, over 315,000 employees had been trained on multiple new technologies, and over 361,000 had been trained on Agile methods, TCS said.

The IT services rate attrition stood at 11.5%.

'The vibrant, enriching workplace and best-In-class retention rates at TCS are a key competitive differentitator. Customers value the lower attrition because it results In greater stability and fewer disruptions in our service delivery. Moreover, TCS account teams are better placed to retain the contextual knowledge gained over time, and use that to build differentiated solutions tailored to each customer's unique requirements," said Milind Lakkad, Global Head, Human Resources, TCS.

TCS reported a 10.8% year-on-year rise in its first-quarter profit, helped by a strong performance in its key banking, financial services and insurance segment. Its net profit for the quarter ended June 30 rose to ₹8,131 crore from ₹7,340 crore a year ago.

Analysts on average had expected the company to report a profit of ₹7,824 crore, according to a Reuters poll. TCS posted 11.4% rise in revenue to ₹38,172 crore.