TCS to hire 55,000 employees this fiscal year

tcs_workersTata Consultancy Services (TCS) on Wednesday said it will hire 55,000 employees this fiscal, including 25,000 freshers.

“We are planning to hire 55,000 this fiscal. We have already said that as far as campus hiring is concerned, it will be 25,000,” TCS Executive Vice-President and Global Human Resources Head Ajoy Mukherjee told reporters in Mumbai while announcing a 48.2 percent rise in net income in the last quarter of the past fiscal.

TCS Managing Director and Chief Executive N Chandrasekaran said: “In the just-concluded FY 2014, the company had hired 61,200 as against a target of 50,000.”

Its net addition of employees, after deducting the number of those who left the organisation, stood at 24,268 in FY 2014.

At the end of the fourth quarter, the total employee strength crossed the 3-lakh mark at 300,464, he added.

The employee utilisation level stood at 83.8 percent, excluding trainees and 77.9 percent after including trainees, as of March-end.

The attrition level stood at 11.3 percent, while the same was 10.4 percent at the core information technology vertical.

Mukherjee said offer letters for fresh recruits have already gone out and they will start joining from June 1.

On the staff increment front, Mukherjee said the company will give 14 percent hike for the high achievers domestically, while the rest will get 10 percent rise.

Globally, the raise will be between 2-4 percent in the developed markets and 4-6 percent in developing markets.

“It has been a phenomenal year from our point of view and our employee point of view. Everybody will be happy with the increments which we are going to give,” he said.

Chief Financial Officer Rajesh Gopinathan said higher wages will impact the operating margins, which climbed up to an all-time high of 29.1 percent FY 2014, which will be visible in the first quarter of the current fiscal.

“Q1 is the quarter in which the wage hikes will impact the margins and then during the course of the year we will pretty much make this out through operational efficiencies,” he said.

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