At a time when mass layoffs have already impacted over 1 lakh employees this year, India¡¯s IT giant Tata Consultancy Services (TCS) has provided a sigh of relief amidst the worrisome environment.
TCS is not considering any layoffs as it believes in grooming talent for longer careers once it hires an employee, its Chief Human Resources Officer Milind Lakkad has recently told news agency PTI.
The country's largest information technology services exporter is also looking to hire startup employees who have lost their jobs.
"We don't do that (layoffs), we believe in grooming talent in the company...(there will be) no layoffs," he said?when asked about layoffs or involuntary attrition.
Lakkad said companies are forced to take such steps because they had hired more than they wanted while the TCS believes that once a staff member joins, it is the company's responsibility to make them productive and derive value.
In cases where it finds a gap between the skill sets required and what an employee possesses, it focuses on training the employee by giving her more time, Lakkad added.
He said the company, which employs over 6 lakh people, will be announcing hikes that will be similar to earlier years.
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Lakkad also said that the IT major will be looking to hire impacted workers who have been fired from startups, particularly those in sectors like education technology.
"It is a very large canvas, we are doing exciting work across different industries in different technologies. I think all of that requires some phenomenal talent to come in and participate. we are getting it obviously from startups, people who have actually done some good work in those companies and have short-term career challenges," he said, as per ET.
TCS is specifically looking for talent in user experience design, artificial intelligence, the cloud and those with product experience.
When asked if TCS will be reviewing its stock options schemes, given that startups attract a lot of talent based on such offers, Lakkad said it is continuing to evaluate this aspect as it feels that both loyalty and performance play a significant role.
Answering a question on whether the decline of over 2,000 staffers in overall employee count in the December quarter was a one-off, Lakkad declined to specify if the March quarter will have an addition or continue with a decline.
Over the next few quarters, TCS does not see "significant additions" from a net employees standpoint, Lakkad said, pointing out that it is leveraging its past investments now.
This will lead to an increase in the overall utilisation number before it starts going down as the over 40,000 trainees it expects to hire in FY24 start coming in, Lakkad said.
The company is also open to hiring people of the Indian diaspora in the US who have lost their jobs with the tech majors and may be on the brink of being forced to return home as per their visa conditions, TCS' Lakkad reportedly said.
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Currently, 70% of TCS' US employees are Americans, Lakkad said, adding it would like to get the number down to 50% because it also wants to offer global opportunities to its staff in India.
He also said there is a need for quicker appointments and clearance for both business and H1 visas in the US, which is TCS' largest market by revenue.
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