The Tata Consultancy Services (TCS) management has revealed of offering jobs to 39,000 people at the entry level in FY20, as it aims to level-up its mid-level talent in expectation of a brighter 2020-21, despite the poor growth in the banking, financial services, and insurance (BFSI) vertical.
The company intends its plan executions further in a bid to cater to inflating business opportunities in FY21, said Milind Lakkad, the executive vice president and global head of human resources of TCS in an interview. The company is expecting BFSI growth to grow within the next two to three quarters.
TCS reported 0.3 percent sequential growth in the revenue for the December quarter in constant currency terms, far below than the 1 percent growth that analysts had projected. The 25 percent margin performance was supported by currency benefits and cost-efficiency procedures. Following its statement that Q3 could witness smoothness in the key BFSI and retail verticals, expectations were running low. Yet, the company sustained its confidence on hiring freshers for the year ahead.
“Through the TCS national qualifier test for FY21 we have already made 39,000 offers. So, when we are asked about our medium- to long-term plans, this is what it is,” he said.
The fresher hiring programme was launched in 2018. It aims to expand its hiring reach across engineering colleges in India via online applications. So far in FY20, over 93 percent of the 30,000 associates who were given offers in FY19 were on-boarded in the first two quarters of this fiscal. The others would be absorbed in the next few months.
“We will decide the onboarding process (for freshers) over the next month. We may front load again, but a decision is yet to be made,” said Lakkad.
In the nine months ended December, the company has added over 22,400 associates, but trimmed its headcount in the December quarter by 4,063. On a chronological basis, this is the first turn down in employee count in 10 quarters.
“We’ll continue to add people to the base of the pyramid through fresher hiring. We also continue to ensure that the middle layer teams are skilled enough to manage the bottom, both from a technology and management perspective, along with the senior management,” said Lakkad.