TCS sees massive headcount decline by 5,680 in Q3FY24

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TCS has witnessed a decline in headcount for the second consecutive quarter.
TCS has witnessed a decline in headcount for the second consecutive quarter.

TCS has announced the initiation of the campus hiring process for the upcoming year 2024 to bring on board freshers.

India’s largest IT Giant Tata Consultancy Services (TCS) on January 11 saw its headcount plunge by 5,680 on a net basis in the third quarter of FY24; coming in line with the company’s commentary last quarter on expecting further shrinkage in headcount.

This is the second consecutive quarter for TCS seeing a headcount decline. In the second quarter, headcount had dropped by 6,333 employees QoQ.

The company’s total employee base as of December 31, stands at 603,305. TCS attrition rate has further dropped to 13.3%, down from 14.9% in the second quarter.

TCS had earlier asked employees to work from the office five days a week, shifting from its hybrid model of three-day work from the office. Milind Lakkad, Chief HR Officer said “The vibrancy and energy levels in our offices are increasing as more and more of our employees are back in the offices. We expect to be back to our normal operating mode by the end of the current fiscal year.”
“Parallelly, attrition is trending down and at 13.3%, is now in our range of comfort. We are committed to hiring from college campuses and growing talent organically. We have commenced our campus hiring process for the next year and see tremendous excitement among freshers to join TCS,” he added.

TCS had earlier said that it plans to hire 40,000 freshers in FY24.

Lakkad had earlier said that the company had heavily invested in getting fresh talent for nearly 18 months, and now that has started to pay off. paying off, so they are not looking at backfilling attrition immediately, which too has come down.

TCS reported its Q3FY24 earnings on January 11. Net profit grew 2% YoY coming at Rs 11,058 crore. Consolidated revenue was up by 4% YoY reaching Rs 60,583 crore.

Gyani Labs