TCS Q1 FY24: Company says will honour all offers, hints at slowdown in hiring
The IT services company reported that its Q1 FY 24 revenue stood at 59,381 crore, up 12.6 per cent year-on-year (YoY). Constant currency revenue growth was up 7 per cent YoY.
- Jul 12, 2023,
- Updated Jul 12, 2023 8:30 PM IST
Indian IT services giant Tata Consultancy Services (TCS) announced its quarterly results for the first quarter of FY 2023-24 on Wednesday. Amid the delay in onboarding of new recruits in the IT sector, TCS has assured that it will honour all job offers made to job claimants.
In a statement, Chief Human Resource Officer Milind Lakkad said, "We are committed to honor all the offers we have made."
The CHRO also hinted at a slowdown in hiring in the upcoming quarters.
"Our focus will be on leveraging the capacity we built last year," Lakkad said.
The net headcount addition at the IT services company as per the Q1 FY24 results was of 523 individuals. This brings the total workforce strength at 6,15,318 employees.
Speaking of company policies, the CHRO said that over half of the staff at the company has been working from office three days a week. He noted, "Our Return to Office initiative is picking pace, with 55 per cent of the workforce already in office thrice a week."
Lakkad also added that TCS has awarded 12-15 per cent hike to individuals who performed well in the last financial year.
The CHRO said, "We have given a 12-15 per cent raise for exceptional performers in our latest annual compensation review, and also commenced the promotions cycle."
He also added that upskilling of staff has been in the focus at TCS.
"TCSers logged 12.7 million learning hours in upskilling themselves during the quarter in market relevant skills like generative AI, cloud, data and analytics. Our attrition continues to trend down and we expect it to be back in our industry-leading, long-term range in the second half of the year," Lakkad said.
The IT services company reported that its Q1 FY 24 revenue stood at 59,381 crore, up 12.6 per cent year-on-year (YoY). Constant currency revenue growth was up 7 per cent YoY.
Indian IT services giant Tata Consultancy Services (TCS) announced its quarterly results for the first quarter of FY 2023-24 on Wednesday. Amid the delay in onboarding of new recruits in the IT sector, TCS has assured that it will honour all job offers made to job claimants.
In a statement, Chief Human Resource Officer Milind Lakkad said, "We are committed to honor all the offers we have made."
The CHRO also hinted at a slowdown in hiring in the upcoming quarters.
"Our focus will be on leveraging the capacity we built last year," Lakkad said.
The net headcount addition at the IT services company as per the Q1 FY24 results was of 523 individuals. This brings the total workforce strength at 6,15,318 employees.
Speaking of company policies, the CHRO said that over half of the staff at the company has been working from office three days a week. He noted, "Our Return to Office initiative is picking pace, with 55 per cent of the workforce already in office thrice a week."
Lakkad also added that TCS has awarded 12-15 per cent hike to individuals who performed well in the last financial year.
The CHRO said, "We have given a 12-15 per cent raise for exceptional performers in our latest annual compensation review, and also commenced the promotions cycle."
He also added that upskilling of staff has been in the focus at TCS.
"TCSers logged 12.7 million learning hours in upskilling themselves during the quarter in market relevant skills like generative AI, cloud, data and analytics. Our attrition continues to trend down and we expect it to be back in our industry-leading, long-term range in the second half of the year," Lakkad said.
The IT services company reported that its Q1 FY 24 revenue stood at 59,381 crore, up 12.6 per cent year-on-year (YoY). Constant currency revenue growth was up 7 per cent YoY.