TCS Q1 FY24: 55% staff working from office, says CHRO Milind Lakkad

Tata Consultancy Services (TCS) announced its Q1 FY 2023-24 results on Wednesday. In a post-earnings call, Milind Lakkad, the Chief Human Resource Officer of the company, noted that work from office is being actively practiced at the IT services major.

Lakkad said that more than half of the staff at the company has been working from office three days a week. He said, "Our Return to Office initiative is picking pace, with 55 per cent of the workforce already in office thrice a week."

The CHRO also highlighted that the IT company has awarded 12-15 per cent raise to employees who performed well in the last fiscal.

"We have given a 12-15 per cent raise for exceptional performers in our latest annual compensation review, and also commenced the promotions cycle," the CHRO said.

He also mentioned that the attrition at the company has reduced, and upskilling is in focus with the emergence of latest technologies like AI, ML, data science, etc.

"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.

He also added that the company plans on honouring all job offers made in the last financial year. This announcement comes amid reports of delays in onboarding of freshers and lateral hires at the IT major. 

The CHRO said, "While we are committed to honor all the offers we have made, our focus will be on leveraging the capacity we built last year.”

The last remark also hints towards to possibility that TCS would scale down hiring in the coming quarters amid concerns of macroeconomic slowdown.

The IT company reported its Q1 FY 24 revenue at 59,381 crore, up 12.6 per cent year-on-year (YoY). Constant currency revenue growth was at 7 per cent YoY. Net headcount addition was of 523 individuals while the workforce strength stood at 6,15,318.