While announcing the Q3FY23 results on January 9, the company said that the total number of employees currently stands at 613,974, down from 6,16,171. This is the first time that net addition has declined in 10 quarters.
Mumbai. The country’s leading IT company Tata Consultancy Services (TCS Q3 Result) has announced the results of the third quarter. During this period the company’s profits increased but saw a decline in the number of employees. There was a shortage of 2,197 employees amid an atmosphere of caution in demand. This first saw a decline in net addition in the first quarter of FY2021, when India was under complete lockdown due to the first wave of the Corona pandemic.
While announcing the Q3FY23 results on January 9, the company said that the total number of employees currently stands at 613,974, down from 6,16,171. This is the first time that net addition has declined in 10 quarters. TCS added 9,840 employees during Q2FY23, which was also a significant drop. TCS had added 28,238 employees in the same quarter last year.
Demand remains strong
Addressing the media, the company’s Chief Human Resource Officer, Milind Lakkad said, “They invest in talent development to bring in new talent as well as hone them in terms of productivity. Resulting in negative headcount. It doesn’t indicate anything on the demand front, demand is good and we are working very efficiently now.”
Elevated attrition, which has been a concern across the industry, saw a slight decline. The contraction in Q3FY23 stood at 21.3 per cent, showing a marginal decline from 21.5 per cent in Q2FY23 on a trailing-twelve month basis. TCS said that this decline is expected to decrease further in the coming quarters. In Q3FY22, TCS’s attrition stood at 11.9 per cent.
This took the company to add around 7,000 freshers during the quarter, taking the total freshers added during the financial year to 42,000. TCS had announced that it had inducted 35,000 freshers in H1FY23, of which 20,000 were in Q2FY23. TCS hired over 1 lakh freshers in FY22, with a target of 40,000 for FY23.
