TCS COO, N Ganapathy Subramaniam, stated that the company is on track to hire a considerable number of campus recruits in the current fiscal year, aiming to bring on board about 40,000 freshers. However, IT businesses like Infosys have reportedly confirmed that they won’t be hiring students. Here are some details.
One of India’s top IT services firms, Tata Consultancy Services (TCS), has reaffirmed its commitment to acquiring new talent in the face of a difficult economic environment marked by a conservative hiring approach. TCS COO, N Ganapathy Subramaniam, said the company is on track to hire an impressive amount of campus recruits in the current fiscal year, aiming to bring on board about 40,000 freshers. However, IT businesses like Infosys have reportedly confirmed that they won’t be hiring students.
Between 35,000 and 40,000 new employees are routinely hired by TCS each year. In addition, Subramaniam highlighted that the corporation had no plans to make significant layoffs. While TCS is moving forward with its recruiting of recent graduates, several of its rivals in the IT industry are being cautious when it comes to campus hiring. One company that has taken a different position is Infosys. Infosys CFO Nilanjan Roy said during a recent earnings call that the company had hired 50,000 freshmen in the year before and would not be performing campus hiring until demand conditions improved.
Although Subramaniam made clear that TCS’s hiring strategy would be closely correlated with the demand outlook for discretionary spending, he did not completely rule out the prospect of hiring laterals. The business has approached hiring strategically, modifying it in response to market trends.
He explained, “We recruit fewer laterals when there is a decline in discretionary spending. We saw significant attrition during the previous 12 to 14 months. We hired far more people than we actually needed to create a bench because we had no idea how long that would last. The utilization rate for TCS is currently around 85%, a slight decrease from the previous range of 87-90 percent.
According to a TOI report, Subramaniam pointed out that TCS is ready for any increase in demand because of its strong bench strength. Ten percent of TCS’s 600,000-person workforce, or roughly 60,000 people, are ready for deployment and have received the essential training and skills over the previous year.
Infosys, in contrast, has chosen a different strategy. Due to its “significant fresher bench” already in place and a drop in demand in certain regions, primarily the United States, the corporation has declared that it will not be hiring freshers from colleges this year.