TCS workforce reports a drop by nearly 13,000 to 6,01,546 in FY24

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IBNS-CMEDIA: Tata Consultancy Services (TCS) has reported a decline in its headcount, a situation unprecedented in 19 years with the company’s total employee base diminished to 6,01,546.

The figure was revealed by the company in its Q4FY24 financial results announced last week

The IT giant recorded a nine percent increase in net profit, reaching Rs 12,434 crore in the January-March quarter of FY24.

TCS experienced a drop in its workforce for the third consecutive quarter.

The firm saw a reduction of 13,249 employees over the financial year, with a sequential decline of 1,759, reported Business Standard.

In fiscal year 2022, TCS had added 103,546 employees, while in FY21, the number stood at 40,185 employees.

Milind Lakkad, chief human resources officer (CHRO), TCS, said that the company is still calibrating the total freshers to be hired for financial year 2024-25. The plan is to get to 40,000. He added that the TCS National Qualified Test will begin shortly and the company will hire students from there directly, according to a Business Standard report.

In a company press release on Q4FY24 results, Lakkad said, “We are pleased to announce the annual increments for our workforce, as we have done consistently every year, with top performers receiving double digit hikes. The reduced attrition at 12.5%, enthusiastic response to our campus hiring, increased customer visits and employees returning to the office have resulted in great vibrancy in our delivery centres and elevated morale of our associates.”