TCS confirmed, ” not planning any layoffs”
The largest exporter of information technology services from India, Tata Consultancy Services (TCS), has stated that it will not lay off any people, in contrast to all the worldwide tech giants like Google, Meta, Twitter, and Amazon. According to a higher-ranking TCS official, the company is “not planning any layoffs” and will instead give its employees raises and hire impacted professionals from startups.
Chief Human Resources officer Milind Lakkad said, “We believe in grooming talent in the company, there will be no layoffs. Once a staff member joins, it is our responsibility to make them productive, and derive value.”
About the continuous layoffs at large corporations, Lakkad added that some IT firms were compelled to reduce their workforces because they employed “more workers than necessary.” TCS, on the other hand, has taken a “cautious” stance, according to Lakkad.
The announcement from TCS was eagerly anticipated as well, as practically all tech businesses are now on a hiring binge. As a part of cost-cutting efforts and serious efforts to increase revenue and profit margin, businesses are laying off employees. And in India, where TCS employs over 600,000 people, the revelation regarding the company’s future planning was eagerly anticipated. Particularly with regard to layoffs, as many workers were concerned about whether or not their jobs would be secure.
Head HR Lakkad spoke on the same rumours of layoffs as TCS and everyone breathed a sigh of relief. In terms of future plans, he added that TCS employees would in fact get pay raises comparable to those from prior years. So, the employees don’t even need to be concerned about wage structure adjustments. TCS will also be employing more people, particularly the affected startup workers. The company is primarily interested in employing individuals that have experience in design, artificial intelligence (AI), cloud features, and product experience, according to Lakkad, who added that the company would “want to hire such impacted workers.”
Lakkad added that TCS had hired more specialists over the last 12 months. More than 2 lakh people (including 1.1 lakh trainees) were hired in the most recent year out of a total workforce of more than 6 lakh people.
The worldwide cocoon’s other IT companies are still experiencing an increase in layoffs. Due to underestimating the economic slump and preferring layoffs as a cost-cutting measure, many organisations are still considering and announcing layoffs.