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Tata Consultancy Services claimed it avoided the “vicious” hiring frenzy by hiring more than 150,000 campus graduates in the last two fiscal years. The top IT firm in India announced a 5-8% pay increase for its employees needs to upskill as a result of AI-led transformations and AI capabilities.
“The last two years’ supply-side challenges culminated in the first half of FY 2023, with employee churn reaching unprecedented levels.” “We broke free from the industry’s vicious cycle of hiring and counter-hiring by investing in onboarding an unprecedented number of fresh engineers – over 110,000 in FY 2022 and over 44,000 in FY 2023 – and training them on the most in demand technologies,” said TCS CEO and MD Rajesh Gopinathan in the company’s annual report for the previous fiscal year.
K Krithivasan has taken over the MD and CEO role from Gopinathan.
According to the company, the typical annual increase in India is between 5-8%. When promotions and compensation modifications are factored in, the total rise is in the region of 6-9%.
“In FY 2023, we focused on utilising the spare capacity built up the previous year, and recalibrated our hiring, particularly as attrition began to fall in the second half of the year,” Gopinathan stated in the report.
TCS recorded 20.1% attrition in IT services for the year. In FY 2023, the net addition was 22,600, and the closing headcount was 614,795.
Chairman N Chandrasekaran Remark on AI capabilities
Chairman N Chandrasekaran stated that enterprises must upskill in order to remain relevant in the face of AI-led changes.
“The energy, supply chain, and AI capabilities will necessitate companies reskilling/upskilling existing talent, hiring and integrating new talent, and investing in research,” the chairman stated in the paper.
Companies can find talent all across the world, according to Chandrasekaran.
“To effectively engage and collaborate with this talent, an approach that leverages technologies like AI and cloud will be required,” he added.