IT giant TCS not looking at layoffs, likely to announce hikes for employees soon

Amidst layoffs over the world especially from tech biggies, Indian IT giant, Tata Consultancy Services (TCS) is not considering the same. Instead, TCS believes in grooming talent for longer careers once it hires an employee. While shunning the layoff plan, TCS chief Human Resources officer Milind Lakkad on Sunday hinted that the company will be announcing hikes that will be similar to earlier years. In the third quarter of FY23, this Tata Group-backed company reduced its workforce by 2,197 employees sequentially.

Amidst layoffs over the world especially from tech biggies, Indian IT giant, Tata Consultancy Services (TCS) is not considering the same. Instead, TCS believes in grooming talent for longer careers once it hires an employee. While shunning the layoff plan, TCS chief Human Resources officer Milind Lakkad on Sunday hinted that the company will be announcing hikes that will be similar to earlier years. In the third quarter of FY23, this Tata Group-backed company reduced its workforce by 2197 employees sequentially.

Lakkad told PTI, "we don't do that (layoffs), we believe in grooming talent in the company…(there will be) no layoffs." He was answering to a specific question which was related to whether TCS will carry any layoffs or involuntary attrition.

Explaining why companies lay off, Lakkad explained that many companies are forced to take such a step because they hired more than they wanted.

Whereas TCS, he cited as "cautious", believes that once staff member joins, it becomes the company's responsibility to make them productive and derive value.

In areas where there is a gap between the skill sets required and what an employee possesses, Lakkad highlighted that TCS then focuses on training the employee by giving her more time.

He told PTI, that TCS will be announcing hikes that will be similar to earlier years.

In regards to startups laying off people, Lakkad revealed that TCS will be looking to hire such impacted workers.

He said, TCS is doing exciting work across different industries in different technologies, and for it, there is a requirement for some phenomenal talent to come in and participate. They are getting it from startups, people who have actually done some good work in those companies and have short-term career challenges.