TCS onboards 20,000 freshers in Q2 FY23

IT major Tata Consultancy Services (TCS) has added 35,000 freshers during the first half of FY23. Of these, 20,000 freshers had been onboarded in Q2. In comparison, the company had hired 43,000 freshers in the first half of FY22 and expects to hire 10,000-12,000 more freshers in FY23.

The company’s net addition for the quarter was 9,840 employees, taking its headcount to 6,16,171, a decline from the last quarter, when the company had a net addition of 14,136. In the same quarter last year, TCS’ net addition was 19,690 employees.

Chief HR Officer Milind Lakkad said that TCS has honoured all job offers the company had made. “Our investments in capacity building and organic talent development have allowed us to substantially grow our business ahead of headcount addition this quarter. We believe our quarterly annualized attrition has peaked in Q2 and should see it taper down from this point, while compensation expectations of experienced professionals moderate,” he said.

The company had announced a fresher hiring target of 40,000 for FY23 at the end of FY22. It expects attrition to taper down in the second half of the fiscal year, with normalizing wage expectations and talent supply catching up across the industry.