Layoffs 2023: Amid layoff season, Tata Group company TCS to hire employees who lost their jobs
Layoffs 2023: At a time when mass layoffs have already impacted lakhs of employees worldwide in 2022 and this year, India’s IT giant Tata Consultancy Services (TCS) came to rescue the best talents laid off from their companies.
TCS does not believe in layoffs; instead it wants to groom talent for long-term careers once it hires an employee, its Chief Human Resources Officer Milind Lakkad has recently said in an interview with news agency PTI.
And now, the country’s largest information technology services exporter Tata Consultancy Services (TCS) has decided to hire startup employees who have lost their jobs.
‘THERE WILL BE NO LAYOFFS’
“We don’t do that (layoffs); we believe in grooming talent in the company…(there will be) no layoffs,” TCS CHRO Milind Lakkad said when asked about layoffs or involuntary attrition.
Lakkad also said companies take such steps because they hire more than they want. However, the TCS believes that once a staff member joins, the company must make them productive and derive value.
Also, in cases where it sees a gap between the skill sets required and what an employee possesses, it focuses on training the employee by giving him/her more time, said Lakkad adding that the company, which employs over 6 lakh people, will be announcing hikes that will be similar to earlier years.
Read more- These Tech Companies Are Doing Massive Layoffs
LOOKING TO HIRE LAID-OFF EMPLOYEES FROM STARTUPS
Lakkad also said that the IT major will be looking to hire impacted workers who were fired from startups, particularly those in sectors like education technology.
“It is a large canvas; we are doing exciting work across different industries in different technologies. I think all of that requires some phenomenal talent to come in and participate. We are getting it obviously from startups, people who have done good work in those companies and have short-term career challenges,” he said, as per ET.
TCS is also specifically looking for talent in user experience design, artificial intelligence, the cloud, and those product experience-linked profiles.
“It is continuing to evaluate this aspect as it feels that both loyalty and performance play a significant role,” Lakkad said when asked if TCS will be reviewing its stock options schemes, given that startups attract a lot of talent based on such offers.
If the decline of over 2,000 staffers in overall employee count in the December quarter was a one-off, Lakkad declined to specify if the March quarter will have an addition or continue with a decline.
40,000 NEW TRAINEES IN NEXT FY24
Over the next few quarters, (Tata Consultancy Services) TCS does not see “significant additions” from a net employees’ standpoint, Lakkad said, pointing out that it is leveraging its past investments now.
He said it would increase the overall utilisation number before it starts going down as more than 40,000 trainees are expected to join in FY24.
The company’s HRO also said that it is open to hiring people of the Indian diaspora in the United States who have lost their jobs with the tech giants and may be forced to return home as per their visa situation.
Read more- Mass layoffs: Why tech firms are firing thousands of employees
GLOBAL OPPORTUNITIES FOR INDIANS
Currently, around 70% of TCS’ employees in the US are Americans, Lakkad said, adding that it would like to get the number down to 50% to offer global opportunities to its staff in India.
He also said that there is a need for quicker appointments and clearances for both business and H1 visas in the United States, which is TCS’ largest market by revenue.
Liked this post?
Register at One World News to never miss out on videos, celeb interviews, and best reads.
