TCS clears backlogs, onboards 11,000 trainees amid economic challenges

12 Jul 2024 , 02:27 PM

Tata Consultancy Services (TCS) onboarded 11,000 trainees in Q2 of FY25, clearing all previous backlogs of fresher onboarding delays.

Chief Human Resources Officer Milind Lakkad confirmed that this batch included trainees from the past year, resolving all backlog issues. Like other companies, TCS faced challenges due to macroeconomic conditions, leading to delays in hiring freshers.

TCS utilized the National Qualifier Test (NQT) for candidate selection, a platform assessing cognitive abilities and skills. The company aims to hire approximately 40,000 new employees in the current year, although the exact number depends on various factors.

TCS focuses on campus recruitment and quarterly planning to address skill gaps, adjusting hiring based on identified needs.

At the time of writing on July 12, 2024 at 2:25 pm shares of Tata Consultancy Services (TCS) is currently trading at ₹4195 which is a 6.92% gain than the previous close. 

According to Lakkad, the demand for skills in the AI and Gen AI era is broad and situation-dependent, making specific skills hard to pinpoint.

TCS reported Q1 FY25 results meeting expectations, with a 9% year-on-year increase in consolidated net profit to ₹12,040 Crore. Revenue from operations grew by 5.4% year-on-year to ₹62,613 Crore in the June quarter, aligning closely with market projections.

After three quarters of decline, TCS added 5,452 employees on a net basis in Q1 FY25, totaling 606,998 employees.

Tata Consultancy Services Limited (TCS) is an Indian multinational information technology (IT) services and consulting company based in Mumbai. As part of the Tata Group, TCS operates globally with a presence in 150 locations across 46 countries. By March 2024, TCS employed over 601,546 professionals worldwide.

TCS holds the position as the second-largest Indian company by market capitalization and is recognized as one of the most valuable IT service brands globally, also ranking as the top Big Tech company in India. In 2012, TCS was noted as the world’s second-largest user of U.S. H-1B visas.