Attrition Rate Of Tata Consultancy Services At Nearly 20% In The Past Year

IT major TCS’ attrition rate at 19.7% in past 12 months

New Delhi:

The attrition rate in the Indian IT services major Tata Consultancy Services (TCS) was at 19. 7 per cent in the past twelve months, it said in a regulatory filing to the stock exchanges.

The company’s total workforce stood at 606,331 as of June 2022, a net addition of 14,136 during the April-June quarter.

“The workforce continues to be very diverse, comprising 153 nationalities and with women making up 35.5 per cent of the base,” the filing said.

TCS said that it continues to invest in organic talent development as part of its expansion into the growth and transformation opportunity.

“Following our annual compensation review, employees received salary increases of 5 to 8 per cent, with top performers getting even bigger hikes. Our empowering, performance-driven work culture is helping us attract local talent across all our key markets,” said Milind Lakkad, Chief HR Officer of the company.

With Covid slowly receding, the company gradually accelerated its return to office program in April-June quarter, with about 20 per cent of the workforce now working from their respective offices, the filing added.

Further, the company on Friday reported a net profit of Rs 9,478 crore for the first quarter of the current financial year as compared to Rs 9,008 crore reported in the corresponding period of the last year, posting year-on-year growth of 5.21 per cent.

The company’s revenue jumped by 16.2 per cent year-on-year to Rs 52,758 crore for the quarter that ended on June 30.

“We are starting the new fiscal year on a strong note, with all-round growth and strong deal wins across all our segments. Pipeline velocity and deal closures continue to be strong, but we remain vigilant given the macro-level uncertainties,” said Rajesh Gopinathan, Chief Executive Officer and Managing Director, Tata Consultancy Services.

Also, it declared an interim dividend of Rs 8 per share, for which the record date would be July 16, 2022. The dividend will be paid to the shareholders on August 3, 2022.

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