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April 3, 2001
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Money > Business Headlines > Report April 3, 2001 |
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TCS plans largest-ever hiring bingeArijit De in Bombay The US technology slowdown is making Indian IT dons sit up and rework their growth strategies. But unfazed by what may turn out to be a long-term recession, Tata Consultancy Services is planning to recruit between 4,000-5,000 engineers from campuses during the current year. In addition, TCS will be hiring experienced professionals also. This will result in a more than 30 per cent increase in its staff strength in one single year -- the largest ever hiring binge by Asia's largest software and services company -- which currently stands at over 14,000. What is even more astonishing is that over 60 per cent of TCS' Rs 31-billion in 2000-01 came from the US and the share, it says, will remain at the same level in the current fiscal as well. A senior TCS spokesman told Business Standard: "We will require another 4,000-5,000 people this year going by our projections. We will soon also be putting out recruitment ads seeking software developers with a whole range of different domain expertise." The executive added: "We had close to 65 per cent growth rate last year from the US operations. There is no reason why this won't be repeated this year as well." This is despite the fact that two of TCS' biggest clients, Nortel and Lucent, have been hit hard by the recession and were among the first to announce profit warnings and job cuts in February. "All software companies have an attrition rate. The industry average is 18-20 per cent. Ours is just 12-14 per cent," the TCS spokesman said, offering an additional explanation for the hiring. TCS is also counting on a strong domestic presence, unlike its other Indian IT counterparts, which is expected to grow at over 40 per cent this year. "We expect small- to mid-sized Indian IT firms to be affected by the US slowdown, but large Indian companies should remain largely insulated from the crisis," TCS executives said. For the hundreds of Indian software professionals who are being "benched" and forced to return to India, there could still be some respite in sight.
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