Indian IT services company TCS has slowed down its hiring process. The # IT company has also stopped offering salary hike to its employees.
TCS reported revenue of $22.031 billion in fiscal 2020 as compared with $20.913 billion in the previous financial year. TCS revenue rose 0.9 percent to $5.444 billion in Q4. TCS did not share its revenue guidance in the wake of coronavirus epidemic.
TCS said it added 24,179 employees in 12 months of fiscal 2020 and 5,444 in the last three months. TCS said its total employee headcount reached 448,464 in March 2020.
This compares with an addition of 20,913 employees in fiscal 2019 and 5,397 employees in the fourth quarter of fiscal 2019.
TCS said it will not give any salary increments to its employees in the backdrop of Covid-19. The software company said it will not retrench people and will honour all recruitment offers by taking all the 40,000 people who have been given offers on board.
“Every offer that we have made will be honoured. We do not see any retrenchments,” TCS MD and CEO Rajesh Gopinathan told reporters over a call.
TCS has an overall attrition of 12.1 percent.
TCS COO N Ganapathy Subramaniam said 3.55 lakh employees are working in India at present, and 90 percent of them are now connected with secure workplaces to serve clients’ needs.