Tata Consultancy Services (TCS) reported a reduction in workforce for the first time in 19 years in FY24. The Indian multinational has reversed its workforce decline by hiring approximately 5,454 new employees.
TCS currently employs 6,06,998, and the attrition rate fell to 12.1% in the first quarter of FY25.
According to the quarterly results for the first quarter of FY25, the Indian multinational posted a 9% year-on-year growth in net profit, which amounted at Rs 12,040 crore, says ET.
The organisation continues to focus on staff engagement and development, which has resulted in employee retention and high performance. The firm’s sales in the first quarter was around Rs 62,613 crore, a 5.4% increase over the same quarter in the previous fiscal year.
The multinational has been investing in innovation and artificial intelligence, as well as expanding its delivery facilities around the world, particularly in Canada, Europe and Latin America.
TCS’ workers spent an average of 87.1 learning hours on AI in fiscal year 2024 (FY24), as part of the company’s broader aim to improve its capabilities in generative AI. In May, it was claimed that TCS is already involved in over 200 GenAI projects and has acquired new deals totaling $13.2 billion.
