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TCS attrition rate up in September quarter, firm says honoured all job offers

TCS attrition rate up in September quarter, firm says honoured all job offers

TCS attrition rate up in September quarter, firm says honoured all job offers
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By Jomy Jos Pullokaran  Oct 10, 2022 7:02:31 PM IST (Updated)

While announcing its September quarter results, TCS' workforce stood at 616,171, a net addition of 9,840 employees during the quarter.

The country's largest software services exporter, Tata Consultancy Services (TCS), on Monday said its attrition rate in the July-September period had jumped to 21.5 percent versus 19.70 percent quarter-on-quarter.

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While announcing its September quarter results, TCS' workforce stood at 6.16 lakh, a net addition of 9,840 employees during the quarter, making it the largest segmental employer.
The workforce continues to be very diverse, comprising 157 nationalities and with women making up 35.7 percent of the base. The company said attrition had peaked and should fall hereon while compensation expectations of experienced professionals moderate.
"With normalizing wage expectations and talent supply catching up across the industry, the company expects attrition to start to tape down in H2," the company added.
The software major said its workforce crossed the 6 lakh milestone with the addition of over 14,000 new employees in the June quarter.
Amid reports of offer letter cancellations and onboarding delays, Milind Lakkad, TCS, CHRO, said: "Have honoured all the job offers we had made. Have grown our business ahead of headcount addition this quarter. Our quarterly annualised attrition has peaked in Q2 and should fall hereon."
TCS reported an annualised 8.4 percent growth in net income at Rs 10,431 crore for the September quarter. The Tata Group company said its total revenue from services grew at a much faster pace of 18 percent to touch Rs 54,309 crore in the period under review.
The city-headquartered IT major had reported consolidated revenue of Rs 46,867 crore in the year-ago quarter from which it had earned Rs 9,624 crore net income. However, its operating margin narrowed by 1.60 percentage points to 24 percent.
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