Tata Group benefitedImage Credit source: Unsplash
You must remember that period in the last months of the year 2022 when there used to be news of thousands of people losing their jobs from all over the world. The same trend continued in the beginning of 2023 also. Even in India, employees of startup companies faced the brunt of layoffs and lakhs of people lost their jobs during this period. Now whether you call it the effect of softness in the market or the increasing fear of losing jobs among the people, but in the October-December quarter of 2023, a company of Tata Group has definitely benefited from it.
Yes, we are talking about the country’s largest IT company Tata Consultancy Services. This second most valuable company of the country has released its quarterly results, in which many shocking figures have emerged.
The rate of people leaving their jobs has decreased
According to the quarterly results of TCS, there has been a decline in the attrition rate of employees changing jobs. It is now only 13.3%. In the previous quarter itself it was 14%. Whereas at one time it was more than 20%. The main reason for high attrition rate in the IT sector is considered to be the employees getting better job offers in the market. In such a situation, people leave one company and join another company. Now if the attrition rate has come down, it means that people are now staying in the company and working.
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TCS will ultimately benefit from this. This has reduced the company’s cost of new hiring and hiring new people on higher packages. Recently TCS has also started college campus recruiting. By the end of December 2023, the number of employees of the company has been 6,03,305. 153 people of national origin work in it and the number of female employees is 35.7%.
TCS made huge profit
The company has earned huge profit in the October-December quarter. The company’s profit has increased by 2% on annual basis to Rs 11,058 crore. Whereas the company’s income has increased by 4 percent to Rs 60,583 crore.
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