No Large Scale Employee Exits, Claims TCS

Published: 14th January 2015 06:00 AM  |   Last Updated: 14th January 2015 04:11 AM   |  A+A-

MUMBAI: Tata Consultancy Services (TCS) said it has not initiated nor is it planning any large scale employee exits. India’s biggest software developer was responding to what it described as ‘discussion’ on social media about alleged large scale layoffs at TCS.

TCS, which also has the biggest market capitalisation on the Bombay Stock Exchange, said social media discussion about large scale layoffs are false and baseless.

The company said involuntary attrition in the first nine months of the current fiscal year is so far 2,574, which is 0.8 per cent of the company’s employee strength. This compares with 2,203 in FY14 and 2,132 in FY13.  Involuntary attrition for the current fiscal year is expected to be about 1 per cent, it said.

At the end of September 30, 2014, TCS had a total headcount of 3,13,757.

“Performance appraisals and associated processes are an integral part of the company’s operations,’’ the company said. “We have consistently nurtured our in-house talent and have also been the largest job creators in the country.’’

The company’s shares have declined from `2,700 apiece as of December 1, 2014 to Rs 2498.30 as of Tuesday.

“The corresponding numbers for FY’14 and FY’13 were 2,203 and 2,132 respectively. The total involuntary attrition for the current fiscal will be around 1 per cent,” it said.

“There have been discussions on various social media forums about alleged large scale layoffs at TCS...we would like to place on record that TCS has not initiated, and is not planning to initiate any large scale exits of any section of its staff in any part of the organisation,” it said.

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