TCS on a hiring spree; To hire 15,000 employees

Tata Consultancy Services (TCS) said on Friday that the company expects to add 15,000-18,000 people to its headcount over the next 12 months, compared with nearly 8,700 in the three months to December. TCS currently has about 144,500 staff.

However, CEO S Ramadorai said in an interview that the company expects to slow its rate of hiring new staff this year, as a broad economic downturn affects its global clientele.

Ramadorai said some contracts and projects were being delayed or cancelled, but the company expected to achieve some earnings growth in 2009 despite the worsening global economic outlook.

"We are confident of some growth, but what that amount is difficult to say," he said. "Yes, we are winning some contracts, but then there are delays in the decision making on a number of contracts," he said, adding there were hold-ups in implementing deals that had already been signed as well as several project cancellations.

"The slowdown is very obvious and very visible, and we think it will continue for the foreseeable future."

TCS, part of India's Tata Group, posted a lower-than-expected 1.6 per cent rise in October-December net profit on January 15.

Agencies