India's TCS: No Layoffs; instead, salary hikes are coming
In yet another sign of the rising status of India in the world, Tata Consultancy Services (TCS) has stated that it is not considering any job cuts despite layoffs at big tech firms and large companies. India's tech giant, TCS, the largest exporter of tech services in the country, is also eager to hire startup workers who have lost their jobs and said it believes in developing talent for longer careers after hiring an employee.
TCS chief human resources officer Milind Lakkad in a media interview, said, "we don't do that (job cuts); we believe in grooming talent in the company and (there will be) no layoffs".
He claimed that many businesses are now compelled to cut jobs to lower costs because they recruited more people than they intended.
TCS, which he described as "conservative," disagrees, contending that the employer must ensure that new hires are productive and add value.
Lakkad speaking to the Indian news agency PTI said when an employee's skill set falls short of what is needed, the company prioritises training the worker.
Salary hikes coming soon
The chief human resources officer said TCS, which has over 6 lakh employees, would soon announce salary hikes similar to previous years. That underscores the "India a bright spot" in an otherwise gloomy global economy backdrop comments from top institutions.
Indeed, TCS is looking at increasing employee benefits at a time when global firms are laying off thousands of employees.
The Indian tech giant also said it is looking at hiring employees laid off, especially in the US and startups the world over.