India’s largest IT services provider Tata Consultancy Services (TCS) said it would recruit 40,000 trainees from campuses in Financial year 2021-2022, after the firm reported its strongest results in the last nine years for the quarter ending December 2020.
TCS CEO Rajesh Gopinathan said recently the company is confident about achieving a double-digit growth trajectory in FY22 "on the back of digital transformation".
V Ramakrishnan, CFO, in a conversation with Moneycontrol, said banking, financial services and insurance (BFSI) had helped the firm gain their strongest Q3 results, being a large part of the portfolio, and growing strongly.
"Other sectors such as healthcare have been on a complete roll, which is good. Parts of retail, like essentials, have done very well. Broad-based growth across the geographies has contributed to it and that has come due to multiple factors. Some of the customers who were “fence-sitting” on some decisions like cloud adoption have accelerated that," he said.
Ramakrishnan said the company's "state of readiness" also contributed to the results.
Talking about whether the changes brought about due to pandemic, such as 'work from home' could become permanent, he said a lot more flexibility could come in for customers and and the firm in terms of engagement models.
He said this had reinforced the trust quotient with customers. According to Ramakrishnan, the flexibility of the Secure Borderless Workspaces (SBWS) model, would be a game-changer in terms of executing and staffing project. "Over a period of time, we hope that we will have some elements of gig economy that will come into play. That will take some time, but it is possible. So benefits are high and this will create its own new dynamics and evolve," he said.
On the firm's hiring outlook for FY22, he said it will hire the same amount of people as done in the second year. "We had about roughly 40,000 and next year also we will have some similar number," he said.
"Experienced professionals are completely dependent on requirements and based on demand environment. But we are definitely optimistic about the momentum," he added.
Asked about how the IT business would change in a post-Covid world, Ramakrishnan said it will always have a hybrid model. While people will still move cross border, proportions may change, he added.
"Earlier, for instance, if a particular individual has all the relevant skills and experiences for a particular project for a particular engagement where that person has to relocate. Sometimes that person cannot relocate, he/she is not finally considered for that project. That will go away," he said.