TCS the largest Indian IT company is one of the largest employment generators in India. The company has over one lakh employee base. For this year the company has decided to freeze hiring and will hire only when there is a need. The sources said already last year commitments are mulling intensely on the company’s financial condition. Last year the company had offered over 24,000 jobs but all the professionals who will be graduating this year should be ready to face the worst in such a situation.
S Mahalingam, CFO of TCS, told, “Because of the last year offers there will be an additional employee cost. We will honor no more increments.”
In a company like TCS employees outline almost 50 per cent of the total cost, thus TCS is not only freezing fresh hiring, but also cutting down heavily on overhead costs.
According to Mahalingam , "There will be no increase in Infrastructure Company. We will move into SEZs".
However it’s not just TCS that is freezing hiring, according to Industry sources in the last one year the IT sector has witnessed a drop in hiring by more than 20 per cent. Combine this with layoffs and postponed campus recruitments, clearly shows that IT pack is on a belligerent cost cutting means.
Sunday, June 28, 2009
Monday, June 22, 2009
Aricent to hire people, 60 per cent freshers : says Nandy
Aricent a global outsourcing and Innovation Company is on the way to increase its global headcount by 10-15 per cent in the current fiscal. The major increase of around 70-80 per cent will be done in India.
The company has clocked recorded high revenue of $460 million (around Rs 2,200 crore) in FY09 at present is having a global headcount of 8,000 of which 6,000 are in India. Aricent’s CEO Sudip Nandy informed, “We will be hiring people this year. Around 60 per cent would be freshers and the rest laterals.”
Furthermore, this year the company does not plan to add any physical infrastructure, and will be utilizing the capacity in its existing centers at Chennai, Bangalore and Gurgaon.
Regarding inorganic growth, Aricent is exploring to have acquisition in the communication services provider space, as previously it has raised about $60 million (Rs 280 crore) last September from KKR and The Family Office.
Nandy said, “We are reassessing targets, geographies and areas where we can make acquisitions”. This fiscal the company’s revenue has grown up to 22 per cent over the previous fiscal and listed double digit EBITDA (earnings before interest, taxes, depreciation and amortization).
The company has clocked recorded high revenue of $460 million (around Rs 2,200 crore) in FY09 at present is having a global headcount of 8,000 of which 6,000 are in India. Aricent’s CEO Sudip Nandy informed, “We will be hiring people this year. Around 60 per cent would be freshers and the rest laterals.”
Furthermore, this year the company does not plan to add any physical infrastructure, and will be utilizing the capacity in its existing centers at Chennai, Bangalore and Gurgaon.
Regarding inorganic growth, Aricent is exploring to have acquisition in the communication services provider space, as previously it has raised about $60 million (Rs 280 crore) last September from KKR and The Family Office.
Nandy said, “We are reassessing targets, geographies and areas where we can make acquisitions”. This fiscal the company’s revenue has grown up to 22 per cent over the previous fiscal and listed double digit EBITDA (earnings before interest, taxes, depreciation and amortization).
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