## TCS Headcount Declines for the First Time in 19 Years
Tata Consultancy Services (TCS), a leading IT services company, reported a decline in its headcount for the first time in 19 years. The company's headcount fell by 13,249 in the financial year 2023-24, bringing the total number of employees down to 601,546.
This decline in headcount is a significant reversal from the previous year, when TCS added a net of 1.03 lakh employees. The company's net addition of new employees in FY24 was just 22,600.
The decline in headcount was most pronounced in the fourth quarter of FY24, when the company lost 1,759 employees. The company also lost employees in the second and third quarters, with a decline of 6,333 and 5,680 employees, respectively. However, TCS did hire 523 more employees in the first quarter of FY24.
Despite the decline in headcount, TCS reported a 9% increase in its profit for the fourth quarter of FY24 compared to the same period last year. The company's net profit reached Rs 12,434 crore, while its revenue increased by 3.5% to Rs 61,237 crore.
The company's Chief Human Resource Officer reported a decline in attrition (the rate at which employees leave the company) by 12.5% in the last quarter of FY24. The company expects this rate to continue to decline in the coming quarters.
The decline in TCS's headcount is likely due to a number of factors, including the slowdown in the global economy, the cooling of the labor market, and the company's focus on automation.