TCS on Tuesday issued a statement denying rumours of large scale layoffs circulating on social media. Reports of layoffs at TCS have become a big talking point in the IT industry that employs over 30 lakh people - nearly one quarter of total private sector jobs in the organised sector.
Here is the full statement from the company:
There have been discussions on various social media forums about alleged large scale layoffs at TCS. During the course of the last few weeks, we have reached out to our employees and clarified that these are entirely false and baseless claims.
However given the persistence of these rumors in the social media, we would like to place on record that TCS has not initiated, and is not planning to initiate, any large scale exits of any section of its staff in any part of the organisation.
Performance appraisals and associated processes are an integral part of the company's operations. Given the circumstances, as an exception we are sharing specific data on the actual quantum of involuntary separations over the last 3 years, which establishes that there has not been any exceptional action in the last few months.