Amidst IT layoffs, TCS leases office building from Brigade in Bengaluru
- TCS to lease 3.75 lakh square feet of office space in Whitefield, Bengaluru
- TCS was recently recognised as one of the top employers in the world by Top Employers Institute
- While most IT companies are laying people off, TCS is gearing to ramp up its operations.
While major IT companies are laying off its employees, Tata Consultancy Services (TCS) has leased about 3.75 lakh sqft of office space in Whitefield from property developer Brigade group.
The property can accommodate 4000 employees, and TCS will start operations in the next four months. Brigade group has confirmed the leasing of the Brigade Bhuwalka Icon in ITPL.
This year, seven IT companies have planned on laying off approximately 57,000 of its employees stating poor performance. The India Employment Outlook Survey estimates the net employment outlook to be at 18 percent for the April-June 2017 period. The overall sluggish global economy has slowed down hiring processes, lowest since 2005. The export of goods and services for the financial year 2016 decreased by 5,2 per cent from 7.8 per cent in 2014.
IT giants will cut down on recruiting engineers by 40%. Cognizant is set to layoff a total of 6000 employees and will release 4000 more over the year.
However, the leasing of the office premises by TCS could be a hint towards better performance and possible hiring by the company. For the second year, TCS has been recognised as one of the world’s top employers by the Top Employer Institute. The independent body certified TCS from amongst more than 1,200 companies in 116 countries around the world.
David Plink, CEO, Top Employers Institute, in the Institute's report said, “This year, TCS stood out from the crowd due to its exceptional employee experience and talent development programs across all levels of the organisation. It has demonstrated its status in the HR environment, striving to optimise its employment practices and develop employees’ skills.”
Last year, TCS inked a deal to occupy 1.9 million sqft of built-to-suit space at Hiranandani Estate in Thane, making it one of the largest office space leasing deals by area in the country. It also leased 4 lakh sqft in Okaya Tower at Sector 62 in Noida. TCS which is the largest software exporter in India based on revenue seems to be bucking the trend of IT companies laying people off and instead is ready to ramp up its operations.