Tata Technologies will hire at least 1,000 more people in FY23 than its planned recruitment of over 3,000 innovators over a 12-month period to fulfil the requirements of customers as its business growth accelerates, according to a top company official.
In January, the company had announced plans to hire over 3,000 innovators over a 12-month period under its expanded talent acquisition programme.
It had planned to ramp up its workforce in all major markets globally and India, including Maharashtra, Karnataka and Tamil Nadu, among other parts of the country.
"That speaks to the fact that increasingly, we are not opportunities constrained. We are very much supply-side constrained and so the investments that we are making are biased towards building the type of capacity and capability that will enable us to fulfil the requirements of our customers," Tata Technologies Managing Director and CEO Warren Harris told PTI.
He further said just to give a sense of how successful the company has been in that area, in the third quarter of this fiscal alone, the firm recruited over 1,500 people.
"So the commitment to 3,000 is somewhat understated...we will hire a significant number above the 3,000 in fiscal 2023."
When asked to elaborate on how significantly higher will be the hiring, Harris said, "In terms of above the 3,000, we are putting together the business plan for next year but I would expect us to exceed the 3,000 by at least 1,000 people."
Tata Technologies has been growing rapidly on the back of the move to autonomous, connected, electrification and shared (ACES) mobility and accelerated investment in digital as manufacturing companies adapt to meet new and evolving customer needs.
In the third quarter ended December 31, 2021, the company had posted its best-ever quarterly performance with operating revenue of Rs 1,034.1 crore and profit before tax of Rs 201.2 crore.
Harris said that across the manufacturing sector, with the investments made in the move towards electrification, connected areas and autonomous driving, the industry is starting to see an inflexion point.
"Those things now represent mainstream investments and that has been a huge catalyst for growth for organisations like ourselves that have demonstrated capability in that area," he said.
While the growth over the past 12 months has been in the entire mobility sector, Harris said that in the third quarter, the aerospace industry has bounced back and the company won significant businesses in both aerostructures and in manufacturing engineering and tooling.
"It signals that the industry is now prepared to make the same investments that we've seen in the other sectors that we support," he said.
Tata Technologies is also empanelled by Airbus in their engineering, manufacturing engineering and services strategic supplier programme.
"That's a programme that is limited only to 17 companies around the world and they compete for over USD 2 billion of annualised spend. So that, for us, is a big milestone for our company," Harris said.
He further said, "We certainly expect that will drive significant growth for us at Airbus. But, by association, we expect to be able to leverage that in the context of our broader ambitions within aerospace."