TCS Hailed As World’s Most Powerful IT Services Brand; Signs India’s Largest Office Space Deal In Mumbai
Tata Consultancy Services (TCS), which is world’s 10th largest IT service provider having a market capital of $80 billion (Rs 5,36,000 crore) has now been declared as world’s most ‘powerful’ IT services brand.
Leading brand valuation firm Brand Finance’s 2016 survey revealed that TCS has earned an impressive AA+ rating with a score of 78.3 points within the IT services niche, which makes them the most powerful and most valuable brand in this sector.
TCS has beaten other IT services biggies such as Accenture, Capgemini, IBM and others on factors such as familiarity, loyalty, staff satisfaction and corporate reputation; thereby elevating their brand value to $9.6 billion, which also makes them world’s fastest growing brand in this sector in the last 6 years.
In 2010, TCS’s overall brand value was $2.34 billion.
Sharing the secrets of TCS’s incredible journey so far, Brand Finance’s CEO David Haigh said that besides focusing on customer service, their focus on ‘staff satisfaction’ and investment in making their brand stronger has heavily contributed to this score. He said, “It has emerged as a dominant force in the IT services industry and is the strongest brand in the sector. Its brand power is indisputable,”
TCS Controversies and Terminations
Interestingly, one of our most shared stories includes TCS’s decision to conduct massive firing of their employees in 2014. This had caused much outage and anger among their employees, and they had even filed a case against them. The same year, TCS had exceeded the market capital of Infosys, Wipro, HCL and Tech Mahindra combined.
It seems that TCS has learned some hard lessons, and have actually focused on the “staff satisfaction” for improving their brand value. They have been suffering heavily from high attrition rate, which was declared as highest among their peers.
Although TCS is among India’s most influential brand on LinkedIn, automation has triggered heavy job cuts within their organization, and they continued to terminate employees even as other IT services firm provided perks and incentives.
And, in US, TCS is already fighting a discrimination and racism case filed by a US employee.
N Chandrasekaran, CEO and Managing Director of TCS, sounded optimistic when said, “Customer centricity lies at the heart of our organisation and is a key driver for growth of the TCS brand. The efforts of our 344,000 employees — our best brand ambassadors — have helped our brand strength to be rated at the top of our industry,”
TCS Will Develop India’s Largest Office Space
Meanwhile, TCS has just finalized India’s largest office space deal in Mumbai. They have leased 19 lakh square feet of office space at sprawling Hiranandani Estate in Thane, which will house 30,000 employees under one roof, once its completed.
Hiranandani Constructions have said that they will deliver their office within 1-1.5 years. They have signed a 15 year contract and the monthly lease is estimated at around Rs 50-55 per square feet (Rs 120-130 crore / year)
It would be really interesting to observe, how TCS leverages this new achievement of becoming world’s most powerful IT services brand and creating India’s largest office space.
Comments (especially from TCS employees) are most welcome.