This light should come on briefly as you start the engine. If the light does not come on then, have it fixed so it will be ready to warn you if there is a problem.
If it stays on, or comes on and the DIC shows a SERVICE TRACTION SYSTEM message when you are driving, there is a problem with your TCS system and your vehicle needs service. When this light is on, the system will not limit wheel spin. Adjust your driving accordingly. If the driver turns off the Traction Control System by pressing the button on the console, the TCS system light will come on and the TRACTION SYSTEM OFF message will show on the DIC.