Tata Consultancy Services TCS, India’s biggest IT service company, announced on Friday that it will implement double-digit salary increases for top performers, beginning in April. Milind Lakkad, Chief Human Resource Officer (CHRO), stated, “We’re happy to declare the yearly raises for our employees, as we’ve been doing each year, with top performers getting double-digit hikes.”
It was revealed along with TCS’ quarterly results. Every employee in the tech industry has their eyes on these salary hikes, especially of companies like TCS, Infosys, Wipro, Tech Mahindra and HCL Technologies.
According to Lakkad, the salary increment would range between 4.5% and 7% based on the employee’s performance, while top performers may expect a double-digit hike.
Lakkad also shared this news with enthusiasm while highlighting its positive impact on the entire company. He mentioned, “With attrition reduced to 12.5%, positive reactions to our campus recruitment, more visits from customers, and employees returning to the office, our delivery centres are buzzing with energy, and our team members are feeling happier and more motivated.”
“Reflecting our culture of being committed to our employees, we have honoured all the job offers we had made.” – Milind Lakkad, CHRO #TCSQ2 (1/2)
— Tata Consultancy Services (@TCS) October 10, 2022
Talking about employees, Samir Seksaria, Chief Financial Officer (CFO), mentioned, “Even when things were tough, we kept investing in training our staff, doing research, and coming up with new ideas.”
The company aims to hire around 40,000 freshers this year. The company also saw a decrease in hiring during the last quarter of the fiscal year. Its headcount dropped by 1,759 employees, bringing the total to 601,546 at the end of the fiscal year. This follows a previous decline of 5,680 employees in the third quarter.
Key highlights: 2023-2024 financial year.#TCSQ4
— Tata Consultancy Services (@TCS) April 12, 2024
About TCS
Tata Consultancy Services (TCS) is an Indian multinational information technology (IT) services and consulting company headquartered in Mumbai, Maharashtra, India. It is part of the Tata Group and is one of the largest IT service providers globally. It offers a wide range of services including software development, infrastructure management, business process outsourcing, and consulting services to clients across various industries worldwide.
As of 2021, it was ranked seventh on the Fortune India 500 list, In September 2021, TCS recorded a market capitalization of US$200 billion, making it the first Indian IT tech company to do so.
Also Read: Nuvama cuts target price of Tata Power over its performance
