TCS Announces Bold Salary Boosts for High Achievers (Image Source: iStockphoto)
In a move set to boost employee morale, Tata Consultancy Services (TCS), India’s premier IT services provider, has announced double-digit salary hikes for high performers starting April. Milind Lakkad, the Chief HR Officer, expressed satisfaction in continuing the tradition of annual increments, with top achievers set to receive substantial raises.
Increment Details
Lakkad disclosed that salary increments will range between 4.5 per cent to 7 per cent based on performance metrics. Notably, high-performing individuals will enjoy double-digit raises, reaffirming TCS’s commitment to rewarding excellence within its workforce. Milind Lakkad, Chief HR Officer, said: “We are pleased to announce the annual increments for our workforce, as we have done consistently every year, with top performers receiving double digit hikes. The reduced attrition at 12.5 per cent, enthusiastic response to our campus hiring, increased customer visits and employees returning to the office have resulted in great vibrancy in our delivery centres and elevated morale of our associates.”
Focus on Fresh Talent
Despite a slight dip in hiring during the previous quarter, TCS remains resolute in its commitment to nurturing fresh talent. According to The Economic Times report, the company plans to onboard approximately 40,000 freshers this year, leveraging its robust campus recruitment initiatives.
Transition in Leadership
In a significant development, TCS’s Chief Operating Officer, N. Ganapathy Subramaniam, will be retiring after four decades of dedicated service. While no immediate replacement is planned for the COO role, senior colleagues will shoulder Subramaniam’s responsibilities, ensuring a seamless transition.
Efficiency Amid Headcount Reduction
TCS has observed a consistent decrease in headcount over recent quarters, a trend mirrored across the IT sector. Despite this, the company managed to achieve a 3.5 per cent revenue growth, emphasising its focus on operational efficiency and optimized deployment of associates.
Outlook for the IT Sector
Reflecting broader industry trends, the IT sector is projected to witness flat or negative net additions in the current fiscal year. TCS, with its steadfast focus on talent development and efficiency, remains poised to navigate these challenges effectively.
As of March 31st, Tata Consultancy Services (TCS) workforce stood at 601,546 individuals. TCS’s employee base is characterised by its rich diversity, with women constituting 35.6 per cent of the workforce and representatives from 152 different nationalities.
