TCS Announces Salary Hikes For Employees, Top Performers To Get Double-Digit Increments
Tata Consultancy Services (TCS), India’s largest IT services company, has announced annual salary hikes for its workforce, with top performers receiving double-digit increments.
Its Chief HR Officer Milind Lakkad said salary hikes will be in the range of 4.5-7 per cent based on performance, with high-performers receiving double-digit increases.
Lakkad in a company statement on April 12 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.”
According to an ET report, TCS plans to add about 40,000 freshers this year, many of whom have already joined from the previous cycles.
TCS has reported a net reduction of 1,759 employees during January-March 2024. With this, the company’s workforce as of March 31, 2024, stood at 6,01,546. The total headcount of TCS is the lowest in the last two years.
The March 2024 quarter is also the third consecutive quarter of declining total headcount at the company. In the preceding October-December 2023 quarter, TCS’ workforce fell by 5,680 employees, bringing the total headcount to 603,305. Overall, in the fiscal year 2023-24, TCS has reduced its workforce by 13,249 employees.
The attrition rate in IT services continues a declining trend and stood at 12.5 per cent during the March 2024 quarter.
Milind Lakkad, chief HR officer of TCS, said, “The reduced attrition rate of 12.5 per cent, along with a positive response to our campus hiring, increased customer engagements, and employees returning to the office, has fostered a vibrant atmosphere in our delivery centres and boosted the morale of our associates.”
Tata Consultancy Services on Friday reported a 9.1 per cent growth in its March quarter net profit at Rs 12,434 crore. In the fiscal year 2023-24, the company’s net profit grew 9 per cent to Rs 45,908 crore, as per an exchange filing.
Its operating profit margin expanded by 1.50 per cent to 26 per cent.