Tata Consultancy Services also known as (TCS), India’s largest IT services company has announced annual salary hikes for its employees, with top performers receiving double-digit increments. That’s Chief HR Officer (Milind Lakkad) said that salary hikes will be in the range between 4.5-7 percent which will be based on performance, with their high-performers receiving their double-digit salary increases.
Milind Lakkad said in a company statement on April 12, “We are delighted to proclaim the annual additions for our Employees in the company, as we have now done constantly every year, with the top performers of the company receiving double-digit hikes.”
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ET report said TCS company 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. The company’s employees as of March 31, 2024, that now raised at 6,01,546 and adding. The total headcount of the TCS is the lowest in the past two years.
In March 2024 quarter is also the third successive sector of declining total of the headcount at the company. In the previous year of the October-December 2023 quarter, the TCS workforce fell by 5,680 employees, carrying the total headcount to 603,305. In total, in the economic year of 2023-24, TCS now has reduced its staff by 13,249 employees.
The slow destruction rate in IT services continues in a declining trend and raised to 12.5 percent during the March 2024 quarter.
TCS Milind Lakkad chief HR officer of TCS says “The reduced abrasion rate of 12.5 percent along with a positive response into our campus hiring, to increased customer engagements and the employees returning to the office, has raised a vibrant atmosphere in our delivery centers and boosted the morale of our contacts.”
Tata Consultancy Services (TCS) on Friday reported a 9.1 percent growth in its March quarter net profit at Rs 12,434 crore. In the fiscal year 2023-24, the company’s net profit grew from 9 percent to Rs 45,908 crore, as per an exchange filing.
The Tata Group corporation’s post-tax profit in-between the January-March period of last year raised Rs 11,392 crore. In the March quarter, its revenue grew up to 3.5 percent to Rs 61,237 crore year on year.
