Tata Consultancy Services (TCS) has announced that it will offer salary increments ranging from 4.5% to 7% to its employees, depending on their individual performance. Exceptional performers may receive double-digit hikes in their salary. The increments will be effective from 1st April.
Milind Lakkad, the executive vice president and global head of HR at TCS, announced the annual hikes, as is customary every year. In the previous fiscal year, TCS had granted pay hikes of 12% to 15% to exceptional performers.
According to the company’s exchange filing, TCS’s revenue rose by 3.5% to Rs 61,237 in the quarter ending on 31st March 2024. Additionally, the company’s consolidated net profit increased by 9% to Rs 12,434 crore for the fourth quarter of FY24, as compared to Rs 11,392 crore in the previous year.
TCS plans to hire approximately 40,000 freshers this year, a significant number of whom have already joined from earlier cycles. The remaining freshers will be onboarded in the quarter ending in June. The new hires will undergo a training process of six to nine months before they become productive.
As of 2023-24, the headcount at TCS was 6,01,546, with employees from about 152 different nationalities, of which 35.6% were women.
Overall, the news from TCS suggests a cautiously optimistic picture. Although attrition has shown a slight improvement, the company acknowledges the challenge of retaining talent in a competitive market.
