TCS released annual pay hikes and promotions from April, post record profit
TCS remain focused on developing, retaining, and rewarding the best talent in the industry, and enhancing their effectiveness by bringing them back to office to foster company culture that's why given 12 to 15 % raise for exceptional performers
TCS released annual pay hikes, and promotions from April; post record profit
Tata Consultancy Services (TCS), India’s largest IT services provider, has announced a significant compensation increase for its staff, despite a 200-bps impact on the company’s operating margin.
“The annual pay hikes, effective April 1, would result in a 200-basis-point hit on the operating margin, which currently stands at 23.2%,” said TCS CFO Samir Seksaria. In the most recent annual compensation review, the company gave exceptional workers a 12-15% rise, he added.
Along with wage hikes, the IT behemoth has begun the promotion cycle.
The company was thrilled to reveal that its attrition rate decreased significantly in the June quarter to 17.8% over the previous twelve months. In terms of diversity, 35.8% of employees are women.
“It is very satisfying to start the new fiscal year with a string of marquee deal wins,” said K Krithivasan, Chief Executive Officer and Managing Director. We are optimistic about the long-term demand for our services, which is being driven by the emergence of emerging technology. We are investing early in creating large-scale capabilities on these new technologies, as well as in research and innovation, in order to optimize our involvement in these prospects.”
“We remain focused on developing, retaining, and rewarding the best talent in the industry, and enhancing their effectiveness by bringing them back to office to foster our culture,” stated Milind Lakkad, Chief HR Officer. Our Return to Office project is gaining traction, with 55% of the employees already coming in three times each week.”
“In our most recent annual compensation review, we gave a 12-15% raise to exceptional performers and also started the promotions cycle,” Milind Lakkad noted.
“During the quarter, TCS employees logged 12.7 million learning hours in market-relevant skills such as generative AI, cloud, data, and analytics.” Our attrition rate is continuing to decline, and we anticipate that it will be back in our industry-leading, long-term range in the second half of the year. While we are committed to honoring all offers, our primary focus will be on using the capacity we established last year,” Milind Lakkad noted.
Tata Consultancy Services (TCS) announced its consolidated financial results for Q1FY24, which ended on June 30, 2023. The IT behemoth increased its consolidated net profit by 16.84% year-on-year (YoY). TCS’ consolidated net profit was down 2.8 percent quarter on quarter (QoQ).
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