Less than six months after announcing increments in October 2020, Tata Consultancy Services has yet again announced hikes for its employees. The increments will be effective from April 1. Promotions will also come into effect as per the regular cycle.
In October last year, it had hiked salaries by six to eight per cent for its over four and a half lakh employees. With this second increment, the employees will, on an average, get 12 to 14 per cent hike in six months.
This is the IT company’s way of thanking its staff for their “resilience, adaptability and innovative mindset” that helped the Company sail through the challenges posed last year.
Tata Consultancy Services is probably the first information technology company to announce increments for the financial year 2022. Things seem to be looking up for the IT sector, as Accenture too announced a one-time bonus for its staff recently.
In FY21, TCS hired 40,000 freshers from campuses and the process of recruitment is still on. In the US alone it hired 3,000 people. In the third quarter of FY21, the attrition at TCS was 7.6 per cent
For the third quarter of FY21, the attrition atTCS was an all-time low of 7.6 per cent for the last 12 months (LTM). Given the exceptionally high demand for cloud services after the COVID-19 outbreak, its net profit increased seven per cent for the quarter ending December 31, 2020 at Rs 8,701 crore.
