During the latest earning call, Milind Lakkad, CHRO, Tata Consultancy Services (TCS) has announced that the Company has paid 100 per cent variable pay to 70 per cent of its employees for the months of July-September, that is, quarter two of the business cycle. The remaining 30 per cent employees will receive their variable pay depending on the business unit’s performance.
Earlier, in the month of August 2022, it was reported that TCS had delayed the variable payout for the first quarter. Later, however, the Company clarified that there was no delay; that the compensation cycle of the Company was well on track; and the variable payout had been given to all employees.
Earlier, Wipro and Infosys had also slashed the variable pay of employees. Wipro had delayed the variable pay of senior and mid-level employees and paid 70 per cent of the variable pay to junior employees. On the other hand, Infosys slashed the variable pay of its employees to 70 per cent.
For the fiscal year 2023, TCS planned to hire 35,000 freshers, but in the first half of this fiscal year, the Company has already hired 40,000 freshers and plans to revise its targets fresher hiring this year. As per the earlier statement of the Company, it plans to hire another 10,000 -12000 more freshers as planned earlier.
The Company has taken a clear stand on moonlighting clarifying that as per the cultural values of the Company, the practice of moonlighting has an ethical issue attached to it. That is why, it has been following a hybrid model and has started calling back its employees to office.