Tata Consultancy Services (TCS), one of the leading IT services companies, recently announced its first-quarter results for the fiscal year 2023-24. Alongside the financial performance, Milind Lakkad, CHRO, TCS has shared updates on hiring, onboarding, salary hikes, and HR initiatives.
Despite experiencing onboarding delays, TCS affirmed that it would honour all job offers made in the previous financial year. While the company added only 523 individuals to its rolls in the first quarter, it maintained its fresher intake target of around 40,000 for the full year. Lakkad acknowledged the delays, attributing them to slower project ramp-up which is impacting the onboarding of associates. However, he assured that TCS remains committed to fulfilling its commitments.
In terms of employee rewards, the tech giant granted a salary hike of 12-15 per cent to exceptional performers during its annual compensation review. Additionally, the promotions cycle has begun, recognising the contributions of talented individuals within the organisation.
Lakkad also highlighted TCS’s emphasis on upskilling its workforce to stay aligned with emerging technologies such as artificial intelligence, machine learning and data science.
Financially, the IT company reported strong results with a revenue of 59,381 crore, marking a 12.6 per cent YoY growth. The company witnessed a decline in attrition rates, and its workforce strength stood at 6,15,318 employees. These positive financial indicators, coupled with employee-centric initiatives, demonstrate TCS’s resilience and ability to navigate challenges.
While TCS remains optimistic about its growth prospects, there are indications that the company may scale down hiring in the coming quarters due to concerns about a macroeconomic slowdown. Nonetheless, K Krithivasan, CEO, TCS has highlighted that the company won new deals worth $10 billion during the quarter, indicating continued demand for its services.