Tata Consultancy Service (TCS) intends to give salary increments of 4.5 to seven per cent, on the basis of each individual’s performance. The extremely good performers of the IT services firm may earn up to double-digit hikes in salary. The increments will come into effect from 1 April.
Milind Lakkad announced the annual hikes as is the practice every year.
In the last fiscal, the company had granted pay hikes of 12 to 15 per cent for the exceptional performers.
Lakkad informed the media that TCS’ revenue rose by 3.5 per cent to Rs 61,237 in the quarter ending 31 March 2024, according to the company’s exchange filing.
As per TCS, there was a nine per cent increment in consolidated net profit, totaling Rs 12,434 crore for the fourth Q4 of FY24. In the previous year, the net profit was Rs 11,392 crore.
The company intends to hire about 40,000 freshers this year, with quite a significant number having already joined from earlier cycles. The rest will be onboarded in the quarter ending June.
The training process for new hires takes about six to nine months before they go live. In 2023-24, the headcount at TCS was 6,01,546, with members in the workforce belonging to about 152 nationalities. A significant 35.6 per cent of the TCS workforce comprises women.
Overall, the news from TCS paints a cautiously optimistic picture. While attrition has shown a slight improvement, the company acknowledges the challenge of retaining talent in a competitive market.
