Tata Consultancy Services (TCS), the country’s largest IT services exporter, has announced positive news for both new and existing employees.
The company will maintain its target of hiring 40,000 freshers for the financial year 2024 and has already made 46,000 offers. TCS will honour all the offers made, despite some delays in onboarding. Existing employees will receive salary revisions as usual, and top performers will receive a 12-15 per cent salary hike. The company will also pay the full variable pay to its associates for the fiscal year.
However, TCS has raised concerns over its key market of North America, where events such as the fall of Silicon Valley Bank (SVB) and fears of contagion have affected client sentiments. The banking, financial services, and insurance sector, which contributes a third of the company’s overall revenues, has seen clients defer spending and rush to conserve cash.
The organisation’s revenue growth of 0.6 percent in the December quarter was not as strong as expected, which was attributed to setbacks experienced in North America.