Tata Consultancy Services (TCS): Employees can expect 4.5% to 7% Based on Performance
India’s leading IT services firm, has unveiled its annual salary increment strategy for its employees. As per Milind Lakkad, the Chief HR Officer of the company, the salary hikes will vary from 4.5% to 7%, contingent on individual performance. Exceptional performers can look forward to double-digit raises. “We are delighted to declare the annual increments for our workforce, a tradition we uphold every year. High-performing individuals will receive double-digit increments,” Lakkad stated in a company announcement made on April 12th.
In the preceding fiscal year, Tata Consultancy Services (TCS) implemented a substantial salary increment plan, offering raises ranging between 12% to 15% for employees deemed exceptional performers. These salary adjustments took effect on April 1, 2023, signifying the company’s commitment to rewarding and retaining top talent within its workforce.
Following the announcement of its financial results, Milind Lakkad, the Chief HR Officer of TCS, addressed the media, providing insights into the company’s recruitment and onboarding strategies. Lakkad highlighted that while a majority of the freshers slated for the fiscal year 2023-24 have been successfully onboarded, a portion of them are still in the process of joining the organization. He further mentioned that the remaining freshers are expected to be integrated into the company’s workforce during the April-June quarter of the fiscal year. TCS has set an ambitious target of recruiting a total of 40,000 freshers throughout FY24, underscoring its commitment to nurturing new talent and investing in future growth.
On April 12th, TCS released its financial performance for the fourth quarter of FY24, unveiling a noteworthy 9% increase in consolidated net profit compared to the previous year. The consolidated net profit surged to Rs 12,434 crore, up from Rs 11,392 crore, indicating the company’s resilience and ability to deliver strong financial results amidst evolving market dynamics. Additionally, TCS reported a commendable 3.5% rise in revenue, amounting to Rs 61,237 crore for the three months ending March 31, 2024. This growth trajectory underscores TCS’s robust business strategy and its adeptness in navigating challenges while capitalizing on emerging opportunities within the global IT landscape.
Also Read: TCS Q4 Results: Board Proposes Generous Final Dividend of Rs 28 for FY24