TCS Announces Salary Hikes: Salary Boosts for its employees, with Top Performers in for Double-Digit Raises!

TCS Announces Salary Hikes

In this post will share with you exciting news belongs to IT professional that TCS Announces Salary Hikes. Tata Consultancy Services (TCS), India’s preeminent IT services giant, has recently unveiled its annual salary revisions, marking yet another chapter in its ongoing commitment to rewarding excellence within its workforce. This announcement comes with a promise of significant increments, particularly for those who have demonstrated exceptional performance. Milind Lakkad, the Chief HR Officer at TCS, outlined that these increments will range from 4.5 to 7 percent based on individual performance, with top performers set to receive double-digit raises.

In a statement released on April 12th, Lakkad expressed the company’s satisfaction in continuing the tradition of annual increments, ensuring that top talent is duly recognized and rewarded. Alongside this announcement, reports indicate TCS’s ambitious plan to onboard approximately 40,000 freshers this year, many of whom have already commenced their journeys with the company from previous cycles.

Despite its robust growth trajectory, TCS reported a net reduction of 1,759 employees during the January-March 2024 period. This brings the total workforce count to 601,546 as of March 31, 2024, marking the lowest headcount in the past two years. Notably, this quarter marks the third consecutive decline in total headcount, with the preceding quarter witnessing a reduction of 5,680 employees. Throughout the fiscal year 2023-24, TCS has streamlined its workforce by 13,249 employees.

In the context of the broader IT services landscape, TCS’s attrition rate during the March 2024 quarter continued its downward trajectory, settling at 12.5 percent. Milind Lakkad attributes this decline to several factors including enhanced campus hiring initiatives, deepened customer engagements, and a gradual return of employees to office environments. These trends have collectively fostered a vibrant atmosphere within TCS’s delivery centers, uplifting the morale of its associates.

Financially, TCS has performed well, citing a healthy 9.1 percent increase in net profit for the March quarter, totaling Rs 12,434 crore. According to an exchange report, the company’s net profit increased by 9% during fiscal year 2023-24 to Rs 45,908 crore. In comparison, the post-tax profit from January to March last year was Rs 11,392 crore, indicating a significant improvement in performance. TCS’s revenue for the March quarter increased by 3.5 percent year on year, hitting Rs 61,237 crore.

As TCS continues to navigate the dynamic IT landscape, its commitment to nurturing talent, driving innovation, and delivering robust financial performance remains steadfast, positioning the company as a cornerstone of India’s technology prowess on the global stage.