Salary Hike For TCS Employees: Tata Consultancy Services Planning to Double Employees’ Salaries, Says CHRO Milind Lakkad
The tech sector is going through a tough phase recently, as many companies announced large-scale layoffs to cut costs and survive in the current economic conditions. However, TCS (Tata Consultancy Services) remains an exception as, amid the challenging job market, the company is not only continuing to hire employees but is also working to reduce the pay gap for its employees.
Delhi, April 30: The tech sector is going through a tough phase recently, as many companies announced large-scale layoffs to cut costs and survive in the current economic conditions. However, TCS (Tata Consultancy Services) remains an exception as, amid the challenging job market, the company is not only continuing to hire employees but is also working to reduce the pay gap for its employees.
TCS which employs over 600,000 people globally, is up-skilling in-house talent and evaluating them at a high bar to double their salaries. Salary Hike For TCS Employees: Tata Consultancy Services To Increase Pay of Top-Performing Employees by 12-15%, May Raise Base Salaries of Freshers.
TCS chief human resources officer, Milind Lakkad, asserted while speaking to Moneycontrol that employees at TCS will be given a chance to upskill and double their salaries. TCS Hiring: Amid Tech Layoffs, Tata Consultancy Services Plans to Recruit 40,000 Freshers Via Campus Placement Drive in Financial Year 2023-24.
Lakkad said that “Those two years of instant gratification were definitely there. While we lost people because they were getting X per cent more somewhere, we also hired people, not with that kind of increase but there was some increase definitely. We also ensured that internally people get the opportunity to upgrade their compensation through various initiatives, to reduce disparity internally.”
TCS is planning to enroll more employees, from different experience levels, in its existing programmes, the report said. This is to offer them a chance to make double of what they make currently. However, only around 10 percent people per year are able to clear these high-level programmes in their first attempt.
Meanwhile, in the recently ended financial year, Tata Consultancy Services’ headcount surged to 614,795, with its attrition dropping marginally to 20.1 per cent. The IT major’s net addition in FY23 was 22,600 employees as against a whopping 1,03,000 people in FY22, a 78 per cent dip. On a quarterly basis, TCS’ net employee addition stood at 821.
(The above story first appeared on LatestLY on Apr 30, 2023 03:28 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).