Mumbai, March 19: In February, Tata Consultancy Services representatives said the IT company was not considering any layoffs and believed in grooming talent for longer careers. When the tech layoffs have impacted thousands of IT employees in 2024, TCS is reportedly planning to offer a 7% to 8% salary hike to the offsite employees. According to the report, Tata Consultancy Services will likely give a 2% to 4% salary hike to the on-site staffers in 2024-25. 

According to the report by Business Standard, besides giving salary hikes of 7% to 8% for offsite and 2% to 4% for onsite, Tata Consultancy Services is expected to provide 12% to 15% to high-performing employees. The company reportedly had 603,305 workforce on December 31, 2024. Indian IT Sector To See 3–5% Growth in FY25, Hiring To Be Muted, Says ICRA.

From time to time, TCS provides salary hikes to its employees for performing better. In 2023, the IT major considered giving its high-performing employees a 12% to 15% increase. It also said that 8%, 5% and 1.5% will be offered to those TCS employees who are not performing. The new announcement of the TCS salary hike could prove to be true. So far, the report said that the sources remain anonymous. 

The IT companies like Tata Consultancy Services usually announce "salary hikes" during the first quarter of any financial year. It would be good news for the employees if the company considered increasing salaries. According to a report by Moneycontrol, the TCS net profit for the December quarter in 2023 was Rs 11,058 crore. As per the report, the profit of Tata Consultancy Service was 2% higher compared to the December quarter of 2022. The report said that the net profit of the same quarter of 2022 was Rs 10,846 crore. AI Skills in Demand: Tech Job Seekers Without Having Artificial Intelligence Skills To Get Lower Salaries and Fewer Roles Available as US IT Market Expected To Shrink in 2024, Says Report.

During the NASSCOM session, the company announced it would increase its workforce and shared information on TCS's hiring goal for 2024. The company said "no" to layoffs, and representatives confirmed the plan to hire more people in the coming months.

(The above story first appeared on LatestLY on Mar 19, 2024 10:33 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).