TCS Gives 0% Salary Hike In 2020, Refuses To Fire Any Employee; 40,000 Freshers Will Be Hired
TCS, which is India’s biggest IT services firm has announced that none of their 4.5 lakh employees will be fired amidst the coronavirus outbreak.
This is a huge relief for IT employees, all across India, since the policies and strategies embraced by TCS sets the stage for other companies as well.
However, they have announced 0% salary hike this year, as they have experienced ther worst dollar growth in 10 years.
0% Salary Hike For TCS Employees
As a result of weak forecasrt for the rest of 2020, TCS has announced that their employees will receive 0% salary hike in 2020.
This is unprecedented, as never has TCS announced nil salary growth.
TCS Head of human resources Milind Lakkad said, “We have decided not to give any salary hikes this time,”
No Employee Will Be Fired
Taking a strong and bold stand during a possible recession due to coronavirus, TCS has declared that none of their 4.5 lakh employees will be fired in 2020.
This is an important, and crucial decision, since the company is staring at a reduced growth rate, and less clients for the rest of the year.
Hope this gives a morale booster to all IT employees, across India.
40,000 Freshers Will Be Inducted
TCS has also announced that they will honor all job offers made till date.
This means 40,000 freshers will be on-boarded in the coming months.
TCS MD and CEO Rajesh Gopinathan said, “Every offer that we have made will be honoured. We do not see any retrenchments,”
TCS is right now experiencing an attrition rate of 12.1%, which according to them is best in the industry.
Worst Dollar Growth Rate In 10 Years
TCS has reported their worst dollar growth rate in 10 years. With 5.3% growth rate, TCS reported an increase of revenues by $22 billion, which is their slowest performance since 2009 recession.
Their quarterly revenues too decreased by 2.5%, in terms of dollar value
Overall, they reported Q3 profits of Rs 8118 crore, and quaterly revenues of Rs 39,854 crore.
You can find full financial declaration here.