4.5 Lakh TCS Employees Will Get Salary Hike Effective October; Attrition Drops To Record Low
We have some great news for all the employees of Tata Consultancy Services – the company will be resuming pay hikes and the hiring process will also be given a boost.
The salary increases have been announced to be effective from as soon as October 1.
Read on to find out all the details!
Tata Consultancy Services Announces Salary Hike And Increase In Hiring From October 1
One of India’s leading IT services companies, TCS, seems to be recovering from the pandemic and has announced that pay hikes will be resumed
Milind Lakkad, global head of human resources, TCS said, “We are happy to announce that we will be rolling out salary increases, effective Oct. 1. We started onboarding freshers, and increased our recruitment globally in Q2, in anticipation of the growth trajectory we see ahead.”
He was declaring the results of the company during the September quarter. The company clocked a revenue of $5.24 billion, which has hiked to 7.2 percent quarter-on-quarter (QoQ) and down by 1.7 percent year-on-year (YoY).
As per Lakkad, 7,200 freshers were hired by TCS in India, 1,000 in the US, and about 100 in Europe.
16000 New Employees Hired In July-September; TCS Reports Lowest Attrition Rate
In April, TCS had announced that they will temporarily freeze the salary hikes due to the COVID-10 pandemic. Employees were promised that they will not be laid off. Also, freshers that were to be onboarded were also told that their offers were valid.
And now, reports suggest that the company has observed an increase in its profit and margin in the July September period, thus justifying its decision to resume new hiring and salary hikes.
Chief Executive Officer Rajesh Gopinathan said, “The strong order book, a very robust deal pipeline, and continued market share gains give us confidence for the future.”
In the July-September period, TCS had hired around 16000 new people, and the attrition rate has also been at an all time low, at 8.9%. After the new hiring, the company now has a total strength of 4.53 lakh employees at the end of September.