TCS employees might also get 100 per cent variable payout for the recent quarter
Even though India’s largest IT services company TCS has posted a Q4 profit lower than analysts’ estimates, the Tata group firm will be giving salary hikes in FY24 similar to FY23. According to a media report, TCS Chief Human Resource Officer Milind Lakkad said high-performer employees will continue to get 12-15 per cent hikes in the current financial year. He added that other will also get the salary hike in the range of 1.5-8 per cent.
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Milind Lakkad also said that employees might also get 100 per cent variable payout for the recent quarter, according to the ET Now report.
“Our hikes this year will be similar to what we have been giving. Especially for high performers, we are basically looking to get them to a 12-15 per cent hike… then there is 8, 5, 1.5 per cent — It’s that kind of a number which is coming up for the rest,” Milind Lakkad said, according to the report.
According to the latest data, TCS’ total workforce stood at 6,14,795 as on March 31, 2023, a net addition of 821 in Q4 and 22,600 for the year. The workforce continues to be diverse, comprising 150 nationalities and with women making up 35.7 per cent of the base.
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Tata Consultancy Services (TCS) on Wednesday reported a 14.8 per cent jump YoY in its net profit to Rs 11,436 crore for the quarter ended March 2023 (Q4 FY23). The revenue from operations of India’s largest IT services company also rose 16.94 per cent to Rs 59,162 crore, compared with Rs 50,591 crore in the year-ago period.
TCS’ net profit had stood at Rs 9,959 crore in the corresponding period last year (Q4 FY22).
The quarter is marked by negative events globally in the banking sector, including the collapse of Silicon Valley Bank. The IT sector has significant exposure to the BFSI sector.
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TCS’ IT services attrition rate continued to trend down and was at 20.1 per cent on an LTM (last-twelve-month) basis. In the previous quarter ended December 2022, the attrition rate had stood at 21.3 per cent, which was marginally lower than the 21.5 per cent during the quarter ended September 2022.
