Tata Consultancy Services (TCS), Bharat’s largest IT services company, has shared its plans for annual salary increases for its employees. The company’s Chief HR Officer, Milind Lakkad, stated that the salary hikes would vary between 4.5% to 7%, depending on individual performance. Outstanding performers can expect even higher increments, potentially reaching double digits.
Lakkad expressed satisfaction in announcing the annual increments, a tradition upheld consistently every year by TCS. He highlighted that top performers would receive double-digit hikes, continuing the trend from the previous financial year when TCS implemented salary increases of 12-15% for exceptional performers.
These increments are applicable from April 1, 2023, benefiting the TCS workforce. Lakkad noted that while most freshers for the fiscal year 2023-24 have been onboarded, some are yet to join. The remaining freshers are expected to be added during the April-June quarter. TCS has outlined plans to recruit a total of 40,000 freshers in FY24 to support its growth and development initiatives.
On April 12, TCS reported a notable 9% increase in consolidated net profit, amounting to Rs 12,434 crore for the fourth quarter of FY24. This represents a rise from Rs 11,392 crore reported in the previous year. Additionally, revenue witnessed a commendable growth of 3.5%, reaching Rs 61,237 crore in the three months ending March 31, 2024. These positive financial indicators reflect the IT major’s continued success and resilience in the market.
The announcement from TCS regarding salary hikes coupled with its robust financial performance underscores the company’s commitment to employee welfare and sustainable growth. As one of the leading players in the IT industry, TCS remains focused on rewarding exceptional performance while nurturing talent through recruitment initiatives aimed at fueling future innovation and expansion.
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