Tata Consultancy Services declares a pay hike for employees, effective October 1, 2020
India’s biggest IT company TCS has announced that the salary hike for its employees will be rolled out effective October 1, 2020. The company consolidated headcount stood at 453,540 as of September 30, 2020.
TCS said it is continuing investments in organic talent development, with a focus on upskilling and innovative training methods. TCS employees logged in 10.2 million learning hours in Q2, a 29% increase over the prior quarter, the company said. Over 352,000 employees have been trained on multiple new technologies, and over 427,000 have been trained in Agile methods.
IT services attrition rate hits an all-time low at 8.9%, it said.
Milind Lakkad, Global Head, Human Resources said, “We want to thank all TCSers for the incredible resilience they have shown during these trying times. We are happy to announce that we will be rolling out salary increases, effective October 1st. We started onboarding freshers, and increased our recruitment globally in Q2, in anticipation of the growth trajectory we see ahead,
“The salary increase will across all bands of employees and it (the quantum) will be similar to what we had done in the past,” said Milind Lakkad.
The consolidated net profit for the September quarter fell to Rs.7,475 crore from Rs. 8,042 crore a year earlier, as the company set aside Rs. 1,218 crore under exceptional items related to a U.S. lawsuit.
Experts on average had expected a profit of Rs. 7805 crore, according to Refinitiv data.
TCS said its consolidated revenue for the period rose 3% to Rs. 40,135 crore. Commenting on its results, Rajesh Gopinathan, Chief Executive Officer and Managing Director, said: “Driving accelerated business value realization of our customers’ digital investments has resulted in broad-based revenue growth. The strong order book, a very robust deal pipeline, and continued market share gains give us confidence for the future.”
(With Agency Inputs)
