TCS pays 100% variable to its employees for Q3, ending Dec 2020
India’s largest IT major, Tata Consultancy Services, TCS has rolled out 100 percent variable pay for its employees for the quarter ending December 2020.
In a letter to employees, Milind Lakkad, CHRO, TCS said, “We will be paying 100% of the Quarterly Variable Allowance (QVA) this quarter (Q3) for all grades applicable under this plan.” TCS gives QVA based on its quarterly performance.
As per TCS employees, while the 100 percent variable pay is not uncommon, it is, however, not usually across the board. A senior employee cited in a Moneycontrol report pointed out that it is usually 50-60 percent. This 100% variable pay across the board has come at the back of the strong growth the company witnessed in the December quarter.
TCS has a consolidated headcount of 4,69,261 employees, with a net addition of 15,721. Presently, 3.4 per cent of TCS employees are working out of office, while about 96 per cent (over 4.5 lakh) are working remotely or from home.
The company has trained 366K+ employees in new technologies in third quarter Q3 and 444K+ on Agile methods.
IT Major, has reported its consolidated financial results on 9th January with 137.4% of blockbuster Net Profit for the quarter ending December 31, 2020. and it is hoping for double-digit growth in the financial year 2022.
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