TCS with a headcount of 603,305 employees will be closely looking at the promotions and the process may also get pushed to the first quarter of FY-25.
TCS Salary Hike: Tata Consultancy Services (TCS), India’s largest IT services company, is likely to hike salary of its offsite employees by 7-8 percent. The company is also likely to give 2-4 percent salary hike for its onsite employees in 2024-25, a report by Business Standard said. Moreover, the top performers are expected to get a raise of 12-15 per cent.
The report said TCS with a headcount of 603,305 employees will be closely looking at the promotions and the process may also get pushed to the first quarter of FY-25. Apart from this, the TCS is also planning promotions for its employees.
In a statement, the TCS has ruled out going slow in hiring, saying it has no plans of doing so but it may have to pace hiring according to the evolving demand. The statement from the IT firm comes after a report said that the software industry is going soft on hiring as demand falters from their key markets and some of them are even going back on their campus offers.
Industry body Nasscom had last month said the industry added only 60,000 jobs in FY2023-24, taking the overall headcount to 5.43 million.
According to the report, the salary revisions will be effective from April 1, 2024 and the increment from the IT firm comes in the wake of TCS’s recent compensation review.
Even as TCS is not revealing details about the specifics, a source familiar with the matter told Business Standard that the salary increment process is nearing completion. They said the promotions, particularly at the senior level, are under rigorous scrutiny due to cost considerations.
The IT firm till now has not issued any official statement on salary hike but TCS’s Chief Human Resources Officer, Milind Lakkad, previously talked about the significant pay hikes ranging from 12-15 per cent for exceptional performers during the last annual compensation review in 2023.