New Delhi: To reduce the high attrition rate and reward the company’s top performing employees, software major Tata Consultancy Services Ltd (TCS) is reportedly going to offer salary hike of up to 15 per cent, media reports said. Having said.
According to a report in Live Mint, TCS is aiming to bring down the attrition rate to 14 per cent from the current 20 per cent and hence may announce a pay hike of between 12-15 per cent for its top performers. The company will provide raises of between 1.5 percent and 8 percent overall for its average-performing employees.
Additionally, the software major is also reportedly planning to increase the base salary of its new recruits, Mint reported.
It may be noted that Milind Lakkad, Chief Human Resource Officer, said last week: “We are honoring all job offers, and have added 22,600 employees on a net basis in FY23. During the year , we have added over 44K (44,000) freshers. And we have the most experienced professionals ever.”
Last week, TCS had announced revenue of Rs 225,458 crore and net profit of Rs 42,147 crore. The company board in its meeting has recommended a final dividend of Rs 24 on equity share of Re 1 each for FY23.
For the fourth quarter of FY23, TCS had reported a revenue of Rs 59,162 crore and a net profit of Rs 11,392 crore.
At the end of the year, TCS had 614,795 employees, with a share of software employees at 20.1 percent. The net addition to the company’s workforce during FY23 was 22,600.