Indian IT major, Tata Consultancy Services (TCS) has decided to go ahead with the salary hike for all its employees. The salary hike will be effective from October 1 and the quantum of raise is being worked out, the company said.
Soon after the outbreak of the COVID-19 pandemic, TCS in April had decided to freeze the salary hike decision as a cautionary move.
"The salary increase will be across all bands of employees and it (the quantum) will be similar to what we had done in the past," said Milind Lakkad, the Chief Human Resource Officer at the Tata Group company.
With this announcement, TCS has become the first among the Indian IT firms to announce a pay increase.
The company also shared that it will continue to invest in organic talent development, with a focus on upskilling and innovative training methods. TCS employees logged in 10.2 MN learning hours in Q2, a 29 percent 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.
In context to hiring, Milind Lakkad, Global Head, Human Resources, TCS shared in the media that the company has started to onboard freshers and have increased their recruitment globally in Q2 and are in anticipation of the growth trajectory.
TCS had onboarded virtually 7,200 trainees in India, around 1,000 in the US, and close to 100 in Europe during the quarter.
"The business model is strong enough to withstand any challenges," said Lakkad when asked about the Trump administration tightening the visa rules for H1B applicants.