TCS unveils new salary structure: High performers could see salary jump by up to 15%
Despite TCS, India's biggest IT services company, reporting a Q4 profit that was below analysts' expectations, the Tata Group firm plans to provide salary increases in FY24 comparable to those in FY23.
As per a report by News18, Milind Lakkad, TCS' Chief Human Resource Officer, stated that top-performing staff members will receive pay increases ranging from 12-15 per cent during the current fiscal year, while others will receive hikes ranging from 1.5-8 per cent.
Milind Lakkad mentioned that there is a possibility of employees receiving a variable payout of up to 100 per cent for the previous quarter, revealed the same report citing ET Now.
“Our hikes this year will be similar to what we have been giving. Especially for high performers, we are basically looking to get them to a 12-15 per cent hike… then there is 8, 5, 1.5 per cent — It’s that kind of a number which is coming up for the rest," Milind Lakkad said.
As per the most recent data, TCS had a total workforce of 614,795 on March 31, 2023, with a net increase of 821 in Q4 and 22,600 for the year. The workforce remains diverse, including individuals from 150 different nationalities, and women make up 35.7% of the workforce.
On Wednesday, Tata Consultancy Services (TCS) announced a 14.8% year-on-year increase in its net profit for the quarter ending March 2023 (Q4 FY23), reaching Rs 11,436 crore. Additionally, India's largest IT services company saw a 16.94% rise in revenue from operations, totalling Rs 59,162 crore compared to Rs 50,591 crore in the same period of the previous year.
TCS' net profit was Rs 9,959 crore during the corresponding period of the previous year (Q4 FY22).