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The 20% hike was implemented by TCS in the month of December so it will be affected from New Year.
According to reports and various other famous news channels like ZeeNews, TCS gives 20% salary hike to 70% of its employee , rest of the employees will get hike on the basis of performance. There are total approx 6 lakh employees in TCS. 10-20% of the salary is dependent on the variable pay . And TCS has decided to roll out 100% variable pay to 70%(4 lakh) employees for FY22 .
The company has implemented a 100% variable compensation scheme this time around. It was reported earlier that the company's net profit for the previous quarter rose by 8%, reaching more than 12,000 crores.
Workers at the Indian IT giant Tata Consultancy Services (TCS) are in for some exciting news. The company has implemented a 100% variable compensation scheme this time around. It was reported earlier that the company's net profit for the previous quarter rose by 8%, reaching more than 10,000 crores.
Chief Human Resources Officer Milind Lakkar announced on Monday, following the release of the company's quarterly results. According to him, the business would pay all of the variables to 70% of its workers in the second quarter of the current fiscal year. The remaining 30% of workers' compensation will be performance-based.
Competitors Wipro and Infosys reduced variable compensation for their staff in the first quarter, as did TCS. Senior staff at Wipro received variable compensation, but entry-level workers received just 70% of that amount. Infosys did the same thing, capping total employee compensation at 70% of what it had been.
TCS hired 20,000 new employees between July and September of this year, bringing the total number of new hires for all of 2022 to 35,000. It was previously stated that the corporation will hire 40,000 new graduates. TCS has announced that it would hire between 10,000 and 12,000 new workers. Human Resources Director Lakkar stated a new goal will be established after the third quarter.
As the IT industry's attrition rate drops, recruiting has stalled. The company's usual attrition rate is 19.7%, but up until recently, it was at 21.5%. Although the IT industry as a whole has been slow to attract new workers, TCS is actively seeking out new graduates. According to Lakkad, the rate of turnover peaked in the second quarter and has since slowed down significantly.
