India’s largest software exporter Tata Consultancy Services (TCS) has completed its annual increments process for FY25 as of the quarter ended June 30, 2024, said Chief HR Officer Milind Lakkad.
During the Q4 earnings conference in April, Lakkad shared that the company will be rolling out wage hikes in the range of 4-5 percent with double-digit hikes for top or exceptional performers starting from April 1. TCS usually gives around 12-15 percent annual increments to exceptional performers.
In a statement, Lakkad said, “I am delighted to announce the successful completion of our annual increment process. Our continued focus on employee engagement and development led to industry-leading retention and strong business performance, with the net headcount addition being a matter of immense satisfaction.”
TCS, which reported its first-quarter earnings on July 11, added 5,452 employees on a net basis, reversing three straight quarters of decline.
Though sequentially, the Tata group company's headcount had dropped 1,759 sequentially in the March period. With the latest increase, TCS employs 6,06,998 people.
Attrition for the quarter fell to 12.1 percent, continuing its downward trend from the previous quarter’s 12.5 percent. The attrition rate has been falling from its peak as the job market has cooled down after the pandemic-led digital boom led to aggressive hiring.
In April, TCS was in the eye of the storm after linking quarterly variable payout to employees with their attendance in the office. Those with less than 60 percent attendance won’t be eligible for the quarterly bonus, the company had said in a policy update, months after the IT services giant mandated employees to work from the office five days a week.
(This is a developing story. Please check back for updates.)
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