BENGALURU: TCS on Wednesday said it will honour all offers that it has made. “There are certain delays because of the environment we are in because of the project delays,” Milind Lakkad, Chief HR Officer, TCS said.
He added that in certain cases onboarding is getting delayed due to project delays. “I commit today that we are going to honour all offers,” he said.TCS has been postponing the onboarding of lateral hires by three months now and Nascent Information Technology Employees Senate (NITES) has registered a complaint with the Ministry of Labour regarding the delay of onboarding over 200 lateral recruits.
Lakkad said in a press conference that 40,000 freshers will be onboarded this fiscal, but how it will be spread over the year remains to be seen. The company recruited 523 employees in the first quarter of this fiscal. It has also commenced the promotion cycle.
He also said the company’s Return to Office initiative is picking pace, with 55% of the workforce already in the office thrice a week. “We have given a 12-15% raise for exceptional performers in our latest annual compensation review. TCSers logged 12.7 million learning hours in upskilling themselves during the quarter in market-relevant skills like generative AI, cloud, data and analytics.”
The chief HR officer said 70% of employees will receive 100% variable pay. The rest -30% will get it based on business performance. Total workforce strength stood at 615,318, and women in the workforce as of June 2023 end is 35.8%. Its LTM IT services attrition rate stood at 17.8%. “Our attrition continues to trend down and we expect it to be back in our industry-leading, long-term range in the second half of the year,” he added.
Samir Seksaria, Chief Financial Officer, TCS said, “We have gone ahead and rolled out our annual salary increase with effect from April 1. Our operating margin of 23.2% reflects the 200-bps impact of this hike, offset through improved efficiencies.” TCS said clients continue to invest in building a strong cloud foundation for business innovation. Cloud migration, data modernisation and application modernisation coupled with new digital technologies such as AI continue to drive growth.
40K freshers will be onboarded this fiscal
TCS has been postponing the onboarding of lateral hires by 3 months now and Nascent Information Technology Employees Senate (NITES) has registered a complaint with labour ministry regarding the delay of onboarding over 200 lateral recruits. Milind Lakkad, chief HR officer, said in a press conference 40,000 freshers will be onboarded this fiscal