TCS Latest Announcement: Excellent news for the staff! TCS announces that its employees will receive 100% variable compensation; specifics are available here.
The junior level employees of Tata Consultancy Services (TCS) would receive 100% variable pay for the third quarter. Chief Human Resource Officer Milind Lakkar of the business provided this information in an email. TCS made this decision while the business climate is still difficult and it has secured fewer contracts during the third quarter.
The junior level employees of Tata Consultancy Services (TCS) would receive 100% variable pay for the third quarter. Chief Human Resource Officer Milind Lakkar of the business provided this information in an email. A copy of the email has been acquired by Moneycontrol. TCS made this decision while the business climate is still difficult and it has secured fewer contracts during the third quarter.
, Yet, the business still managed to outperform market expectations in terms of revenue in the third quarter. The email said that all employees up to C2 or equivalent grades covered by the scheme will get 100% of Quarterly Variable Pay (QVA). They consist of IT analysts and trainees.
While middle-level and senior personnel' individual variable pay is determined by their unit's business performance. According to a letter from Lakkad, "the individual pay-out for C3A or comparable grade and above (where applicable) may vary based on the performance of the relevant business unit."
Assistant consultant, associate consultant, consultant, senior, and principal consultant are grades in the C3A range and higher. Let us mention that TCS rewarded its junior staff 100% variable compensation during the previous quarter as well.
reduction in the number of TCS employees overall
The total number of employees at TCS fell during the December quarter. In comparison to the prior quarter, the corporation reduced its workforce by 2,197 employees in the December quarter. TCS' headcount is dropping at a time when the IT industry is experiencing demand pressure. Prior to this, TCS's personnel count was reduced during the first quarter of FY 2021, when India was under total lockdown as a result of the first wave of the Corona pandemic.
On Monday, January 9, TCS announced the results for the October-December quarter of the current fiscal year. According to TCS, the business currently has 6,13,974 total employees, down from 6,16,171 at the conclusion of the previous quarter.
TCS profit increased by 11%
The combined profit of TCS increased by 10.98% to Rs 10,846 crore in the third quarter of FY23. When compared to the same quarter a year prior, the company's consolidated income increased by 19.11% to Rs 58,229 crore from Rs 48,885 crore. TCS stock is currently up 1.34 percent on the BSE at 2:30 pm and is trading at about Rs 3,330.
