India’s largest software services company Tata Consultancy Services (TCS) on Thursday said it will honour all the 40,000 job offers made to freshers this year, adding it doesn’t see layoffs. However, the company said it has decided not to give any salary hikes this year amid the pandemic. TCS reported a net profit of ₹8,093 crore in the January-March quarter.
This is a huge relief for IT employees, all across India, since the policies and strategies embraced by TCS set the stage for other companies as well.
Here are some important points to consider-
0% Salary Hike For TCS Employees
- As a result of the weak forecast for the rest of 2020, TCS has announced that their employees will receive a 0% salary hike in 2020.
- This is unprecedented, as never has TCS announced nil salary growth.
- TCS Head of human resources Milind Lakkad said, “We have decided not to give any salary hikes this time,”
No Employee Will Be Fired
- Taking a strong and bold stand during a possible recession due to coronavirus, TCS has declared that none of their 4.5 lakh employees will be fired in 2020.
- This is an important, and crucial decision since the company is staring at a reduced growth rate and fewer clients for the rest of the year.
- Hope this gives a morale booster to all IT employees, across India.
40,000 Freshers Will Be Inducted
- TCS has also announced that they will honour all job offers made till date.
- This means 40,000 freshers will be on-boarded in the coming months.
- TCS MD and CEO Rajesh Gopinathan said, “Every offer that we have made will be honoured. We do not see any retrenchments,”
- TCS is right now experiencing an attrition rate of 12.1%, which according to them is best in the industry.