The appraisal season has already kick-started with several companies assessing the performance of employees. Adding to the list is Tata Consultancy Services (TCS) that is reportedly all set to offer 12-15 per cent salary hike to the top performers of the company.
According to a report in Livemint.com, TCS may offer 12-15 per cent salary hike in the hope to keep employees on board, in order to bring down attrition. As per the targets, TCS hopes to bring down this attrition to 13-14 per cent, from the current 20 per cent by the second half of the fiscal year.
In addition to this bulky performance appraisal of top performers, TCS is also reportedly considering a hike in the base salaries of campus recruitments. After repeated complaints of delays in on-boarding of freshers by IT companies, a step by TCS could mean a positive change in the IT jobs landscape.
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“For high performers, we are looking into the 12-15% range. Everybody else, basically, we have 8%, 5% and 1.5% for those who are not performing,” Livemint.com quoted Milind Lakkad, chief human resources officer, TCS, as saying.
To recap, in 2022, the top performers in junior roles at TCS reportedly received an 11 per cent bonus, whereas those in senior roles received a relatively lower one. However, some junior executives were granted a 100 per cent bonus in the first quarter of January-March.
Attrition and layoffs have been pretty common over the last couple of months due to fears of global recession in the wake of an economic downturn. As tech companies navigate tricky waters, TCS’ move could bring some fresh air for many.
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