The efforts made by Tata Consultancy Services (TCS) to remedy pay discrepancies among its employees have been made public. According to TCS’ chief human resources officer (CHRO), Milind Lakkad, the corporation wants to give workers the chance to advance their skills and maybe earn a pay rise.
Details on TCS says that all junior employees will receive 100% variable pay
Lakkad stated in an interview with Moneycontrol that TCS is committed to employing freshers and tackling salary disparity, while many other businesses are forced to lay off workers in order to survive.
According to the CHRO, the industry leader in IT services provides internal programmes that enable employees to gain new skills and grow in their professions. According to Lakkad, the business intends to register more employees in these programmes, representing a range of experience levels. After passing tests, Elevate, one of these programmes, gives employees the chance to double their salaries. However, only about 10% of workers typically pass the exams needed to receive the pay raises each year.
Lakkad also mentioned that TCS is thinking about raising the starting wage for new hires and giving junior-level staff 100% quarterly variable compensation. TCS has not yet decided when or if it will change bottom-tier compensation, but the CHRO stated that the company’s programmes are a better approach than a general salary modification.
According to regulatory filings for the upcoming fiscal year 2024, TCS has extended 44,000 employment offers to recent graduates. The company stated on the results call that it will honour all job offers given to recent graduates.
During the earnings call, Lakkad stated, “We are honouring all job offers and have added 22,600 employees on a net basis in FY23.
“We also doubled down on organic talent development, obtaining over 53,000 cloud certifications during the year, bringing the total to over 1,10,000 employees certified on hyperscaler platforms,” he added on the results call. As a result, we rank as one of the top two cloud provider partners.