While several tech companies are facing problems to survive in the market and have started laying off employees, TCS, on the other hand, distinguishes out in the market by not only employing new employees but also tackling pay inequality.
Tata Consultancy Services (TCS) to address salary disparities among its employees. Milind Lakkad, the chief human resources officer of TCS, stated in an interview that the business is excited to give its employees the opportunity to upskill and double their salaries.
TCS which has over 600,000 employees worldwide, is up-skilling its own talent and holding employees to a high standard of evaluation in order to double their compensation.
The company believes that this approach is preferable to paying very high increments to new hires at a time when the industry has begun to recover from a pandemic-induced rally of high staff attrition and significant raises of over 80–120%.
In an interview with Moneycontrol, TCS CHRO Milind Lakkad talks about the firm’s plans to reduce the difference between the highest and lowest salaries in a few years. Here are a few points:
- In the interview, Lakkad disclosed that TCS intends to add more personnel to these initiatives, representing a range of experience levels.
- TCS offers upskilling programs to its employees to double their salaries, one of them is Elevate. Those who manage to pass the high-bar assessment get their salaries doubled immediately.
- Lakkad added that the company is considering raising the starting wage for new hires and offering all of its workers, particularly those in lower-level positions, 100% quarterly variable compensation in addition to the customary rise of 12–15%.
- International business institutions are invited by TCS to offer training in transformational leadership and experiential learning for personal growth.
- Instead of looking for external candidates, the corporation wants to develop and promote members of these groups to senior positions.
- It was recently announced that TCS extended up to 44,000 employment offers to freshmen for the fiscal year 2024.
