In these challenging times of coronavirus pandemic which has taken a toll on the global economy, Tata Group's Tata Consultancy Services (TCS), the biggest Indian multinational information technology service and consulting company, has made a huge commitment towards its employees. In a relief to close to 4.5 lakh employees, TCS won't be laying off any employees despite the economic slowdown caused due to coronavirus pandemic.
"The pandemic completely reversed the positive momentum that we started seeing in some of our biggest verticals in the first half of the quarter. On the positive side, we had very strong deal closures during the quarter. In fact, our order book this quarter is the largest ever, from the time we started reporting the metric," TCS CEO and MD Rajesh Gopinathan said in a statement.
No increments, but honors campus offers
While committing to not cutting any jobs at a time when most companies are either laying off employees or cutting their salaries, TCS said that it won't be giving any salary increments to its employees. However, the company's EVP and Global Head of Human Resources, Milind Lakkad, said TCS will honor 40,000 campus offers it has already made this year.
The on-boarding process of graduates hired through campus selection will begin once the academic institutes close their term by mid-June and July. TCS currently has 448,464 employees and the new additions will push the total strength closer to 5 lakh.
TCS' quarterly earnings
TCS announced earnings for Q4 of FY20 and for the financial year 2019-20. The company has reported 0.9 percent YoY fall in consolidated profit at Rs 8,094 crore for the fourth quarter. For the financial year 2020, TCS' revenue growth was recorded at 7.1 percent YoY to Rs.1,56,949 crore with net profit for the year at Rs 32,340 crore.