While several IT firms in India have been witnessing an economic slowdown with many senior level managers and company heads such as Infosys CEO Vishal Sikka even taking a large pay cut, India's largest IT firm Tata Consultancy Services (TCS) seems to be sitting pretty. At least that's what the huge pay checks drawn by several of its employees hint.
TCS paid salaries amounting up to Rs 1 crore to its employees in India in FY2017, and the amount is much higher than what its competitors Infosys and Wipro shelled out to its employees, according to the Economic Times. Also, it's not really a few of them who drew such large salaries. About 91 employees at the organisation are said to have received the huge amount.
Of these 91 staff members, 22 of them have been with the firm since they started their careers and stability is said to be one of the reasons that they choose to stay with the brand. "TCS is much bigger than Infosys or Wipro, and executive stability has been a defining factor for the company," an analyst with a Mumbai-brokerage told ET on condition of anonymity. "They also tend to promote from within. It is rare for an executive to come in from outside."
In comparison, Infosys has 51 senior employees – 16 percent have been with the firm since the beginning of their careers – earning in the range of Rs 1 crore and Wipro has 61 earning in the range of which 27 percent have been with the brand for their entire career.
The IT giant, unlike its competitors, doesn't reveal the details of employees who earn over Rs 1 crore in its annual report and also did not reply to the business daily's queries on the same.
TCS employees abroad earn much higher than their Indian counterparts, partly due to the difference in the value of currencies. Same is the case with its competitor Infosys, who is said to have about 1800 employees in foreign countries, who earn over Rs 1 crore per annum.
One of TCS' crorepatis includes Barindra Sanyal, who joined in 2003 from Tata SSL Limited. While he is the vice-president of finance and earned Rs 1.89 crore in the last financial year, who are these crorepatis at Infosys? Let's take a look.
The head of digital at Infosys Scott Sorokin takes home Rs 7.3 crore annually, according to ET and Abdul Razack, global head of Infosys Platforms, earned Rs 5.26 crore.
Other Infosys bigwigs include –
Head of design and research Sanjay Rajagopalan – Rs 5.2 crore approx
Architecture and technology head Navin Budhiraja – Rs 5.3 crore approx
Global head of corporate development Ritika Suri – Rs 5.1 crore approx
Practice engagement manager Ramachandra Kulkarni – Rs 4.4 crore approx
Business development manager Sam Garmon – Rs 4.4 crore approx
Industry head financial services Ajay Vij – Rs 3.4 crore approx
Business Consulting Peter Damato – Rs 3.6 crore approx
