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TCS Announces 100% Bonus for Employees, Says No Truth in Layoffs

TCS chief N. Chandrasekaran on Thursday put the record straight about layoff rumours. TCS is in high growth mode and hired significantly, said Mr Chandrasekaran, adding that there is no truth to rumours about layoffs.
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File photo of TCS chief N. Chandrasekaran
File photo of TCS chief N. Chandrasekaran

TCS chief N. Chandrasekaran on Thursday put the record straight about layoff rumours. TCS is in high growth mode and hired significantly, said Mr Chandrasekaran, adding that there is no truth to rumours about layoffs.

He also announced 100 per cent variable allowance payout for employees. Its rival Infosys had earlier also announced 100 per cent variable bonus payout for its employees. Another IT outsourcer HCL Tech recently decided to reward 130 top performing employees with Mercedes cars or all-expenses-paid foreign holidays, a top official of the company told NDTV. (Read)

At the third-quarter earnings press conference, Mr Chandrasekaran said that TCS saw gross employee addition of 16,561 in Q3, taking its total headcount to 3,18,625.

"Based on our progress this quarter, we are well on our way to post industry-leading growth for FY15," Mr Chandrasekaran said.

TCS global HR head Ajoy Mukherjee said the IT company expects to exceed this fiscal year's hiring target. Though he did not disclose the new hiring target, he said that TCS so far in 2014-15 has hired over 52,000 personnel.

TCS earlier this week clarified said it has "not initiated, and is not planning to initiate, any large scale exits of any section of its staff in any part of the organisation".

India's biggest outsourcer had been in the news earlier for allegedly laying off a large number of employees. TCS maintained that only "non-performers" have been asked to leave and the lay-offs at TCS are no more in number than in the last few years.

India's biggest IT outsourcer TCS reported 1.6 per cent sequential growth in its net profit to Rs 5,328 crore for the quarter ended December 31, 2014, according to Indian Generally Accepted Accounting Principles (IGAAP) standards. This was in line with the Street estimates. TCS revenue in the quarter came in at Rs 24,501 crore, up 2.87 per cent sequentially. (Read)



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