Mumbai: Tata Consultancy Services (TCS), the Indian IT export giant is reviving its promotion policy for senior level management in a bid to retain more staffers. TCS used to have two cycles of promotion at the senior level, but stopped the practice when recession set in 2008.
Last quarter TCS made similar announcement for the junior employees to make promotions on the quarterly basis which had an impact as the attrition rate(14.4 percent) of the company for this segment has come down. Ajoy Mukherjee, Vice- President, Global Head of Human Resources said, "Starting from this January we will make the senior promotions twice a year. During the course of the year, several employees go through a change in their roles due to dynamic business environment. Such employees will be eligible for promotions in January and the second round will happen in June."
Increments will be given to the employees of TCS in April this year. Mukherjee didn't give the exact quantum of the hikes citing the company is still in the process of budgeting for the same. Company registered 30 percent rise in net profit for the quarter ended December 31 to 2,370 crore. Revenue went up by 26.3 percent at 9,663 crore.
Apart from retaining their current management, TCS is also working on keeping their strength intact by maintaining their hiring spree. It has already released 23,696 offer letters at 171 campuses they visited. They are keen on giving out 37,000 letters for the next fiscal. For 2011, company has given out 20,000 letters to campus recruits. Mukherjee says, "There's no talent crunch in software industry and we prefer hiring fresher over lateral and groom them to be absorbed in the system."