Tata Consultancy Services (TCS) has now become the first huge IT company that has announced an increment in the salary of the employees for the Fiscal year 22. This is going to be the second time that the company is allowing salary increments in six months. In times like these when employees belonging to different sectors are still waiting for their increment in their salaries for the Fiscal Year 2021, Tata Consultancy Services becomes the first major company to announce this hike for the FY21-22. A spokesperson from TCS said that this increment would come into effect after April 2021. In six months, this is the second time that the company has made such an announcement for salary increment. The previous cycle of increment had been postponed in March 2020 due to the coronavirus pandemic. The employees of the company are going to be getting an increment of 12 to 14 percent in their average salary, being a part of the announcement. It is reported that as a part of the regular cycle, TCS will also keep offering promotions to its company’s employees. On March 18, however, this year the Multinational company Accenture was reported to have announced to its employees a one time bonus, whereas the company Cognizant was reported to have promoted almost 24,000 of its employees internationally and provided its employees with salary hikes that were based on the performance of each lakh and this salary hike was provided to almost 1.6 lakh workers.
If we were to talk about other IT companies operating in India, such as Infosys, Wipro, and HCL tech, these companies have rolled out their salary hike plan for their employees for October 2020 and January 2021.
About Tata Consultancy Services
Tata Consultancy Services is one of the leading international IT companies and business solutions organizations. The company was established in 1968 from a division of Tata Sons Ltd. Eventually, a division to work with their management consulting services and handle their electronic data processing (EDP) requirements were established. As of the year 2017, Tata Sons Ltd owned about 70 percent of TCS. TCS is considered as one of the largest companies in India by market capitalization, it offers a plethora of IT services outsourcing and solutions for businesses. It is considered one of the most valuable IT services companies worldwide. 70 percent of the Tata sons’ dividend comes from TCS alone, whose headquarter is based in Mumbai, Maharashtra.
History Of The Company
During its early years, Tata Consultancy Services used to have contracts like punched card services to its sister companies TISCO and offering bureau services to Unit Trust of India. The company offers services like IT infrastructure services, outsourcing services, banking financial services, and insurance, telecom, retail, and distribution. In 1970, TCS acquired a company called ICL 1903. After acquiring that company TCS started manufacturing software for financial accounting, sales analysis, fund accounting, inter-bank reconciliation, etc.- basically, software that performed common performances. In 1971, the company’s first international assignment was started, and the assignment required them to build an inventory control system that was computerized and organization of the story for management consultancy services. In the year 1973, it was seen that TCS had collaborated with Burroughs so that it could support and distribute its product in India along with building software that could be exported to different Burroughs units and clients across the world. In 1974, TCS created a financial accounting package for two societies on behalf of Burroughs in the United Kingdom. After completing seven years of its establishment, TCS surpassed the 1 million USD mark in export revenue. Tata Research and Design Development Centre (TRDDC) was established later in Pune, Maharashtra, India in the year 1981. Its main aim was to focus on computer-aided software engineering which is nothing but a tool-driven and structured approach towards software development using an automation process.
In the year 1988, TCS introduced an integrated standard banking system that came with automated branch banking functions and customer service, something that was adopted by many banks in India later on. In the year 1989, TCS sought to have signed an enormous deal with Swiss Securities Clearing Corporation (SEGA) of about 10 million USD to create, design, and implement the world’s first real-time cross-border and domestic securities clearing and settlement system. In the year 1991, TCS introduced an accounting software called E.X. in India, which eventually started leading the market in India. In 1992 TCS organized the core trading platform of the newly created National Stock Exchange, Which completely enhanced the way capital markets worked in India at that time. In partnership with Standard Chartered Bank, which was based in Singapore, TCS introduced the Network Custody Systems (NCS) in the year 1995. In the year 2000, the company tried its hands on the e-business sector and launched a new 2 million USD global e-business development facility in Mumbai, Maharashtra. TCS won the biggest banking software project that took place in India. In 2004, it signed one of the biggest single contracts that were ever signed by an Indian company. It signed a 100 million USD deal with GE Medical Systems. For annual revenue, in the year 2003, the company Tata Consultancy Service crossed the 1 billion USD mark. In 2009, the company was positioned in one of the top 10 international IT service providers with regards to the number of people, market capitalization, profitability, revenue, etc. In the year 2005, Tata Consultancy Service came up with the tagline “Experience Certainty”. In 2005 itself, the company won a deal worth 847 million USD for providing insurance back-office transaction processing services to the Pearl Group, which is based in the United Kingdom.