TCS employee attrition: IT firm’s top performers receive double-digit hike, attrition cools to 12.5% from 13.1%

TCS employee attrition: India's largest IT firm, Tata Consultancy Services (TCS), has witnessed a drop in attrition rate to 12.5 per cent, indicating an improvement from the third quarter's 13.1 per cent. The company's annual increments for its workforce stood in double digits for its top performers.

Despite the attrition rate dropping from last quarter, the total headcount of employees has declined in the fourth quarter. TCS’s workforce stood at 603,305 as of December 31, 2023. while it was 601,546 as of March 31, 2024.

Pertinently, the company on Friday, April 12, announced its fourth-quarter results. 

The company reported a net profit of ₹12,434 crore in the fourth quarter, registering a growth of 9.1 per cent year on year (YoY) basis. 

Also Read | TCS Q4 Results Live Updates: Net profit at ₹12,240 crore, revenue at ₹61,237 crore, announces dividend at ₹28 per share 

Milind Lakkad, Chief HR officer, said, “We are pleased to announce the annual increments for our workforce, as we have done consistently every year, with top performers receiving double-digit hikes. The reduced attrition at 12.5%, enthusiastic response to our campus hiring, increased customer visits, and employees returning to the office have resulted in great vibrancy in our delivery centres and elevated morale of our associates."

Also read | TCS Dividend: Board recommends final dividend of ₹28/equity share; check details

N Ganapathy Subramaniam, Chief Operating Officer, and Executive Director, said, “Our Q4 performance is robust, with broad-based deal wins across industries and geographies. Our products and platforms business sparkled with the mega-deal win at Aviva and emerging markets had another stellar growth quarter demonstrating the power of TCS’ diversified portfolio.”

The company also announced a dividend of ₹28 apiece.