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TCS is conducting a detailed audit of all the staffing firms. It has also asked the firms to share all the details concerning the contract workers 

Amid probe into Rs 100 crore Bribe-for-Jobs scandal, TCS names new hiring head 

TCS is conducting a detailed audit of all the staffing firms. It has also asked the firms to share all the details concerning the contract workers. It is believed that those involved with the scam inside the company could have amassed Rs 100 crore &nbsp;

Tata Consultancy Services has named Sivakumar Viswanathan as the new head of hiring. This comes amid an internal probe in the Bribe-for-Job scandal that has led to the sacking of at least 15 executives and the blacklisting of eight staffing firms.
As per Mint, Sivakumar Viswanathan is a 30 year old veteran of the company who is appointed as the head of Resource Management group (RMG). The primary job of RMG is to hire contract workers and internally deploy people to projects.
TCS CEO K. Kirithivasan got an email from a whistleblower regarding the scandal. The new head Sivakumar Viswanathan is a trusted lieutenant of the TCS CEO, reported Mint.
TCS has also sacked 15 people from the RMG divisions in the US, Canada, and India&rsquo;s Bengaluru and Hyderabad, Mint reported quoting a source. The IT giant is also in the middle of an audit of all the staffing firms it engages with, asking its recruitment arm that hires temporary workers to share details of all contract workers.
In the last 3 years, TCS has hired 3 lakh workforce and it is estimated that those involved with the scam inside the company could have amassed Rs 100 crore through the same.

It is estimated that those involved in the scandal may have accumulated commissions totaling at least Rs 100 crore ($14 million) over the last three years

TCS hit by bribe-for-job scandal; 4 fired, 3 HR consulting firms blacklisted

TCS hit by bribe-for-job scandal; blacklists three HR consulting firms 

It is estimated that those involved in the scandal may have accumulated commissions totaling at least Rs 100 crore ($14 million) over the last three years

One of India's leading IT firms, Tata Consultancy Services (TCS) has been thrown into turmoil as a bribery scandal has come to light.
Those responsible for hiring critical personnel at the company were reportedly accepting bribes from the staffing firms for giving jobs to their candidates, for years.&nbsp;
According to a report by Mint, a whistleblower wrote to the company&rsquo;s chief executive officer (CEO) and chief operating officer (COO) highlighting this.&nbsp;
Following the complaint, the company formed a team of three executives, comprising TCS&rsquo;s chief information security officer, Ajit Menon, to investigate the matter.&nbsp;
After the investigation, TCS sent the head of recruitment on leave, dismissed four executives, and blacklisted three staffing firms.&nbsp;
In the last 3 years, TCS has hired 3 lakh workforce and it is estimated that those involved with the scam inside the company could have amassed Rs 100 crore through the same. They are believed to have money in exchange for allotment of jobs.&nbsp;

Global brokerage firm Macquarie has maintained its ‘outperform’ call on TCS shares, setting a target price of ₹5,740 per share. Macquarie expects the Tata group firm, TCS, to perform better than Infosys in both FY26 and FY27.

TCS Or Infosys, Which IT Biggie Should You Bet On? Macquarie Might Have The Answer

Global brokerage firm Macquarie has maintained its &lsquo;outperform&rsquo; call on TCS shares, setting a target price of ₹5,740 per share. Macquarie expects the Tata group firm, TCS, to perform better than Infosys in both FY26 and FY27.

TCS or Infosys: Which stock should you buy?
If you're eyeing big IT stocks but can't decide, Macquarie might have the answer. The brokerage firm predicts that TCS will outperform Infosys over the next two financial years. That's why they've kept an 'Outperform' rating on the Tata Group company, with a target price of 5,740 rupees per share. If you found this useful, hit like and subscribe to BusinessHook for more updates!

TCS while linking the variable pay to the work from office attendance, the firm has also warned that constant non-compliance to the mandate could lead to disciplinary actions being taken

TCS action against employees still working from home: No variable pay if office attendance less than 60%

<h2>TCS while linking the variable pay to the work from office attendance, the firm has also warned that constant non-compliance to the mandate could lead to disciplinary actions being taken</h2>

In yet another crackdown to get people back to office, IT giant TCS has announced additional disciplinary action for those still working from home. Employees with less than 60% attendance in office will not be eligible for their variable pay. This comes months after the IT services giant mandated employees to work from office five days a week.
<h3>TCS bonus policy</h3>
As per Moneycontrol, TCS had recently updated its policy on the internal HR portal notifying employees of these changes. The Times of India in its report has mentioned that only those employees who have a minimum of 85% attendance in office will receive full quarterly variable pay.
Employees with 75-85% of attendance will receive 75% of their variable pay, while those with 60-75% work from office attendance will receive only 50% of variable pay. The firm has further noted that constant non-compliance could lead to further disciplinary actions that might affect the annual performance review, compensation and career progression of the employee.
TCS CEO and MD K Krithivasan had said that the fourth quarter ended March 31 saw most of the employees &ldquo;return to the workplace, creating shared experiences, nurturing greater learning, collaboration, and camaraderie&rdquo;
&ldquo;As we build on this momentum, I have no doubt that together we will unlock many new opportunities,&rdquo; he had said.
The IT giant was earlier following a hybrid work model which ended from October 1, 2023. TCS had also warned the employees in February that their variable pay will be soon be linked to their attendance at their office site.
Also Watch: <a href="https://www.editorji.com/business-news/hcl-technologies-asks-its-employees-to-report-to-office-thrice-a-week-1708077467085">HCL Technologies asks its employees to report to office thrice a week</a>

 Tata Consultancy Services bolsters hiring by recruiting over 10,000 fresh graduates, signalling a potential demand revival. The deadline for applications closed on April 10 and TCS is set to conduct more tests on April 26

TCS hires more than 10,000 fresh graduates from engineering colleges across India

&nbsp;Tata Consultancy Services bolsters hiring by recruiting over 10,000 fresh graduates, signalling a potential demand revival. The deadline for applications closed on April 10 and TCS is set to conduct more tests on April 26

Tata Consultancy Services has recruited over 10,000 fresh graduates from top engineering colleges across the nation. This move comes amidst a prevailing slump in hiring, signalling a potential revival in demand in the upcoming financial year.
Employing its National Qualifier Test platform, TCS initiated its fresher recruitment drive last month. The NQT serves as a robust assessment tool, evaluating candidates&rsquo; cognitive abilities and skill proficiencies, ensuring a rigorous selection process.&nbsp;
The deadline for applications closed on April 10 and TCS is set to conduct more tests on April 26, dividing its recruitment process into phases to accommodate diverse college schedules. The company's hiring spree encompasses distinct categories - Ninja, Digital, and Prime, each offering competitive compensation packages ranging from Rs 3.36 lakh to Rs 9-11.5 lakh per annum.
The recruitment drive has garnered significant enthusiasm from both students and academic institutions. VIT and SASTRA University reported impressive figures of offer letters extended to their students, highlighting TCS's substantial presence in the recruitment landscape. Venkata Narasimhadevara of SRM Institute of Science and Technology emphasized the significance of TCS's revamped approach to entry-level positions, recognizing it as a strategic move to attract top-tier talent.
Despite facing logistical hurdles and a delayed recruitment cycle, TCS remains steadfast in its pursuit of talent acquisition, reaffirming its position as a pioneering force in the IT industry. As the company continues to adapt and innovate, its latest recruitment milestone underscores a promising start to the new financial year, setting the stage for sustained growth and success.

TCS begins its fresher hiring process for the financial year 2024-25, offering hope to engineering graduates amidst a challenging IT job market

TCS initiates fresher hiring drive for FY25, candidates to send applications till this date...

TCS begins its fresher hiring process for the financial year 2024-25, offering hope to engineering graduates amidst a challenging IT job market

&nbsp;
 write a fresh 300 word news article on - TCS walks the talk, begins fresher hiring for FY25, make sure to not rrepeat anything an dkeep the article simple&nbsp;
TCS has called applications from BTech, BE, MCA, MSc and MS batches of 2024. The last day to apply is April 10 and tests will be held on April 26
TCS hasn&rsquo;t specified the numbers or roles, it remains to be seen how many offer letters will it hand out.
India&rsquo;s largest information technology services company Tata Consultancy Services (TCS) has begun fresher hiring, bringing huge relief to engineering graduates as several IT firms froze recruitments due to a slump in demand.
TCS has called applications from BTech, BE, MCA, MSc and MS batch of 2024. The last day to apply is April 10 and tests will be held on April 26, according to the career page of the company's website.
&nbsp;
 The Mumbai-headquartered firm is hiring for three categories -Ninja, Digital, and Prime. The Ninja category offers a package of Rs 3.36 lakhs per annum for various roles. While the Digital and Prime categories offer Rs 7 lakh and Rs 9-11.5 lakh per annum, respectively.
As the company hasn&rsquo;t specified the numbers, it remains to be seen how many offer letters will be handed out by India&rsquo;s top recruiter in the IT sector.
The management said in January that the process to recruit freshers for the financial year 2024-25 had begun but it is now that the company is visiting campuses.
&ldquo;We have commenced our campus hiring process for the next year and see tremendous excitement among freshers to join TCS,&rdquo; Milind Lakkad, Chief HR Officer, TCS said during a December earnings call.
Lakkad said it would be difficult to specify the number of hires, although, it would be "a big number." For FY2023-24, TCS had a target of hiring 40,000 freshers.
Also read: Psychometric tests, higher score, hand-written codes: Tech companies make freshers sweat for an offer
&nbsp;
 In January, rival Infosys said it saw no immediate campus requirement. Reports, however, have said the Bengaluru-based IT player hired for niche roles in February.
Infosys' outgoing Chief Financial Officer Nilanjan Roy had said the company would continue to monitor the utilisation rates and its flexi-hiring model.
IT companies have also seen improvement in their utilisation and attrition rates from the lows of 2022.
In February, industry body NASSCOM said the tech industry was poised to create 60,000 new jobs in the financial year 2023-24, taking the total to 54.30 lakh employees. This pales in comparison to the 2.7 lakh jobs that the sector created in the previous fiscal.
&ldquo;Because there was a lot of over-hiring done during the COVID year, we are seeing some level of correction happening, which is expected and needed for the industry," Nasscom president Debjani Ghosh said.
Also read: IT hiring down 40%, may start picking up after June: Randstad India CEO
Invite your friends and family to sign up for MC Tech 3, our daily newsletter that breaks down the biggest tech and startup stories of the day
&nbsp;
 &nbsp;

TCS will oversee services such as cloud and data center management, application development, cyber security, and digital workplace enhancement. 

TCS inks multimillion-dollar deal with Denmark's Ramboll for seven-year IT transformation partnership

TCS will oversee services such as cloud and data center management, application development, cyber security, and digital workplace enhancement.&nbsp;

IT major Tata Consultancy Services has signed a multimillion-dollar strategic deal to carry out the end-to-end IT transformation of Denmark-based company Ramboll.
The deal is spread over seven years.
"TCS will implement end-to-end transformation and modernization resulting in growth in business and reduction of carbon footprint for Ramboll. Over the next seven years, TCS will modernize and streamline Ramboll&rsquo;s IT operating model to drive business growth and optimize the IT cost base," the company said.
Under the deal, TCS will also deliver services to manage Ramboll's cloud and data centers, application development and maintenance, cyber security and digital workplace.
"To continue our upward trajectory, we recognized the need for a trustworthy partner who can help us build a standardized, scalable IT platform that allows for innovation, and is agile enough to foster creativity. With TCS as our partner, we are confident in our ability to future-proof the business," Ramboll, Senior Group Director, Chief Information Officer, Thomas Angelius, said.
Operating across 35 countries and with a revenue of more than DKK 17 billion, about ₹20,600 crore, Ramboll offers sustainable solutions to enterprises

TCS plans salary hikes for offsite and onsite employees in 2024-25, with potential increases of 7-8% and 2-4% respectively. Exceptional performers may receive higher increments of up to 12-15%.


TCS announces salary hikes: These are the slabs for offsite, onsite and exceptional employees

TCS plans salary hikes for offsite and onsite employees in 2024-25, with potential increases of 7-8% and 2-4% respectively. Exceptional performers may receive higher increments of up to 12-15%.

Tata Consultancy Services is gearing up to roll out salary increments for its employees in the upcoming financial year. According to sources cited in a report by Business Standard, TCS is likely to offer a salary hike averaging between 7-8% for offsite employees and between 2-4% for those working onsite.
The report also suggests that exceptional performers might witness a higher increment, ranging from 12-15% These revised salaries are expected to come into effect starting April 1, 2024.
While the salary increment process is nearing completion, promotions, particularly at the managerial level, are under close scrutiny due to cost concerns, as mentioned by a source quoted in the Business Standard report.&nbsp;
Despite facing challenges such as a decline in headcount for two consecutive quarters and disruptions in sectors like BFSI and hi-tech, TCS managed to report a marginal increase in net profit.
The company's net profit for the quarter ended December 31, 2023, stood at ₹11,058 crore, marking a 2% rise compared to the same period in the previous year.
&nbsp;

TCS CEO K Kritivasan said that the firm is not cutting down on hiring while saying important learning can't be taught if people work from home

No plan to cut down on hiring but want work-from-home to end, says TCS Chief 

<h2>TCS CEO K Kritivasan said that the firm is not cutting down on hiring while saying important learning can't be taught if people work from home</h2>

Tata Consultancy Services' Chief Executive Officer K Krithivasan during a NASSCOM session said that the Indian IT giant has no plans to cut down on hiring. He, however, added that the firm may have to pace hiring according to the evolving demand scenario.
TCS which is the largest Indian software exporter in terms of headcount, revenue and profit has given this statement amidst a report that the software industry is going soft on hiring as demand falters from their key markets and some of them are even going back on their campus offers.
<h3>TCS Hiring</h3>
TCS CEO said that the company continues to be cautiously optimistic in the medium to long term.&nbsp;
"As we are already seeing some green-shoots in the economy we need more people for more work. In fact, we have no plans to reduce our hiring plans and will continue to hire the same way as we have been doing. Probably we will have to change the hiring phase, but no cutting down on our hiring plans, for sure," TCS chief executive K Krithivasan said in a Nasscom session here.
Also Read: <a href="https://www.editorji.com/business-news/tcs-sees-70-workforce-return-to-office-emphasizing-in-person-collaboration-for-new-hires-1697082091822">TCS sees 70% workforce return to office, emphasizing in-person collaboration for new hires</a>
However, the company did not offer a hiring number during the December quarter earnings presser last month.&nbsp;
<h3>End to Work-From-Home?</h3>
On the company's push to get staffers back to offices, the CEO said that the important learning comes from seeing colleagues and seniors at work, and such lessons can't be taught if people work from home.
"I believe work from home/hybrid model is not the right way to grow both individually as well as for organizations. As an organization, we value collaboration and camaraderie and this cannot be achieved through Zoom calls or other online medium. Also, as much 30-40% of our associates have joined us since the pandemic and if they don't come to the office, how do they learn these values and organizational cultures? "Because the most important learning comes from seeing how seniors are doing a job. We are not for work from home, because we believe that working from office is the right way of working. Almost 100 per cent of our customers are keen to get their workforce back to office and almost every one of them believes that the right thing to do is work from office," the CEO added.
TCS employs more than 6 lakh people out of which more than 2 lakh or around 35.7% are women.
&nbsp;

TCS issues ultimatum to its staff: Must return to office

<h2>TCS is striving to restore pre-pandemic work culture, moving away from the 25-by-25 hybrid model introduced during the Covid-19 outbreak</h2>

Tata Consultancy Services (TCS) has extended the deadline for employees to return to office until the end of March, with this being the final deadline. According to TCS COO, failure to comply will result in consequences. TCS aims to revive pre-pandemic work culture and shift away from the hybrid model.
In the third fiscal quarter, Infosys, India's second-largest IT firm, disclosed a cyber security issue in one of its US units, affecting multiple applications. Similarly, in December, HCLTech reported a ransomware incident, claiming no significant impact.
Also read/watch - <a title="Tata Group market capitalisation crosses ₹30 lakh crore, accounts for 8% of equity market" href="https://www.editorji.com/business-news/markets/tata-group-market-capitalisation-crosses-30-lakh-crore-accounts-for-8-of-equity-market-1707218423177">Tata Group market capitalisation crosses ₹30 lakh crore, accounts for 8% of equity market</a>
TCS is focused on reinstating pre-pandemic work culture, moving away from the 25-by-25 hybrid model announced during the Covid-19 outbreak. Initially proposed in 2020, the plan aims for a quarter of employees to work from home by 2025, contingent on full office return. TCS mcap cross Rs 15 lakh crore mark
Shares of Tata Consultancy Services (TCS) jumped 4 per cent on Tuesday, taking its market valuation to above Rs 15 lakh crore mark.
The stock of the country's second most valued firm by market valuation jumped 4.05 per cent to settle at Rs 4,133.45 apiece on the BSE. During the day, shares of the company climbed 4.45 per cent to Rs 4,149.75 -- its all-time high.

Tata Consultancy Services (TCS) faces scrutiny as over 900 employees reportedly ceased receiving salaries for contesting the company's directives

IT Union accuses TCS of halting payment to 900 employees

<h2>Tata Consultancy Services (TCS) faces scrutiny as over 900 employees reportedly ceased receiving salaries for contesting the company's directives</h2>

Tata Consultancy Services (TCS) reportedly halted salaries for over 900 employees who resisted complying with the company's policies, shortly after issuing transfer notices to approximately 2,000 staff. This situation emerged following the Maharashtra labour department's notice summoning TCS officials regarding the contested transfers.
According to Financial Express, the Nascent Information Technology Employees Senate (NITES) voiced strong opposition, stating, "TCS is unethically withholding salaries from employees who resist enforced transfers." The organization condemned the company's tactics, highlighting the financial strain, family disruption, and emotional stress caused by these mandated relocations.
Also read/watch - <a title="Ola Electric hits record registrations, secures 40% EV 2W market share ahead of ₹5,500 crore IPO" href="https://www.editorji.com/business-news/ola-electric-hits-record-registrations-secures-40-ev-2w-market-share-ahead-of-5-500-crore-ipo-1704187686879">Ola Electric hits record registrations, secures 40% EV 2W market share ahead of ₹5,500 crore IPO</a>
As per FE's report, around 30 TCS employees weren't assigned any specific projects in the new locations they were asked to move to. Several employees alleged receiving minimal compensation, as low as Rs 6,000 for December, citing their inability to log working hours on the company's Ultimatix portal&mdash;an access revoked by TCS.
As per FE report, an e mail to one of the affected employees reads, &ldquo;This is with reference to your transfer order to TCS Mumbai followed by the transfer email directing you to report to the said branch within 14 days and complete your transfer process. However, it has been noted that you have failed to report to the transferred branch till date.&rdquo;
It adds, &ldquo;Considering your failure to report to the transferred location and offering your services, even after 14 days of given timeline, the company is initiating stoppage of your salary with immediate effect. The company is proceeding with further disciplinary action against you for your continued failure to obey company order and breach of term of your employment.&rdquo;
Also read/watch -<a title=" Gold, Silver Rates today January 2, 2024: Check Prices in Mumbai, Delhi, Chennai " href="https://www.editorji.com/business-news/gold-silver-rates-today-january-2-2024-check-prices-in-mumbai-delhi-chennai-1704171864717"> Gold, Silver Rates today January 2, 2024: Check Prices in Mumbai, Delhi, Chennai</a>
The affected employee who didn&rsquo;t want to go on record said, &ldquo;We were on bench for about 3-4 months after our project got into some financial problem. During that time, I was asked to go to some other location, without being given a project there. If I am in bench, how does it matter to the company whether I am in Hyderabad or Bengaluru or Mumbai?&rdquo;
Another affected employee said on condition of anonymity, &ldquo;In every location, the company has bench strength. So, why have we been sent to other locations just to be in bench? We have joined TCS at this level of salary considering the cost of living in our base location. It will be a raw deal for us to go to a bigger city that has a higher cost of living and lacks family support.&rdquo;

TCS is estimating that the Earnings per share will increase from Rs 58.52 to Rs 59.18 while the net worth will rise from 49.89% to 62.56% after the Rs 17,000 crore share buyback

TCS share buyback: Dates, share price; here's all you need to know

<h2>TCS is estimating that the Earnings per share will increase from Rs 58.52 to Rs 59.18 while the net worth will rise from 49.89% to 62.56% after the Rs 17,000 crore share buyback</h2>

Tata Consultancy Services will open on December 1 under which investors can tender their shares to the company at a price of Rs 4,150 per share. The buyback will remain open till December 7. TCS is aiming for Rs 17,000 crore share buyback
<h3>Share Allottment</h3>
The company has announced that shareholders with less than Rs 2 lakhs investment has an entitlement ratio of 1 equity share for every 6 shares held on the record date (i.e. November 25). For other eligible shareholders the entitlement ratio stands at 2 shares for every 209 shares owned.&nbsp;
Entitlement means the minimum number of shares that would be accepted in the buyback, although the final number could be higher
Also Read: <a href="https://www.editorji.com/business-news/tcs-board-to-discuss-share-buyback-proposal-on-october-11th-1696596028539">TCS Board to discuss share buyback proposal on October 11th</a>
TCS is expecting its Earnings Per Share (EPS) to increase from Rs 58.52 to Rs 59.18 on a standalone basis while the net worth will rise from 49.89% to 62.56%. Earnings per share (EPS) is a measure of a company's profitability, calculated by dividing quarterly or annual income (minus dividends) by the number of outstanding stock shares
If the share buyback is 100% then the aggregate shareholding of the promoters will increase to 72.41% as compared to 72.3% now. As per The Economic Times, Two holding companies of the Tata Group, Tata Sons and Tata Investment Corporation, have expressed interest in participating in the buyback and may tender up to an aggregate maximum of 2,96,15,048 equity shares. The total buyback size is 4,09,63,855 shares.
&nbsp;

This move comes in the wake of TCS making it mandatory for certain teams to work from the office five days a week from October 1, 2023 

TCS sends sudden transfer notices to staff following 5-day office mandate

<h2>This move comes in the wake of TCS making it mandatory for certain teams to work from the office five days a week from October 1, 2023&nbsp;</h2>

Days after IT giant Tata Consultancy Services made it mandatory for employees to work from the office five days a week, TCS has now sent out transfer notices to over 2,000 employees across locations, asking them to join the assigned location within 15 days.&nbsp;
According to IT employee union Nascent Information Technology Employees Senate (NITES), employees were given a two-week notice to move to assigned locations, with travel and accommodation costs reimbursed according to company policies.
Also read/watch - <a title="ONGC plans to set up two petrochemical plants; to invest Rs 1 lakh crore" href="https://www.editorji.com/business-news/economy/ongc-plans-to-set-up-two-petrochemical-plants-to-invest-rs-1-lakh-crore-1700055970170">ONGC plans to set up two petrochemical plants; to invest Rs 1 lakh crore</a> Failing to adhere to this will lead to the employees facing &ldquo;initiation of disciplinary actions.&rdquo;
NITES has received complaints from over 180 employees and filed a formal complaint with the Ministry of Labour and Employment against TCS for unethical transfer practices.&nbsp;
<h3>TCS work from home&nbsp;</h3>
TCS recently mandated certain teams to work from the office five days a week, effective from October 1, 2023. Despite the prevailing norm of a three-day work-from-office hybrid model, sources indicate that managers in different divisions are encouraging employees to attend the office five times a week. TCS intends to maintain flexibility in its hybrid policies, making exceptions as needed.

After an exhaustive inspection, no suspicious items were discovered within the complex. However, subsequent investigations indicated that the hoax call was purportedly made by a former female employee

TCS Bengaluru campus evacuated due to hoax bomb threat

After an exhaustive inspection, no suspicious items were discovered within the complex. However, subsequent investigations indicated that the hoax call was purportedly made by a former female employee

The TCS Think Campus in Bengaluru faced a scare today after a hoax bomb threat prompted the evacuation of employees, stirring chaos and concern. According to a report by News18, the distressing call was received at the B block of the campus along Hosur road, triggering immediate action.
Employees were swiftly escorted out of the premises following the alarming threat. Police authorities from the Parappana Agrahara area swiftly responded to the situation and dispatched a team to the campus. Alongside the police presence, a specialized bomb disposal squad was deployed to conduct a thorough search of the area.
After an exhaustive inspection, no suspicious items were discovered within the complex. However, subsequent investigations indicated that the hoax call was purportedly made by a former female employee hailing from Karnataka's Hubli district. Sources suggest the call was fueled by resentment towards the company, stemming from personal grievances.
Law enforcement agencies have initiated a pursuit to locate and apprehend the individual responsible for the false alarm.
This incident echoes a similar occurrence earlier in 2023 when another TCS campus, this time in Hyderabad, faced a comparable hoax bomb threat. Approximately 1,500 employees were evacuated from the Hyderabad premises following the false alarm. Reports then indicated the call originated from a former TCS employee in Bengaluru, who was previously associated with the security department before being terminated from the position.
TCS management has yet to provide a formal statement regarding the incident.&nbsp;

TCS Onboarding Delay: TCS has received a notice from the Maharashtra labour ministry over the lateral onboarding delay. Check here for more details.

TCS Onboarding Delay: Maharashtra Labour ministry sends notice over lateral onboarding delay

Harpeet Saluja the president of NITES has mentioned that the number of employees affected by TCS' onboarding delay might have affected over 2,000 people

TCS onboarding delay: Maharashtra Labour ministry sends notice over lateral onboarding delay

<h2>Harpeet Saluja the president of NITES has mentioned that the number of employees affected by TCS' onboarding delay might have affected over 2,000 people</h2>

TCS onboarding delay:&nbsp;India's largest Information Technology services company TCS has received a notice from Maharashtra labour ministry over the lateral onboarding delay. As per PTI, Pune based IT employees&rsquo; union, Nascent Information Technology Employees Senate (NITES) filed a complaint in July 2023.
<h3>Labour Ministry's Notice on TCS Onboarding Delay</h3>
NITES in its July complaint had mentioned that over 200 employees were impacted due to the delay. The labour ministry in its notice has mentioned that a joint meeting between TCS and the complainant will be held &nbsp;to address the issue on November 2, 2023, at noon. It further said that a company representative with valid documents should be present at the meeting venue.
Also Read: <a href="https://www.editorji.com/business-news/be-mindful-of-dress-code-when-returning-to-office-tcs-after-ending-wfh-1697544404226">Be mindful of dress code when returning to office: TCS after ending WFH</a>
Harpreet Saluja, president of NITES mentioned that the number of employees affected by this has reportedly exceeded 2,000
&ldquo;NITES has drawn attention to the plight of these employees who, in good faith, resigned from their previous positions after receiving employment offers and joining dates from TCS. These professionals, with varying experience levels ranging from 1.8 to 15 years, now find themselves without a source of income, facing financial distress, and unable to meet family responsibilities", said Harpreet Saluja
<h3>No offer letter in sight</h3>
Hundreds of IT employees who were interviewed by TCS and were informed of their selection, though no offer letter was provided, are still waiting for the final offer letter, reported Business Standard. The report further mentions that many candidates have resigned from their previous companies, assuming the offer letter from TCS was imminent.
Also Read: <a href="https://www.editorji.com/business-news/tech-hiring-2023-wipro-slows-down-hiring-as-tech-spending-cools-and-sales-dip-1697708493233">Tech Hiring 2023: Wipro slows down hiring as tech spending cools and sales dip</a>
&ldquo;I have completed all interview rounds, and the human resource (HR) department sent me the salary breakdown via email for acknowledgement. I accepted the salary terms, and HR said they would release the offer letter within a week. It&rsquo;s been four months, and despite numerous calls to HR, they claim it&rsquo;s on hold and will take more time. I have already resigned and am now unemployed because of TCS,&rdquo; one affected individual told Business Standard.
IT companies have been grappling under the macroeconomic uncertainties and have decided to cut down the campus hiring.&nbsp;

The Indian IT giant, Tata Consultancy Services (TCS), is restructuring the rates it pays to staffing firms after a gap of six years.

Tata Consultancy Services (TCS) to revise rates for staffing firms to enhance transparency; first revision in 6 years

Tata Consultancy Services (TCS) to adjust pricing for staffing firms

<h2>The move comes after TCS fired 16 employees and barred six vendors in connection with a &ldquo;recruitment scam&rdquo;</h2>

TCS to revise rates for staffing cos: Days after India&rsquo;s largest IT services company TCS fired 16 employees and barred six vendors in connection with a &ldquo;recruitment scam&rdquo;, there's been a report that TCS is revising the rates it pays to approximately 1,000 staffing firms for every engineer deployed.
This marks the first rate revision in the past six years. The new pricing structure for engineers, based on their skill sets, is expected to take effect from January.
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Typically, vendor contracts with staffing firms are renewed in September or October and remain valid for a year. However, TCS has informed these staffing firms that the existing contracts will continue until December of this year, and new contracts with the revised rates will come into effect in January.
<h3>TCS Revamps Rate Card</h3>
TCS's rate card includes various costs associated with candidate placement, such as compensation, vendor costs, and insurance, among other expenses. The introduction of a new pricing structure is aimed at enhancing transparency in the company's dealings with staffing firms.
This move is likely part of TCS's efforts to manage costs, ensure competitive rates, and adapt to changes in the IT industry. It could also reflect the evolving skill requirements in the technology sector, with different skill sets commanding different rates.
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<h3>TCS Recruitment scam</h3>
This revision in rates comes after the bribes-for-jobs scam. TCS on Oct 15th said it has fired 16 employees and barred six vendors in connection with the issue.&nbsp;
&ldquo;Our investigation found 19 employees to be involved&hellip;16 employees have been separated from the company for code of conduct violations, and three employees have been removed from the resource management function,&rdquo; the company said in a late evening statement.
It also added that six vendors, their owners and affiliates have been &ldquo;debarred&rdquo; from doing any business with TCS.
In late June, reports had surfaced of a recruitment scam, wherein vendors tasked with some functions were alleged to have indulged in malpractices in collusion with TCS staffers.

Bribe for jobs: TCS has fired 16 employees and banned 6 vendors in the bribe-for-jobs scam. Check out for more details,

TCS hiring scam: fires 16 employees, bars 6 vendors | Bribe for Jobs Scandal TCS | System Failure

TCS hiring scam: fires 16 employees, bars 6 vendors

<h2 class="synopsis">In June this year, a media report said that some of the senior executives of TCS were accepting bribes from staffing firms to provide jobs to their candidates.</h2>

Bribe for jobs scandal TCS: On Sunday, India's largest IT services company, Tata Consultancy Services (TCS), announced that it had taken action in response to a "recruitment scam."
Following their investigation, TCS found that 19 individuals were involved in this misconduct. Sixteen employees were terminated for violating the company's code of conduct, while three employees were removed from their roles in resource management.
Also read/watch- <a href="https://www.editorji.com/business-news/job-scams-amid-hiring-freeze-layoffs-imposters-loot-candidates-after-promising-jobs-1689153042214">Job scams: Amid hiring freeze &amp; layoffs, imposters loot candidates after promising jobs</a>
What is the TCS hiring scam?
On June 23, India's largest private employer concluded an investigation, unveiling the involvement of 19 employees in a bribery-for-jobs scheme within the resource management function. This issue primarily revolved around breaches of TCS's code of conduct by both employees and vendors providing contractors.
Additionally, TCS decided to debar six vendors, along with their owners and affiliates, from conducting any further business with the company due to their involvement in the alleged malpractices. Reports of this recruitment scam had surfaced in late June, casting a shadow on the software giant shortly after K Krithivasan took over as the company's CEO.
The issue primarily revolved around violations of the company's code of conduct by certain employees and vendor-supplied contractors. TCS clarified that none of its key managerial personnel were implicated in the scandal, and it was not a case of fraud against the company. There were no financial implications stemming from these events.
Also read/watch - <a title="TCS delays onboarding of lateral recruits; after bribes for jobs scam, now faces project delays" href="https://www.editorji.com/business-news/tcs-delays-onboarding-of-lateral-recruits-after-bribes-for-jobs-scam-now-faces-project-delays-1689066410847">TCS delays onboarding of lateral recruits; after bribes for jobs scam, now faces project delays</a>
TCS expressed its commitment to strengthening governance measures, such as regularly rotating personnel in the resource management function and enhancing analytics related to supplier management. The company emphasized its expectations for all stakeholders and employees to adhere to the Tata code of conduct, underscoring its zero-tolerance policy toward unethical conduct.

Tech companies including TCS, HCL Tech face rising employee expenses

<h2>Employee costs still constitute over 60% of total expenses during cost pressures is a cause for concern among information technology firms</h2>

Two of India's leading software services companies, Tata Consultancy Services (TCS) Ltd and HCL Technologies Ltd, saw their employee wage costs as a percentage of total expenses reach a six-year peak in the September quarter.&nbsp;
Meanwhile, Infosys, the country's second-largest software services company, experienced a slight decrease in employee expenses. However, the fact that employee costs still constitute over 60% of total expenses during cost pressures is a cause for concern among information technology firms.
Also read/watch -<a href="https://www.editorji.com/business-news/markets/tech-hiring-slowdown-tcs-hcl-infosys-report-significant-workforce-reductions-1697199655632"> Tech hiring slowdown: TCS, HCL, Infosys report significant workforce reductions</a>
According to a Mint analysis, TCS allocated 77.4% of its total expenditure to wage costs, while HCL Technologies dedicated 69.6% to employee expenses. Infosys reported that wage costs accounted for 68% of its total expenditure, a slight decrease from the peak of 68.4% in the June quarter. As per the Mint report, this highlights that despite reducing campus recruitment to control expenses, lateral hiring from the market at a 30% salary hike continues to be the standard practice, making employee retention a challenging endeavor.
<h3>Tech hiring slowdown:</h3>
Indian IT giants Tata Consultancy Services (TCS), Infosys, and HCL Technologies have recently announced their Q2 FY24 results, and a common trend across all these companies is a significant reduction in their workforce. Also read/watch - <a href="https://www.editorji.com/business-news/markets/tcs-hiring-scam-fires-16-employees-bars-6-vendors-1697427723802">TCS hiring scam: fires 16 employees, bars 6 vendors</a> &nbsp; While TCS reported a net decrease of 6,333 employees on a quarterly basis, bringing its net employee headcount to 608,985 as of September 30, Infosys witnessed a net decrease of 7,530 employees in its headcount compared to the previous quarter, leaving it with 328,764 employees as of September 2023. &nbsp;
HCL Technologies also saw a decline in net headcount addition, with a reduction of 2,299 employees in Q2 FY24. The company's total headcount stood at 221,139, marking the second consecutive quarter of a declining headcount.&nbsp;

Tata Consultancy Services reports a significant shift with 70% of its workforce returning to the office, emphasizing in-person collaboration for new hires. The move signals a departure from remote work setups

TCS sees 70% workforce return to office, emphasizing in-person collaboration for new hires

<h2>Tata Consultancy Services reports a significant shift with 70% of its workforce returning to the office, emphasizing in-person collaboration for new hires. The move signals a departure from remote work setups</h2>

Tata Consultancy Services announced that 70% of its workforce has already returned to the office premises, marking a significant shift from the remote and hybrid work setups that were prevalent over the past few years. This move was emphasized as essential by the company's management, including N Ganapathy Subramaniam, Chief Operating Officer (COO), and Milind Lakkad, Chief Human Resource Officer (CHRO), during a press briefing following the announcement of the September quarter results.
Lakkad, speaking at the briefing, highlighted the importance of in-person collaboration, especially for the new employees who have joined the company in recent years. He stated, &ldquo;We hired a large number of people in the last three years and for most of the period, they were working in hybrid/virtual mode. We strongly believe they need to come to work so that the new workforce gets integrated with the larger workforce of TCS,&rdquo; emphasizing the need for all employees to return to the office on a daily basis.
Furthermore, Lakkad mentioned that TCS will continue to assess various work models, aiming to strike a balance that benefits both customers and employees. He also touched upon the company&rsquo;s hiring strategy, stating that TCS has successfully recalibrated its hiring numbers. Despite a decline in total employee headcount, the company&rsquo;s attrition rate has reduced to 14.9% during the quarter, a positive indicator for their hiring and retention efforts.
Lakkad also addressed the issue of variable pay, stating that 70% of TCS employees will receive 100% variable pay, while the rest will be based on business performance.
Meanwhile, COO Subramaniam shared a reassuring update about TCS employees located in conflict zones, particularly highlighting the safety measures being undertaken for their 250 employees in war-hit Israel. TCS remains in constant touch with its staff, ensuring their safety and well-being during these challenging times.
Also Watch: <a href="https://www.editorji.com/business-news/markets/tcs-shares-buyback-it-major-to-buy-back-rs-17-000-crore-worth-of-shares-1697028612494">TCS shares buyback: IT major to buy back Rs 17,000 crore worth of shares</a>

The shares buyback price is at a 15% premium compared to the existing share price. TCS has also declared an interim dividend of Rs 9 per share. 

TCS shares buyback: IT major to buy back Rs 17,000 crore worth of shares

<h2>The shares buyback price is at a 15% premium compared to the existing share price. TCS has also declared an interim dividend of Rs 9 per share.&nbsp;</h2>

TCS Q2 Results:&nbsp;TCS during its Q2 results announcement said that the company has approved a share buyback of Rs 17,000 crore at a price of Rs 4,150/share via the tender offer route.&nbsp; A tender offer buyback is the one in which the company announces a fixed price at which it will buyback shares from the existing shareholders.
The buyback price is at a 15% premium compared to the existing share price.&nbsp;
"The buyback is subject to approval of the shareholders by means of a special resolution through a postal ballot," TCS said in an exchange filing. The IT giant has also declared an interim dividend of Rs 9 per share.
Also Read: <a href="https://www.editorji.com/business-news/tcs-board-to-discuss-share-buyback-proposal-on-october-11th-1696596028539">TCS Board to discuss share buyback proposal on October 11th</a>
<h3>Shares Buyback</h3>
TCS will be buying up to 4,09,63,855 shares representing 1.12% of the total equity. The buyback size does not include transaction costs, applicable taxes and other incidental and related expenses.
This will be the fifth buyback by TCS in the last six years. Earlier, the company has already bought shares worth Rs 66,000 crore. The company's 2023 buyback price is also lower than the previous buyback price of Rs 4,500.
<h3>Net Profit</h3>
TCS reported a net profit of Rs 11,342 crore, which is higher than the expected profit range. The company's revenue grew by 0.5% quarter-on-quarter to Rs 59,692 crore. Operating profit or EBIT for the quarter stood at Rs 14,483 crore and EBIT was up 5.3% compared to the June quarter.
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