The country's No. 1 IT company Tata Consultancy Services(TCS) has announced that it will give its employees a one-time bonus of Rs 2,628 crore to mark the 10th anniversary of the company's listing on India's biggest stock exchange in 2004.
The Diwali windfall has come six months in advance for 2.5 lakh employees of software services giant Tata Consultancy Services (TCS). India's biggest private sector employer and top recruiter of women will dole out a special reward amounting to Rs 2,628 crore ($423 million), probably the biggest-ever bonus payout by an Indian company to employees.TCS has an attrition rate of 14% in the Indian IT sector, which is considered to be moderate. "Typically the IT sector is very competitive in terms of talent and we constantly see the larger players devising ways of retaining their talent through interesting monetary or non-monetary measures, especially during the appraisal season when attrition tends to hit an all-time high. While the magnitude of these perks and bonuses may vary across companies, depending on their performance, it is an employee retention strategy," said Moorthy K Uppaluri, CEO, Randstad India.
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