India - Tata Consultancy Services (TCS), India's biggest IT software services and consultancy company, has announced that it will sack 1,300 under-performing employees. While this figure is less than one percent of its 130,000-stong workforce, the company has clarified that those being laid off are employees who have fail to perform up to par, reports The Economic Times.
The company has also announced that it would review the variable pay component payments of employees' salaries and increase the working hours from 40 to 45 hours a week.
TCS has also frozen the recruitment of experienced professionals unless approved by respective business heads for project-specific skills. It will also re-train employees within the company to take on open positions.
According to The Economic Times, employee expenses make up between 53 to 54% of TCS's total cost.
