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ImageTata Consultancy Services (TCS), India's largest software exporter, announced an across-the-board cut in employee salaries based on the company's performance in the third quarter. The company TCS clipped a portion of the variable pay linked to its performance, effectively reducing an employee's salary by about 1.5 per cent for the January-March quarter.

This is the first time in two years that the IT giant reduced the variable portion linked to company performance. TCS reported a 5 per cent quarter-on-quarter revenue growth and 6.7 per cent rise in net profit for October-December, in line with market expectations. It expressed 'cautious optimism' in the face of fears over a US slowdown and reasserted its ability to manage the rise in rupee's external value.

Typically, a TCS employee gets 70 per cent of salary as fixed component and the rest as variable. The latter, in turn, is split into one part linked to individual performance and the other to company performance. The company-related variable in paid in advance each quarter.