After being ranked among the top three IT services brands in the Brand Finance 2021 Rankings, Tata Consultancy Services (TCS) recently became the first major IT services company to announce a pay increment for FY2021-22. The salary increment is said to come into effect from April 2021. “We can confirm that we are on track to give increments to all associates across our geographies effective April 2021, in line with our benchmarks,” the company said in a statement.
While many companies have been merely managing to keep their heads above water in the past year due to the pandemic, TCS is one of the few companies that have fared well. It has further strengthened its position in the global IT sector. According to the Brand Finance IT Services 25 2021 report, TCS’s brand value surged by around a whopping $1.425 billion that amounted to a 10 per cent growth. With this, the company achieved the highest absolute growth among the 25 companies that have been assessed. As opposed to almost $13,500 million in 2020, its brand value stands at around $14,929 million in 2021.
This strong growth can be attributed to the company’s launch of Secure Borderless Workspaces operating model and other tech-led initiatives that helped customers smoothly carry out their critical activities and enhance their experience during virtual engagements.
Along with the surge in its brand value, TCS also witnessed an increment in its market cap that hit the pole position in the IT sector and it is almost making it to the ‘top two’ list. On January 25, 2021, the company surpassed Accenture and became the world’s most valuable firm in market capitalisation.
In addition to the brand itself, TCS CEO Rajesh Gopinathan was also ranked fifth in the Brand Guardianship Index 2021 with Mukesh Ambani following him in the sixth position. “With what was a very tough 2020, led so ably by its CEO Rajesh Gopinathan, TCS has excelled itself once again,” said David Haigh, CEO, Brand Finance.