Leading Indian IT Services provider, Wipro has announced that multiple measures are being taken to retain their employees. These include promotions, salary hikes, and skill-based bonuses for the employees.
In January, we reported to you that the Thierry Delaporte-led IT firm is rolling out pay hikes for nearly 80 per cent of its employees effective January 1, which has already
And now, Wipro is all set to roll out another wage hike in June for the rest of the employees.
Wipro To Offer Salary Hikes, Promotions, And Skill Based Bonuses To Employees
In October 2020, despite incurring loss in their revenues and profits for the last quarter, Wipro had declared a salary hike for 80% of their workforce, which was effective December 1st; the employees were to get a single-digit salary hike.
Saurabh Govil, chief human resources officer at Wipro said, “In January, 80% of our employees got a salary hike. For junior employees, we did a promotion cycle in December and we are again doing it in June. Apart from that we are looking at skill-based bonuses and salary hike for senior employees.”
The company seems to be wary of the attrition rate that is rising at an alarming rate. As per reports, the attrition rate of the company over the last three month, i.e. ending March 31, has increased from 11% to 12.1%.
Govil confirmed the same. He said, “Given the growth environment in the industry, we see attrition. We see continued pressure. We see attrition picking up in the first quarter [April to June].”
Wipro Looking To Hire Employees With These Skills
As more and more companies are going digital and working online majorly, there is an explosion of job opportunities in the IT sector. Infosys has also seen a hike in the attrition rate, from 10% to 15% in the last three months, ending March 31.
IT industries are looking for employees skilled in multiple new age skills, such as the internet of things (IoT), cloud services, and other areas, which is rarely found in a rather large number of potential candidates.
The company is planning to get onboard freshers and laterals during the third and fourth quarters as well. While Govil didn’t specify the magnitude of hiring, he did say that the hiring will be across the US, Europe, and India.
The company will be looking for candidates skilled in new-age technologies like artificial intelligence (AI), digital, and the internet of things (IoT).
However, the company will report flat sequential growth in profit for the quarter of March. As per reports, the salary hikes in the three month period will affect the margins of the company. But there is also is the possibility that a favourable currency tailwind will help Wipro to offset these to some extent.