Wipro, an IT services company, announced salary increases for at least 80% of its workforce on Friday. The wage increase will take effect on September 1, 2021. This is the second pay increase that the firm has given to its employees this calendar year.
“Wipro will initiate merit salary increases (MSI) for all eligible employees up to Band B3 (Assistant manager and below), effective September 1, 2021,” the company stated.
The firm announced wage increases for employees in these bands, who make up 80% of the company’s workforce, in January 2021. Wipro has stated that all qualified workers at the C1 level will receive salary raises beginning June 1. “On average, the increments will be in the high single digits for offshore employees while it will be the mid-single digits for onsite employees. The company will reward top performers with substantially higher increase,” Wipro statement.
Following the release of its Q4FY21 results, the firm indicated that it will do all possible to retain talent. During the fourth quarter, Wipro saw a 12.1% attrition rate. While discussing retention, Saurabh Govil, CHRO at Wipro, stated that they are also giving out skill-based bonuses for employees with the necessary abilities, which is already in place. The business will also visit universities in order to maintain a strong supply side. Wipro employed 10,000 freshers from universities in FY21, and while it did not provide a recruiting objective for FY22, analysts believe IT firms will need to hire more to keep up with demand.
Wipro is the second IT services company to provide a second pay increase in the same year. Previously, Tata Consultancy Services (TCS) announced wage increases for a limited time. TCS announced the first wage increase in the third quarter of FY21, and the second in April 2021. TCS employees earned two raises in a six-month period, bringing the average increase to 12-14 percent.
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Hello, my name is Anuj Boruah. I am quite interested in writing about current events in business, finance, and the economy. I work as a newswriter at Reviewminute.