After Infosys, HCLTech another IT giant, Wipro has also announced a delay in its wage hike cycle for the fiscal year.
Chief Financial Officer Jatin Dalal said, “We did our last salary increase in September of last year, and we plan to do that for this year sometime in quarter three.”
Wipro has announced that it has postponed the salary hike of its employees to the 3rd quarter, the salary hike given in September last year will be postponed to the October-December quarter this year. The company plans to carry out the pay raise in the third quarter of the year instead of Q2.
The Voluntary attrition has continued to moderate QoQ, coming in at an 8-quarter low in Q1’24. Sharing the Q1 results the firm said that its attrition volume stood at 17.3 percent from 19.4 percent in the previous quarter. As per the report, The Voluntary attrition is in IT Services computed on a quarterly annualized basis and excludes DOP.
The employee count has gone down by 8,812 individuals in the June quarter. The total employee count at Wipro experienced a decline, reaching 249,758 by the end of the first quarter, in comparison to 258,570 at the end of the previous fiscal year, FY23.
This is similar steps are being taken at other Indian IT services companies. The technology company HCLTech has deferred salary hikes for their employees by one quarter.
According to the reports, Chief People Officer Ramachandran Sundararajan said, “Typically, this time of the year, we make our announcements on pay reviews.”
“Last couple of years the hiring that we have done and the compensation reviews that we have done, we have taken that into consideration and have taken a decision to defer our annual reviews by a quarter,” Ramachandran Sundararajan added.
Infosys has deferred the salary hikes of its employees which it usually rolls out from April for its employees below the senior management level.
Usually, Infosys rolls out pay hikes for employees below the senior management level in the month of June quarter, but employees yet have not received any communication from the company.
TCS has rolled out an annual salary increase with effect from April 1st. The company has given a 12-15% raise for exceptional performers in the latest annual compensation review and also commenced the promotions cycle