Indian IT giant Wipro Limited has taken a significant step to boost employee morale and retention by rolling out salary hikes for its workforce.
Starting from September 2024, top performers within the company are set to receive an average increment of 8 per cent.Â
This move represents an improvement over last year’s average hike of around 6 per cent, signaling Wipro’s commitment to rewarding excellence and ensuring competitive compensation.
Context and Details of the Salary Hike
The decision to increase salaries comes amidst global economic uncertainties and a slowdown in the technology sector.
Clients have been cautious about IT spending, leading to challenges for companies like Wipro. However, the company’s leadership recognizes the importance of motivating employees during challenging times.
Average Increment:Â Approximately 8 per cent.
Beneficiaries: Around 75 per cent of Wipro’s 200,000 offshore employees (those working away from client locations).
The adjustments will be reflected in employees’ October payroll, along with arrears for September. Those employees stationed at client sites are expected to receive a 3 per cent increase.
Wipro Leadership Change
Wipro’s recent leadership transition saw Srinivas Pallia taking over as CEO in April 2024, succeeding Thierry Delaporte.
Srinivas has emphasized the need to guide Wipro through challenging periods while aiming for sustained growth. The salary increase aligns with this vision and underscores the company’s commitment to its workforce.
Wipro and Tata Consultancy Services (TCS) have both announced salary hikes. Other major players like Infosys and HCL Technologies are yet to confirm their plans.
Industry experts suggest that IT services companies are treading cautiously, waiting for more clarity on the global macroeconomic situation before finalizing the timeline and quantum of their salary adjustments.
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