India’s IT services provider company, Wipro rolls out 100 percent variable pay along with November’s payroll.
A Wipro spokesperson said in a statement, “We will continue to invest in our people and their growth.”
“For the second quarter of the financial year 2023, Wipro pays out 100 percent of variable pay to all employees whose pay-out is linked to the overall company performance. This comprises nearly 85 percent of the company,” the spokesperson added.
This payout will be provided to nearly 85% of employees. Additionally, the remaining employees will receive the payout based on their unit’s target achievement.
The hikes will be provided for bands A to B3 for the September-ended quarter. The variable pay will be given to fresher and team leader levels.
“The variable pay as per company policy performance comes to 93.5%. However, we have decided to announce a higher company multiplier of 1.07 to reflect the progress we have made toward improving our operations,” said an internal mail from Wipro to employees.
“With this multiplier, the payout will be for all those whose payout is linked to overall company performance,” read the mail added.
In the second quarter, the company promoted more than 10,000 colleagues and increased salaries across bands.
Hiring was at a slower pace for the quarter ending September 30, 2022. Wipro added 605 new employees. As of September 30, 2022, Wipro’s employee count in IT services increased to 259,179 from 258,574 at the end of June.
The company has reported an Attrition Rate of 23%, moderating slightly from 23.3% in the previous quarter.
Recently, Infosys BPM (business process management) announced that the average variable payout for its employees is 60% in the second quarter of this fiscal.