An Indian multinational corporation providing information technology, consultant, and business process services, Wipro CHRO said that there will be no more hiring with 30% hike.
Due to the current market situation of economic slowdown and lower hiring environment, the company’s Chief Human Resources Officer Saurabh Govil said that IT professionals should focus on upskilling.
Wipro CHRO said, “In 2021, people had a lot of opportunities, our attrition was high and people were being hired at 30% premiums.”
“That will not happen now. But now, niche skills like generative AI and cybersecurity will get a premium”, he added.
Recently, Wipro announced that the company will also train 20,000 associates on Google Cloud’s generative AI technologies to help clients realize the full potential of AI and drive secure, AI-led transformations at scale.
“Generative AI offers incredible opportunities ahead,” said Thierry Delaporte, CEO, and Managing Director, Wipro Limited.
Regarding the salary perspective, the CHRO also said that the industry has reached a level of “sanity” concerning salaries. This is an indicator that in the future the salary will increase dependent on upskilling and reskilling.
The company 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.
Earlier, Wipro reduced the employee’s salary by 50 percent from Rs 6.5 lakh to Rs 3.5 lakh per annum. The company provided training to freshers employees. This allows the Elite fresher candidate to upgrade to the ‘Turbo’ category. This also upgrades the salary package of employees.
Moreover, Wipro to fast-tracks onboarding more than 90% of the freshers have accepted lower salary options.
Jatin Dalal, chief financial officer at Wipro said, “The next-gen associates were given both the options and 92% of the campus hires chose to join Wipro at the original offer.”
Wipro saw a reduction in employee count from January to March 2023. The firm’s total headcount at the end of the March quarter slipped to 256,921 from 258,744 in the last quarter. Wipro has reduced its headcount by 1,823. In its fourth quarter voluntary attrition rate decreased to 14.1 percent.