India’s IT services major, Wipro Limited has announced salary hikes for 80% of its eligible employees, effective from September 1, 2021.
According to a Business Standard report, this is the second salary hike that the company rolls out for employees in this calendar year to retain key employees amid a talent war in IT industries. The first salary hike was announced in January 2021.
“On average, the increments will be in the high single digits for offshore employees while it will be in the mid-single digits for onsite employees. The company will reward top performers with substantially higher increases,” The company said in a statement.
“The company will initiate merit salary increases (MSI) for all eligible employees up to Band B3 (Assistant manager and below), effective September 1, 2021,” Wipro said. In January 2021, Wipro announced salary hikes for employees in these bands, which form 80 per cent of the company’s total headcount.
The company further said, “all eligible employees above the C1 band (managers and above) will receive pay hikes effective from June 1”
During Q4, Wipro had attrition of 12.1 per cent. and the company had said while announcing the Q4 results that it will do all that is required to retain talent at the company.
Wipro’s Global HR Head Saurabh Govil had said, “We are also giving out skill-based bonuses for the people with the right skills, and it is already underway.” To keep its supply-side strong, the company will be going to the campuses as well.
As attrition rate increased to 12.1% during the fourth quarter of FY21 the company is expecting a higher uptick in attrition on the back of a strong demand environment and the need for talents in niche areas, Govil had added.
The Bengaluru-based Information Technology major During the quarter ended in March hired nearly 18,000 employees. Though the company did not give the hiring target for FY22 but indicated that it would robust hiring in this financial year.