In an attempt to stop fresh talent — recruited from campuses— from leaving the Company, Wipro has decided to offer a one-time bonus to them. The objective is to prevent attrition of engineers with less than five years of experience.
These junior engineers generally possess knowledge of digital, cloud and other new areas that are rapidly growing. The initiative comes at the right time, with precious IT talent being lost to multinationals that are expanding their digital hubs in the country. Also, the top names in the IT sector in the country lose their high-performing employees to each other, for instance, Infosys, Cognizant and HCL.
Wipro will be offering a percentage of their total compensation as bonus with their January salaries. Employees from the B1 and B2 bands will stand to gain the most. The bonus is only payable to the employees against a commitment to stay on with the Company till 2020.
While Wipro does announce its annual increment in June, it also gives salary interventions and bonuses to high-performing staff off and on, as they are the ones who are actively working on the Company’s ‘future-focused niche technologies’.
Of the 1.75 lakh employees hired by Wipro, as on September 30 2018, a significant fraction possesses one to five years of experience, and therefore, considered as junior employees. Such employees often quit to join other organisations, sometimes even for a very small pay hike.
Infosys has also launched schemes that allow its employees to acquire new skills and also let them be consultants with a commitment to double their remuneration if they successfully complete the course(s). On completion of the course, the employees, the junior ones in particular, not only get a chance to work on a consulting project but also receive a pay raise.
According to analysts, such programmes can help reduce attrition. Of late, IT companies in the country have spent a lot on training existing staff and reassigning them to projects dealing with new technologies.