After posting excellent Q4 results, the best in ten years, employees at Wipro can look forward to receiving skill-based bonuses for domains, such as data analytics and cybersecurity, based on performance. The IT company will be giving hikes to senior staff and also plans to begin hiring. The increments and promotion cycles will be effective starting June 2021.
In December 2020, Wipro had announced hikes for junior staff.
The Company added about 14,826 employees in FY20-21, of which 3,000 were freshers taken on in the last quarter. The Company’s net profit grew by 27.7 per cent year-on-year to Rs 2,972 crore.
However, the Company also witnessed a rise in attrition. This is mainly due to the deluge of opportunities in the information technology (IT) services space, with more companies focussing on digitisation.
The operating margin for the fourth quarter expanded by 344 basis points YoY at 21 per cent. In the upcoming few quarters, the margins may be further diluted by one or two per cent due to the hikes and promotions. However, these increments are essential to retain talent and control attrition.
Wipro will hire more from campuses than it did in FY 21 and expects to continue hiring laterally, across its global offices. It will also keep investing in domain and specific skill sets.
Only two weeks ago, the software major acquired Australia-based Ampion, a cybersecurity, DevOps and quality engineering services company. This deal is expected to bring scale and market agility to meet the the growing demands of customers. The acquisition process will be completed by the end of June 2021.