Wipro has decided to skip salary hikes for top performers with higher compensation in its December salary revision round. According to reports, the company’s largest business line, ‘Enterprise Futuring’, will not see salary increases.
In an email addressed to employees, Nagendra Bandaru, the managing partner and president of Enterprise Futuring revealed that selective merit salary increases (MSI) will be implemented based on how much the business can actually afford.
The decision is to give priority to employees earning lower compensation when it comes to those eligible for salary hikes. Wipro employees can expect revised salaries to take effect on 1 December 2023. It’s worth noting that the company has chosen to deviate from its usual salary hike cycle, contributing to the significance of this adjustment.
Wipro Enterprise Futuring, established as a key global business line when the organization underwent a restructuring exercise in April 2023, plays a pivotal role in spearheading substantial digital and technological transformations for businesses. With a workforce strength of 2,44,707 employees, Wipro recently revealed a consolidated net profit of over Rs 2,667 crore for the quarter that concluded on 30 September, 2023, as opposed to the Rs 2,649 crore that it posted in the corresponding quarter of the previous year. In the second quarter of the ongoing fiscal period, operational revenue totaled Rs 22,515 crore.
The decision to pull back hikes is not really surprising since the IT sector, in general, is facing a reduction in spending by clients owing to economic uncertainty and inflation