In an attempt to control attrition, Wipro, the Indian multinational software company has announced that most of its employees will receive a 10 per cent increment in September. The top performers may even receive over 15 per cent increment, basis pay scale. The Company also intends to offer promotions every quarter.
These announcements are part of Wipro’s endeavour to reduce attrition rate and draw more youngsters into its workforce.
Promotions will reportedly start happening in July, and from now on will happen every quarter up to middle management.
Attrition levels have been high for Wipro for quite some time. In the fourth quarter of financial year 2022, it stood at 23.8 per cent, way more than other IT majors. High attrition was predicted by analysts.
A few weeks ago, Rishad Premji, chairman, Wipro, made it clear that the Company is relying on partnerships, acquisitions, and cloud initiatives to accelerate growth in the near future and that the Company is more obsessed with growth now than it was ever before.
Wipro FullStride Cloud Services has been a focus for Wipro of late. It is a tie-up between Wipro’s chief growth office and other global business lines aimed at creating an integrated and comprehensive cloud transformation capability for its stakeholders, including clients, partners, and cloud experts.
A month ago, the IT services company had revealed that it expects to increase its workforce strength in Norway over a period of two years, from 85 to 350. To make this happen, it is also increasing its local investment to offer better support to customers seeking digital transformation.