Wipro to hike salaries, offer promotions to 5,000 employees

Wipro, which reported 35.82 per cent year-on-year growth in consolidated net profit at Rs 2,561.20 crore for the second quarter ended September, is looking at mass promotions along with salary hikes to combat attrition. India's fourth largest IT company is planning to promote over 5,000 employees by December as it looks to retain crucial younger talent boasting digital skills, The Economic Times reported.

The market is witnessing high demand for such professionals, similar to the early 2000's, causing all the big IT players to collectively suffer from high attrition rates, especially in the three-five year experience level. With an increasing number of their customers shifting to digital technology, such as cloud computing led or artificial intelligence driven operations, IT services companies are scrambling to bridge the skills gap. Although Wipro's quarterly annualised attrition came down to 17 per cent in Q2FY20 from 17.6 per cent in the June quarter, it is still much higher than market leader TCS' 11.6 per cent.

Saurabh Govil, president and chief human resources officer at Wipro told the daily that the mass promotion is in addition to the good hikes that were given to people with digital skills. In July, the company promised to pay a retention bonus of Rs 1 lakh to the freshers hired from campus placements this year who completed one year with the company. In addition, the Bangalore-based firm gave 10 per cent hike to employees with three to four years of experience in the company. Those with digital skills were also given reasonable increments as the company sought to expand its digital base in the country.

Also Read: Why Saudi Aramco has delayed its mega IPO yet again

Also Read: EPFO update: Option to withdraw pension at 60 likely to be implemented soon

Also Read: Assembly Election 2019: What to do if your name is missing from voters' list