Wipro announces quarterly promotions for top performers amid high attrition

Wipro plans to boost the salaries of most of its workforce by 10% in September 2022. The top performers are likely to receive a 15% hike

As India's technology sector continues to see a Covid-19-induced boom, IT giant Wipro Ltd has now decided to overhaul its employee bonuses and increments in order to curb high attrition. Wipro also aims to attract fresh talent with this latest move, a report in Livemint said. 

India's fourth-largest software firm Wipro plans to offer employee promotions every quarter and boost the salaries of most of its workforce by 10 per cent in September 2022. The top performers are likely to receive a 15 per cent hike, a first for the Bengaluru-based company. 

Wipro's move comes at a time when the tech sector is battling severe attrition. The demand for tech workers has risen significantly with the pandemic forcing companies across sectors to digitise businesses.

“Wipro is expected to roll out the hikes in September, and there are large-scale promotions to be rolled out in July. The company has decided to offer quarterly promotions to top performers, who are not in the leadership team," said a company executive aware of the development in an interview with Livemint. A spokesperson for the company also confirmed the plan and added that the rolling out of several promotions for employees will begin in July.

IT giant recorded attrition of 23.8 per cent in the March quarter and the company is slated to announce results for the first fiscal quarter on July 19. The early announcement of promotions is yet another step that Wipro will take to hold onto its employees. Those receiving quarterly promotions are likely to see a bigger jump in their salaries, said an executive.