20% Wipro Employees Resigned In 90 Days: 5 Ways This Attrition Is Being Controlled
Wipro among other IT giants in India are facing struggles with regards to attrition and talent retention.
The current attrition rate for Wipro as of Q2F22 is 20.5%, TCS is 11.9%, Infosys is 20.1%, HCL is 15.7% and Cognizant is 33%.
Saurabh Govil, President & CHRO, Wipro said that while attrition is a perennial problem, the levels today are especially high due to “an unprecedented war for talent. “
Ramping Up Hiring
The company’s main focus lies in talent retention through measures such as competitive compensation, contemporary benefits, career growth, and superior talent management methodologies.
Govil said that the firm plans to hire 30,000 freshers from the campus for the next financial year 2022-23.
The quicker pace of its hiring is part of a concerted effort to tackle rising attrition and build the supply chain.
Review And Adjustment Of Processes
It is constantly adjusting and adapting its talent management processes in line with its strategic direction.
To that end, it has introduced big changes to its “people processes this year to align with a performance-driven culture.”
It has taken initiatives such as out-of-turn retention bonus, project change, a bonus cycle, MSI cycle for all employees as well as a promotion cycle across all bands.
Govil adds that they have “revamped [their] recognition portal and also introduced a digital learning portal.”
Balancing Changes With Emerging Realities
Through these changes, it intends to “enhance employee experience”.
He also spoke about the company’s belief in making “fundamental shifts according to emerging realities balancing organizational and employee considerations.”
This will go a long way towards yielding “long-term results and enable retention”.
It is also taking a proactive approach by undertaking specific geo wise, practice wise, and skill-based initiatives “to address issues before they arise.”
Finally, it is increasing employee engagement via managers and HR partners.
It is also keeping its employees at the heart of decisions and to ensure that they are “equitably and competitively rewarded with good quality work and competitive rewards.”