Wipro Suddenly Cancels Incentives For These Senior Employees; 30% Cut In Incentives For Junior Employees
Wipro will withhold variable pay for its mid and senior-level employees while fresher and junior-level staff will get variable pay after a 30 per cent cut.
Informing via email
The email was sent to its C band and senior employees stating that they would not receive any variable payouts.
It mentioned that employees in A and B bands would receive 70 per cent of the target payout.
These employees will get their pay cut by the end of August.
In the email it said that the decision to hold back variable pay comes after teams failed to achieve their assigned target.
Q1 margins were lower at 15 per cent due to inefficiency in talent supply chains, project margins, and investments in talent technology and solutions.
For the same reason, incentives for employees in the sales team have also been impacted.
It further said that there will be no change in the salary hike and the increment will be effective from September 1.
Hikes “will be effective from September 1. We have also completed the first cycle of quarterly progressions effective July 1.”
Tech companies in general are undergoing a rough patch.
Google and Apple
Majors like Google and Apple are planning layoffs.
While the former is warning employees to work harder, the latter has already laid off 100 employees.
Other big names such as Netflix, Microsoft, and more have also fired hundreds of employees as a result of the economic downturn.