2.2 Lakh Wipro Employees Will Get 100% Incentives, Bonuses; 15% Employees Will Get Incentives Based On ‘Policies’
The leading Indian IT major Wipro has announced at the release of its earnings results for the second quarter of FY23 that it will pay full (100% of) variable pay to 85% of its employees after slashing the same for a particular band of employees in the June quarter.
The company’s management has informed giving out 100% variable pay and then the pay according to the policy to some employees, as per a recent report.
Further, Wipro’s net addition in the September 2022 ending quarter fell drastically, while attrition rate lowered marginally to 23% from 23.3 percent in Q1 FY23.
Wipro Will Disburse Full Variable Pay to 85% Employees
The Bengaluru-based IT giant’s Chief Executive Officer Theirry Delaporte informed Moneycontrol that Wipro will give out 100% of variable pay to not all but 85% of its employees for the July-September 2022 quarter.
The company announced this while releasing its earnings results for the quarter.
According to the IT company’s CFO Jatin Dalal, the remaining 15% employees of the company will receive their variable pay as per policy.
This is unlike the last quarter (Apr-June 2022), when Wipro gave 70% variable pay to employees in junior bands, while those in senior bands did not receive any variable pay in the quarter.
Wipro’s Q2 FY23 Highlights
- Its consolidated net profit gained 3.7% to Rs 2,659 crore, compared to the previous quarter’s reading, and declined 9.3% on a YoY basis.
- Its revenue from operations posted a 14.6% rise at Rs 22,539.7 crore in the quarter and climbed almost 5% on a sequential basis.
- Wipro’s attrition rate dropped to 23% in the quarter under focus compared to 23.3% in the last quarter.
- It has released an outlook of revenue growth from the IT services business to $2,811-$2,853 million, translating to a QoQ growth of 0.5-2%.