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Wipro may skip salary increments for top performers who receive higher compensation

Wipro may skip salary increments for top performers who receive higher compensation

In its December salary revision round, Wipro has decided to forego salary increases for top performers with higher compensation. Salary increases will not be implemented in the company’s largest business line, ‘Enterprise Futuring,’ according to reports.

Nagendra Bandaru, the managing partner and president of Enterprise Futuring, revealed in an email to employees that selective merit salary increases (MSI) will be implemented based on how much the company can actually afford.

When it comes to those eligible for salary increases, the decision is to prioritise employees earning lower wages. Wipro employees can expect their salaries to be revised on December 1, 2023. It’s worth noting that the company has chosen to deviate from its normal salary increase cycle, which adds to the significance of this change.

Wipro Enterprise Futuring, which was established as a key global business line during the organization’s restructuring exercise in April 2023, is critical in spearheading significant digital and technological transformations for businesses. Wipro, which has a workforce of 2,44,707 employees, recently announced a consolidated net profit of over Rs 2,667 crore for the quarter that ended on 30 September 2023, up from Rs 2,649 crore in the previous year’s corresponding quarter. The operational revenue for the second quarter of the current fiscal year was Rs 22,515 crore.

The decision to reduce hikes is not surprising given that the IT sector in general is facing a reduction in client spending due to economic uncertainty and inflation.

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