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Wipro to offer 87% variable pay for employees in Q3FY23

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Wipro, an Indian IT firm, would offer 87% variable pay to employees in bands A to B3 for the fiscal year ended December 31, 2022-23, according to an internal email sent to employees.

Employees’ variable pay would be determined by the company’s performance as well as the performance of the business unit in which they work, according to the email.

The variable pay for the December-ended quarter at Wipro would be implemented with the February month’s wage, according to the internal email.

Wipro, an Indian IT firm, would offer 87% variable pay to employees in bands A to B3 for the fiscal year ended December 31, 2022-23, according to an internal email sent to employees.

Employees’ variable pay would be determined by the company’s performance as well as the performance of the business unit in which they work, according to the email.

“To drive our common goals, our business-linked variable pay is based on a quarter’s performance against revenue, bookings, and operating margin,” the email service stated.

The variable pay for the December-ended quarter would be implemented with the February wage, according to internal communication.

According to regulatory filings, the company’s consolidated revenue for Q3 FY2022-23 increased 14.3% year on year to Rs 23,229 crore. Furthermore, the top line climbed by 3%, while the bottom line increased by 15%.

Wipro’s revenue from IT services increased 10.4% year on year, while the operating margin, measured as earnings before interest and taxes (EBIT), increased 120 basis points sequentially to 16.3%.

“We are continuing to gain market share as a consequence of deeper client connections and stronger win rates,” stated CEO and Managing Director Thierry Delaporte during the earnings call. Clients are looking to us for assistance in managing a dynamic macro environment and balancing transformation goals with cost efficiency.”

It is worth mentioning that the corporation has previously offered 100% variable pay to the A through B3 band of employees.

Furthermore, in the December-ended quarter, rival IT firm TCS implemented 100% variable compensation for 70% of its staff.

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