Wipro releases 5-year salary plans for campus recruits; details here

To make sure the new employees are aware of what to expect, Wipro has released a five-year plan for freshers that includes information about their pay scale, annual raises, and incentives

For the majority of IT organisations, campus recruitment makes up the largest segment of new hires. To make sure the new employees are aware of what to expect, Wipro has released a five-year plan for freshers that includes information about their pay scale, annual raises, and incentives. In order to weed out moonlighters, it is also attempting to identify them by cross-checking employee provident fund information and interacting with companies. Over 15,000 people have been hired by Wipro so far in this calendar year. The variable compensation component was 100 percent for about 85 percent of its employees.

During an interview to Mint, Saurabh Govil, chief human resources officer of Wipro stated, “In terms of career and remuneration, we communicated a very clear five-year plan." He also added that the company has explained how employees’ income will increase over five years in the offer letters’ message. The deferred bonus in addition to the impending raises is just one of the many guarantees being provided to them regarding what will transpire.

Wipro launched its retention strategy after a talent war broke out as companies went on a recruiting rampage to satisfy the demand for digitising operations for businesses across industries. The company stated that while it is onboarding candidates in stages, it will honour all offers made so far. Between April and June, Wipro’s attrition rate “moderated” by 30 basis points to 23 percent (LTM). The attrition rate for the second quarter of Tata Consultancy Services increased to 21.5 percent from 19.7 percent in the first quarter, while that of HCL stayed unchanged at 23.8 percent.

According to Govil, the third-quarter decline in attrition was caused by the macro environment changes. The attrition rate is predicted to be approximately 20 percent when the talent supply-demand gap narrows. “Candidates are no longer requesting outrageously higher pay or carrying six offers at once. Less money is available for startups, and they are not recruiting as frequently,” he further added.

Wipro has also been tracking moonlighters and is also pursuing legal action against the violators. The company is keeping track of them using various tools that are capable of tracking their workers and their activities.

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