Wipro is gearing up to implement salary increases for its workforce starting from December 1, as reported by The Economic Times. The annual salary hikes will be based on merit and are expected to be finalized in the coming weeks before taking effect in December.
This year, Wipro opted to delay the announcement of salary hikes by a quarter, citing macroeconomic challenges and margin pressures. The trend of postponed salary increases has been noticed across various leading IT companies, mainly due to an industry-wide slowdown, particularly affecting the banking and financial services (BFSI) sector.
In July, Wipro strategically adjusted its approach to enhance profitability and strengthen its position in the IT services domain. The company focused on selectively reducing its client base, emphasizing contracts with higher margins and increased revenue potential. This strategic shift followed a 2.8 per cent sequential decline in revenue for the June quarter. Moreover, in February of this year, Wipro scaled down the pay packages for new hires by nearly 50 per cent compared to the initial offers.
