Wipro is giving promotions and bonuses to check growing attrition

• Wipro — the fourth largest IT services company in India — is planning to promote its 5,000 employees, thanks to the increasing attrition rate during the second quarter.
  
• The company also rolled out a retention bonus of nearly ₹100,000 to its fresh campus hires. It also offered bonuses to employees with upto three years of experience.
  
• Wipro added nearly 6,603 employees during the second quarter, taking the headcount to 181,453 from 174,850 in the last quarter.
  
• The software major reported a net profit of ₹25.5 billion for the second quarter of 2019-20 fiscal.
  

Wipro — the fourth largest IT services company in India — is planning to promote 5,000 of its employees, to check its increasing attrition rate. The technology giant recorded an attrition rate of 17% for the quarter ending in September.

“Attrition (rate) has been a good story for us as compared to others. We have given salary hikes and now are looking at a huge number of promotions in the coming quarter. Around 5,000 people in the experience range of five to eight years will get promoted," Saurabh Govil, HR head, Wipro told Business Standard.

The company also rolled out retention bonus of nearly ₹100,000 to its fresh campus hires and those with upto three years of experience. “Junior-level attrition is slightly higher than the company average. However, it is lower among performers as they get higher bonuses, incentives and salary hikes," Govil added.

While auto and textile sectors face troubled waters leading to job losses, the IT sector seems to be rebounding with a positive hiring sentiment. Wipro added nearly 6,603 employees during the second quarter, taking the headcount to 181,453 from 174,850 in the last quarter.

The three IT giants — TCS, Wipro and Infosys — collectively hired 28,157 employees in the quarter ending September. This is a 59% jump from that of the June quarter, which recorded a net hiring of 16,687 employees, Businessline reported.

Wipro is also planning to hire more consultants so as to drive sales in the coming quarters. “We are hiring more people in this consulting space. It is paying us back, well," he said.

The software major reported a net profit of ₹25.5 billion for the second quarter, registering a 35% growth as compared to last year.

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