According to Financial Express report, a leading technology services and consulting company, Wipro plans to offer its employees an average 85% variable pay for the third quarter of the ongoing fiscal year.
The company provided an average variable pay of 80% in the previous two quarters.
The report also stated that Wipro’s recent email to employees about variable payout will be linked to three factors; revenue (40%), gross margin (30%), and total contract value (30%). However, no response was received from Wipro on the above before publication.
On the other hand, Infosys reduced its average variable pay to 73% given to its employees for the third quarter of the current fiscal. However, earlier the company rolled out variable payouts of around 80% for the previous two quarters.
Recently, Wipro Limited has announced the launch of Wipro Enterprise Artificial Intelligence (AI)-Ready Platform, a new service that will allow clients to create their enterprise-level, fully integrated, and customized AI environments.
The company has seen a reduction of 4,470 employees in its headcount for the third quarter of the fiscal year 2024. As of the quarter ending on 31 December 2023, the company’s headcount stood at 2,40,234, down from 2,44,707 in the previous quarter (Q2 FY24).
The attrition rate, which stood at 15.5 percent in the previous quarter, stabilized further and reached a 10-quarter low. The Voluntary attrition has continued to moderate QoQ, coming in at a 10-quarter low of 12.3% in Q3’24.
“Our investments in people, processes, and business operations are continuing to pay off,” during the quarterly results said Thierry Delaporte, CEO and Managing Director.
“In a seasonally soft quarter, deal booking momentum remained strong. Our large deals recorded a 20 percent year-to-date growth. Further, we are starting to see early signs of a return to growth in Consulting, as demonstrated by the double-digit growth in order bookings in our Capco business”, Thierry Delaporte added.
Note: We are also on WhatsApp and YouTube, to get the latest news updates, Join our Channels. WhatsApp– Click here, to subscribe to YouTube – Click Here, and for LinkedIn– Click here.
