An Indian multinational corporation that provides information technology, Wipro to roll out merit salary increases, effective by December 1.
As per the reports of The Economic Times an email to employees from Chief Human Resources Officer Saurabh Govil said, “Despite the current challenging and uncertain global market conditions, we are pleased to announce that our merit salary increases (MSI) will take effect from December 1, 2023.”
“Over the next few weeks, merit salary increases will be determined for eligible employees based on current compensation, skills, and performance”, the email added.
Earlier, Wipro had postponed the salary hike of its employees to the 3rd quarter, the salary hike given in September last year was postponed to the October-December quarter this year.
However, the technology company HCLTech has deferred salary hikes for their employees by one quarter.
Chief People Officer Ramachandran Sundararajan said, “Typically, this time of the year, we make our announcements on pay reviews.”
“Last couple of years the hiring that we have done and the compensation reviews that we have done, we have taken that into consideration and have taken a decision to defer our annual reviews by a quarter,” Ramachandran Sundararajan added.
Infosys has not yet implemented salary hikes. The company typically announces its salary revisions in June or July, which become effective from April.
TCS has rolled out an annual salary increase with effect from April 1st. The company has given a 12-15% raise for exceptional performers in the latest annual compensation review and also commenced the promotions cycle.
Milind Lakkad, Chief HR Officer, said, “We remain focused on developing, retaining, and rewarding the best talent in the industry, and enhancing their effectiveness by bringing them back to the office to foster our culture. Our Return to Office initiative is picking pace, with 55% of the workforce already in the office thrice a week.”
“We have given a 12-15% raise for exceptional performers in our latest annual compensation review, and also commenced the promotions cycle”, he added.
This delay in salary hikes indicates that the companies are facing difficulties in the current economic situation, with projects being scaled down or canceled.
Recently, Wipro Limited announced that it has inaugurated a new office in Jefferson City, Missouri, and will partner with the state’s Jobs for America’s Graduates (JAG) program to attract local talent.
The office will serve as a base for more than 500 employees and partner with Jobs for America’s Graduates, Missouri, to attract talent.
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