“The variable pay as per company policy performance comes to 93.5%. However, we have decided to announce a higher company multiplier of 1.07 to reflect the progress we have made toward improving our operations,” said an internal mail to employees. “With this multiplier, the payout will be for all those whose payout is linked to overall company performance.” ET has seen the internal mail.
The variable pay will be released along with November’s payroll, the mail said, adding that a minimum utilisation level of 50% is needed for billable and DOP (digital operations and platforms) employees for being eligible for the payout.
Wipro spokesperson confirmed the development.
“We will continue to invest in our people and their growth. For the second quarter of the financial year 2023, Wipro will pay out 100 percent of variable pay to all employees whose pay-out is linked to the overall company performance. This comprises nearly 85% of the company” the spokesperson said in a statement.
Also, the Bengaluru-based company has internally promoted 16,000 employees so far in 2022, the mail said. The company switched to a quarterly promotions cycle from an annual cycle from July this year in a bid to curb attrition.
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The payout also reiterated Wipro chief executive Thierry Delaporte’s statement during the post Q2 results conference that variable payouts will be awarded to 85% of staff. In contrast, India’s largest IT company by revenue Tata Consultancy Services will award 100% variable pay for 70% of its employees for the September quarter, it said during its second quarter earnings call.
Earlier this week, Infosys had given out 60% variable pay on average for certain levels of its business process management employees.
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