New Delhi: Indian IT major Wipro in an email to employees announced to offer 87 per cent variable pay to employees for the third quarter of the financial year 2022-23, Business Today reported. The email was sent to employees by Chief Human Resources Officer Saurabh Govil. Notably, the variable pay comes after Wipro fired over 400 freshers who failed in an internal test.
In the email, Wipro said the variable pay of employees would depend on the company’s performance as well as the performance of the business unit in which employees are working.
Read More: Is your Demat account dormant? Know the procedure to terminate it
Chief HR in the mail mentioned that employees across all bands from A to B3 whose payout is linked to the company’s performance would get the variable pay.
“Considering the overall performance, with the company multiplier at 1, the variable pay for Q3 FY2022-23 is 87 percent for all those whose pay-out is linked to overall company performance,” the email the Wipro HR sent to employees read.
Wipro in the mail also clarified that the variable pay applies to employees from the fresher to team-lead bands.
“To drive our common goals, our business-linked variable pay-out is based on a quarter’s performance against revenue, bookings, and operating margin,” Govil added.
The Wipro HR also added that for employees in Bands C1 (managers) and above, the variable pay will be according to the performance of the business unit they are part of.
Read More: Planning To Take Wedding Insurance? Consider These Factors First
“For all others, the pay-out is based on their unit/function target achievement as per policy. And will receive a higher pay-out if they have exceeded their unit’s target or lower if not,” Govil wrote in the same mail.
“For billable and DOP (Ops, Ops Support) employees, minimum Utilization or Contractual Performance Metrics (CPM) threshold of 50 percent is required for pay-out,” the email further added.
The Wipro employees must note that they would get the variable pay credited to their bank account with the salary for February 2023.
