Salary Hike, Bonus, Promotion: How TCS, HCL, Wipro, Other IT Firms Taking Measures to Retain Talented Employees

New Delhi: At a time when many companies are struggling with a high rate of attrition, some of the IT majors such as TCS, HCL, Wipro are adopting innovative methods to retain talented workers. From giving mid-term hikes to offering promotions, these companies are leaving no stones unturned to keep their efficient employees.Also Read – Rishi Sunak’s Net Worth; How He Entered UK’s ‘Super-Rich’ List? EXPLAINED

IT major Wipro, which released its financial results for June 2022 quarter on Wednesday, announced to offer promotions to its employees every quarter starting from July itself. The company also promised salary hikes from next month. Also Read – 50% Employees of These Companies Can WFH For 1 Year. New Rules Here

Some of the IT companies are also offering retention bonus, out-of-cycle wage revisions and salary hikes to retain their skilled employees. Also Read – Wipro To Provide Quarterly Promotions for Top Performers, Salary Hikes Amid High Attrition

TCS records high attrition rate

TCS in June 2022 quarter reported an attrition rate of 19.7 per cent on a last twelve-month basis. The company registered highest attrition rate in the last six quarters. The attrition rate came in at 17.4 per cent in the quarter-ending March 2022.

TCS said it is offering workplace flexibility to retain the talented employees and added that the hybrid model of working, coupled with TCS’ existing location-independent agile methodology, will help talent retain in value realisations for enterprises.

Attrition rate of Wipro

Wipro’s attrition rate was high at 23.3 per cent in Q1FY23, which was meanwhile lower on a quarter on quarter basis. Moreover, the company had posted 23.8 per cent attrition rate in Q4FY22, which is the previous quarter.

To bring the attrition rate under control, Wipro CEO and MD Thierry Delaporte on Wednesday said: “Our talent investments I believe are paying off. To recall, we announced moving to a quarterly promotion cycle which is very new, from when we were on the yearly cycle. The quarterly promotions have been effective this month (July 2022) and also salary increases for those eligible in September 2022.” He further stated that the company’s attrition has continued to moderate from the previous three consecutive quarters.

HCL reports attrition rate of 23.8%

HCL said it has reported high attrition rate of 23.8 per cent, compared to the quarter ended March 2022, where the same was 21.9 per cent.