Wipro is set to implement salary increases in the fourth quarter of 2023, in line with its previous commitment made during the July earnings call. The company had last increased salaries in September of the previous year, and CFO Jatin Dalal mentioned that this year’s hike would be planned for the third quarter. It’s noteworthy that Jatin Dalal has resigned from Wipro and is slated to become the next CFO of Cognizant. The salary increase details were shared during Wipro’s Q1FY24 press conference, confirming that the salary hike will be officially announced in the third quarter of this fiscal year. Wipro’s revenue experienced a 2.8% sequential decline in constant currency during the June quarter, and the company also reduced its headcount by 9,000 during that period.
Rival company Infosys has reportedly initiated the appraisal process for the October 2023 performance review cycle, starting with self-evaluations on September 29. Infosys typically announces salary hikes in June or July, with them being effective from April. Meanwhile, India’s largest IT company, TCS, has already implemented salary increments, with the hikes being similar to the previous year on average and double-digit increases for top performers. HCL Technologies has deferred hikes for junior and mid-level employees by a quarter and opted to skip the compensation review for management-level and higher employees this year. Additionally, several mid-sized IT firms such as Coforge, Persistent Systems, and LTI Mindtree have also introduced salary hikes.