IT major Wipro has rolled out 73 senior-level promotions in a bid to retain talent and build a robust leadership pipeline.
The Bengaluru-based company has promoted 12 top executives to the post of senior vice president (SVP) while 61 executives have been made vice president (VP). The company is now expected to have over 200 VPs and SVPs working as part of the senior leadership team.
“As we grow and evolve as a company, it is important to ensure that we have the right leadership at the helm. This is the highest number of VP promotions that Wipro
Wipro has been battling high attrition rates during the past few quarters. Its voluntary attrition rate for the September quarter stood at 23%, which moderated slightly from 23.3% reported in the preceding three months.
Promotions and increments have been one of Wipro’s key measures to retain senior talent. “We are now offering promotions to our employees every quarter and in Q2, we promoted about 10,000 colleagues. I am also pleased to share that the annual salary increases were given to our colleagues across bands in Q2 where it is our philosophy a steep differentiation in a reward for our top talent,” Thierry Delaporte, CEO, Wipro, had said in an analyst call post the Q2 earnings.
The management believes Wipro might face some pressure on margins during the third quarter. “Our margin in Q3 will have some headwinds, there’s the impact of two incremental months of salary increase and yet we expect to hold a margin in a narrow band,” Delaporte had said. Wipro will announce its Q3 earnings after market hours on Friday.