Salary packages are a major factor for professionals to join a company, but employers backtracking from an offer is the last thing anyone would imagine. Indian IT firms haven't followed their global peer in the tech sector laying off lakhs, but are expected to feel the impact of a recession. Weeks after it fired 452 freshers for failing an internal test, Wipro has now cut down the salary offered to new recruits by 50 per cent after their training period.
Take it or keep waiting
Freshers were offered an upgrade to Rs 6.5 lakh per annum before they joined the Velocity Grads program, which involved a six month training. But when they received an onboarding email, the recruits were told that they have a position for Rs 3.5 lakh a year. They were given time till February 20 to accept the time bound offer, which would cancel out all previous offers.
The candidates were given the option to hold on to the previously agreed upon compensation and await onboarding, or to take the new time-bound offer. Late last year, Wipro along with another tech major Infosys had also delayed the onboarding process, as the demand for talent is unpredictable.
Uncertain demand?
On the other hand, Tata Consultancy Services is gearing up to give pay hikes instead of laying off employees or slashing salaries. The Indian IT major has credited its cautious approach towards hiring for escaping the costs which forced other firms to fire people enmasse.
Global tech majors such as Google and Meta among others, have admitted that they hired too many people when demand for tech services surged during the pandemic. They explained how they were forced to cut spending on the workforce as demand and ad revenues slowed down, leading to mass layoffs.
Wipro is also citing the changing macroeconomic conditions as well as requirements, to lower salaries for new recruits for financing future growth plans.
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