TWALKITOUT: Wipro Introduces Performance Based Incentive Structure effective in cost cutting and totally performance based. Where, the junior workforce of programmers would be totally dependent on number of billed work hours, the senior staff would be paid according to the client satisfaction.
The complete band wagon of clients has been sub divided into accounts inside the company and an employee has to face competition with-in the organization to get billed and earn incentive.
Employees and teams filing patents for software that are eventually granted could get incentives worth $500-2,000.
Wipro’ fast growth allowed them to accommodate more people despite of availability of work and the extra work force was kept as a potential resource as a bench strength. In current conditions of competition and complexities in process, company look’s to be more focused on cost cutting and performance based incentive structure, where the team associated with a particular account gets incentive based on that particular account’s performance despite of the vertical based incentives .
Wipro is aiming to make employees more accountable for the overall performance of the company based on individual accounts and at the same time manage costs more effectively. Ration between salary cost and overall revenue has become a prime concern at Wipro, which has one of the biggest work forces in Indian IT sector.
Bottom line is, for an engineer at junior level involved in coding and SCM, if he/she is not billable( working and tagged to a client) for half of the financial quarter, they lose a major chunk from their promised incentive package. The incentive portion of overall compensation ranges from 10% to 35%, depending on seniority, with the variable component being bigger for those higher in rank.
Reports say that over the past three-four years, Wipro has been struggling to boost revenue growth and win market share from rivals such as TCS, Cognizant Technology Solutions Corp. and HCL Technologies. As one of the measures, Wipro Introduces Performance Based Incentive Structure to bring a sense of competition, sharpen up skills and zeal to perform amongst employees.
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