Wipro may promote 5,000 employees this financial year; move aims at checking attrition, preparing company future-ready

After offering Rs 1 lakh retention bonus in July this year, Information Technology major Wipro may promote around 5,000 employees in the coming quarters this year in a bid to retain the young talent and to prepare the company future-ready, said media reports.In the next phase of promotion, the company will promote employees at L1 level to L2 while L2 will be promoted to L3 level, said a report in Business Standard.[caption id="attachment_6762511" align="alignleft" width="380"]

File image of Wipro campus in Bangalore. Reuers[/caption]“Attrition (rate) has been a good story for us as compared to others. We have given salary hikes and now are looking at a huge number of promotions in the coming quarter. Around 5,000 people in the experience range of five to eight years will get promoted,” the report said quoting Saurabh Govil, president and chief human resources officer at Wipro.Wipro's attrition rate reportedly stood at 17 percent, 60 basis points lower than in the previous quarter, during the quarter ended September, according to a report in Mint.IT majors like Wipro and Infosys are facing high rate of attrition among the employees who have experience in the range of three-five years as there is a global demand for people with such skills, said a report in The Economic Times.With more clients of the IT services companies are shifting to digital technology such as cloud computing-led or artificial intelligence-driven operations, companies are rushing to bridge the skills gap, the report said.In July this year, Wipro had offered to pay retention bonus of Rs 1 lakh to the freshers hired by the company this year in a bid to counter the high attrition rates existing in the IT sector.Wipro has promised a retention bonus of Rs 1 lakh to the junior employees who have been recruited through campus placements this year and will complete one year with the company.