Wipro, a leading provider of IT services, announced in a stock exchange filing that it has granted 1.34 lakh restricted stock units (RSU) to some of its employees as part of the company’s 2004 restricted ADS Restricted Stock Unit Plan. Details about the exercised price or the vesting term were withheld by Wipro. The funding is available as of August 11.
“These shall vest as per the vesting schedule approved by the Board Governance, Nomination and Compensation Committee of the Board and can be exercised over the exercise period as approved by the Committee,” Wipro said.
Employees receive RSUs when employment requirements or performance goals are satisfied, and they often have a vesting timetable and distribution schedule.
According to Wipro, wage increases will begin in September and quarterly promotions will begin in July 2022 up to the mid-management level.
Wipro’s attrition rates decreased in Q1FY23, coming in at 23.3 percent on a quarter-over-quarter basis, although they still rose significantly from the same time last year.
“Talent investments I believe are paying off…we announced moving to a quarterly promotion cycle, which will be effective, actually July 2022, and salary increases for all those eligible in September of this year 2022,” Wipro CEO Thierry Delaporte had said during the company’s earnings call.
Wipro hired almost 10,000 new employees during the quarter, totaling 15,446 new hires.
As a lateral recruit was being hired at a premium of 25–30%, the company’s leadership had stated that attrition had one of the biggest effects on its cost structure.
