IT Firms Infosys And Wipro Cut Variable Pay As Budgets Tighten
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Bigger pay packets have been among factors putting pressure on margins.Bengaluru: The top IT services firms are freezing or cutting staff bonuses, worried that tightening budgets at US. and European clients who are bracing for a recession will sharply hit their own profits after a pandemic-led boom.Infosys Ltd, the second-biggest IT company, and smaller rival Wipro recently told their employees they had reduced the variable pay portion of employee compensations, according to respective internal emails sent by management to staff at the two companies and seen by Reuters.Some companies include variable pay as a part of employees' overall salary package and link it to the performance of the employee as well as the company."There's growing conviction in businesses that we need to prep...