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Falling margins, high attrition, moonlighting causing trouble for IT sector

Wipro, one of the four IT majors in India, announced that it will withhold the variable pay of mid, and senior-level employees for the June qtr (Q1FY23) due to poor financial health

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BS Web Team New Delhi
High attrition, moonlighting, and variable pay have put Indian IT companies in a tough spot. Along with high employee costs, and low margins, the IT sector has been facing high distress, according to a report by Economic Times (ET)

Wipro, one of the four IT majors in India, announced that it will withhold the variable pay of mid, and senior-level employees for the first quarter (Q1FY23) due to poor financial health. The employees in the C bands and above at the IT giant will not receive any variable or performance-linked incentive, ET reported. 

"Our Q1 margins were lower at 15%

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First Published: Aug 26 2022 | 12:13 PM IST

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