October 20th: India's 4th largest IT services and consulting company, as per market capitalization, has a new strategy for hiring talent. Know more about WIPRO. Why the plan? Which are the top 3 companies? What is market capitalization? Read the ReferencePepper
Finding and recruiting talent has been the key focus of top IT Services and Consulting companies as they grow and bag more and more contracts. The IT Companies have an aggressive competition to be able to hire the talent first. Retaining them is the next challenge.
The Talent Acquisitions teams in a company are continuously strategizing to find the best hiring and retention solutions.
There's a continuous effort in upgrading facilities for their employees to give them the most comfortable environment to work in and stay productive. Newer generation will always be smarter, more aware and technologically upgraded and all smart companies are aware of this fact.
But why such a keen interest in hiring freshers through Campus interviews?
It helps Organizations get an early access to bright young minds
Freshers are easier to mould as per the culture of the Organization.
The Organizations believe that College freshers are more ambitious and willing to prove that older workforce.
Saves time and effort: Hiring in bulk is possible through Campus recruitment than the process of identifying, approaching, interviewing and convincing individuals who are already working with another Organization.
Let us know this Indian giant known as WIPRO a little better before proceeding with the main article:
Wipro is India's 4th largest IT services and consulting Company based on Market Capitalization1 as per Statista.
The top 5 IT services Companies in India as per Market Capitalization aren in the below order:
1. TATA Consultancy Services 2. Infosys 3. HCL Technologies 4. Wipro 5. Tech Mahindra
Market Capitalization1 refers to how much a company is worth as determined by the stock market. It is defined as the total market value of all outstanding shares2. To keep it simple, Outstanding shares2 refer to a company's stock currently held by all its shareholders.
Older than independent India, Wipro started after the World War II in 1945.
Just twenty-one years old, Mohamedhusain Hasham Premji took over his late father’s grain trade and ventured into manufacturing with his first project being an oil mill - Western India Vegetable Products. His wife, Dr Gulbanoo Premji, took over as the Chairperson of Western India Vegetable Products and worked to set up the Children’s Orthopaedic Hospital in Bombay.
Mohamedhusain passed away at age 51 and his son Azim H. Premji, a Stanford student at that time, was called home from college to manage the family business. He wanted to grow from a family run business to a brand - oriented company.
In picture: Young Azim Premji
Wipro Limited was incorporated on December 29, 1945, as Western India Vegetable Products Limited. In August 1979, Wipro recruited its first members of the Infotech division. Two months later, Wipro applied for a license to develop, manufacture and market minicomputers.
In 1996, Wipro shifted its base to Bangalore, where they are Headquartered at.
On July 31, 2019, Azim Premji retired as the Executive Chairman of Wipro Limited. ‘Leading Wipro from 1966 till now has been the greatest privilege of my life. It has been an extraordinary journey — growing from being a small vegetable oil company to the diverse global business that we are today. It is the deep commitment and hard work of Wiproites across generations that has helped shape the organization of today,’ he wrote in his last letter.
In 2019, Rishad succeeded the senior Premji as the Chairman of Wipro Limited.
How the WIPRO logo changed over the years?
Currently, WIPRO employs over 2,50,000 employees serving clients across 66 countries.
The Wipro subsidiaries are divided into four different parts which are Wipro Limited, Wipro Consumer Care and Lighting, Wipro Infrastructure Engineering And Wipro GE Medical Systems Limited.
Back to the main article:
Wipro has rolled out a five-year plan for freshers with a detailed salary structure, annual increments3 and bonuses to ensure the new hires have a clear view of the next 5 years of their career if they stay with the Organization.
Annual increments3 are the increase in salary an employee gets at the end of the year based on various factors like their performance, the team's performance, Company's performance in terms of revenue, market conditions, overall economic condition etc.
Apart from that WIPRO, as per this plan, will also try to identify candidates who are moonlighting4 and their engagement with any other business or job before they are offered a job with WIPRO.
Moonlighting4 : The practise of working a second job outside normal business hours is referred to as the act of "Moonlighting". For example, an employee may work a 9-to-5 job as a primary source of income but works in the night at a different job in order to earn extra money.
“We communicated a very clear five-year plan from career and compensation perspective. In the communication in offer letters we said how their salary will progress over the next five years." Saurabh Govil, chief human resources officer, Wipro, said in an interview. [source: mint]
Wipro rolled out this retention strategy as the business is bouncing back post the pandemic period. There were a lot of layoffs across most Companies, resignations due to salary cuts and with employees refusing to come back to Office post the new formed habit of WFH (Work from Home) etc. but now that the Companies are back on a hiring spree, WIPRO, like any other established Company had to offer a lucrative and stable growth options to the new candidates.