IT major Wipro is planning to lay off hundreds of its employees as part of its plans to improve the company's margins.
Wipro posted an 11.74 per cent decline in its consolidated net profit to Rs 2,694.2 crore in the third quarter ended December 31, 2023. The consolidated revenue from operations of Wipro also fell 4.4 per cent to Rs 22,205.1 crore during the December quarter as against Rs 23,229 crore a year ago.
According to an Economic Times report, a source said hundreds of mid-level executives onsite are being let go.
“They have very expensive resources onsite in Capco, and even though the growth is coming back, it is not enough. Aparna (Wipro chief financial officer Aparna Iyer) has been tasked with showing better margins this quarter,” the source was quoted as saying.
Another source said that the lay-off is part of the company's ‘Left- Shift’ strategy. "The work of a level III employee is shifted to a level II employee, who is given appropriate tools. A level I employee does the level 2 work, and the idea is that the work of a Level 1 employee is automated,” another source said, according to the business portal.
A company spokesperson told ET that aligning Wipro's business and talent to the changing market environment is a critical part of the company's strategy as it looks to build a resilient, agile, and high-performance organisation.
