The global recession and the irregularities in the jobs market has been leaving the tech community restless. In a new development, it is heard that IT giant Wipro is on the verge of firing hundreds of their mid-level employees to improve the profit margin of the company.
Wipro currently has the lowest profit margin for the top 4 IT companies in India. In the last quarter of 2023, the company recorded 16% profit margin which is the lowest amongst the big 4 of the Indian IT sector with TCS, HCL and Infosys all making over 19.8%.
Wipro now plans to fire hundreds of its employees, mainly at onsite locations in an effort to boost the profit margin of the company.
The tech giant is underperforming when compared to its peers and the plausible solution that the top leadership had come up with is to let go of the mid-level employees while holding on to the talented entry-level workforce and the skilled upper leadership.
A top representative of the company commented “it is a critical part of the strategy” to progress ahead in the tough market.
