Salary Hikes based only on Upskilling-Wipro announces

A recent announcement by the tech giant WIPRO states that future salary hikes for its employees would be based on their efforts to upskill and reskill themselves. Employees will no longer be hired with a straight 30 percent pay raise, however, those possessing niche skills like generative AI and cybersecurity will receive a premium.

There is a growing trend in many organizations where employee hikes are being driven by upskilling, reskilling, and training. Research studies indicate that such initiatives provide a win-win situation for both the organization and its employees.

According to a McKinsey report on retraining and reskilling workers in the age of automation, 82 percent of executives at companies with more than $100 million in annual revenues believe that upskilling and reskilling is the answer to addressing the skills gap. Statista also reports that employee satisfaction scores have increased by about 43 percent with upskilling and reskilling training. As the usage of AI and big data takes the lead in industries, it has become important to train employees in the usage of these technological advancements.

In case you would like to understand this growing trend and its implications, happy to connect you with senior management faculty at top B-Schools as well as technology and business experts from career advancement/tech companies.