As confirmed by the latest reports, the pay packages of IT professionals in India have decreased by 30–40% in comparison to a year ago.
The slowdown in the IT sector and global macroeconomic headwinds are blamed for this decline.
Read on to find out all the details!
Lower Pay Packages For IT Professionals After COVID-19
Following the widespread hiring that occurred during the COVID-19 pandemic in 2021–2022, lower pay packages are now the norm.
Following their Series A funding, early-stage startups currently make the majority of their hiring decisions. CXOs and senior tech talent laid off from big tech companies and startups make up the majority of the hiring.
Ratna Gupta, senior partner, at ABC Consultants, an executive search and talent advisory firm, said, “These are mostly CXOs and senior tech talent who have been laid off in the last few months and have worked with large technology organisations as well as startups.”
As per a report by layoffs.fyi, a considerable number of workers have been impacted by layoffs – as of 2024, 157 companies have let go of 39,608 workers.
IT Companies Getting New Contracts Despite Layoffs
As per reports, IT companies are getting new contracts in spite of layoffs.
One instance would be Infosys – following the loss of a $1.5 billion contract, Infosys has recently won two large contracts. One contract is a $300 million, multi-year agreement with Pacific International Lines (PIL), a shipping company based in Singapore. As per reports, the PIL has a 2027 expiration date.
Another example would be Irish food retailer Musgrave. The company signed a second contract to use AI and cloud solutions to automate its IT processes. On January 31, a seven-year contract was signed with Musgrave.
For IT companies, the new contracts represent continued business opportunities.
IT businesses are actively seeking out and seizing new business opportunities in spite of obstacles.
The contracts demonstrate the value of IT solutions across a range of sectors, including retail and shipping.
