IT Employees Getting Upto 70% Salary Hike On Switching Jobs; 25% Staff Can Quit Their Existing Firms By 2021-End
The information technology industry in the country is witnessing a revolutionary shift, in terms of demand for new-age digital skills.
In addition to increasing attrition rates in some of the most coveted IT giants in the country, job-seekers today are negotiating simultaneously with three to four companies at an average, for better salary offers.
Furthermore, such employees are also being presented with over 50-70% joining hikes, given the increasing demand for niche digital skills and not enough supply, catalysed by the Covid-19 pandemic.
Big Bucks for Skilled IT JobSeekers
Trak.in on Wednesday, informed its readers that the current financial year would see on campus hirings for fresh graduates by IT giants TCS, Infosys and Wipro, to a degree of over 75,000.
By the second quarter of FY21, the tech industries in the country revived from the lashes of the Covid-19 pandemic, and witnessed a heightened and complete shift of businesses online.
If anything, the pandemic has sped up the process of increasing demands for skilled techies excelling at niche digital skills, to an extent that companies are willing to pay heavily for these positions.
Yeshab Giri, Director of Randstad India says, “Covid has opened up IT in a big way. There are so many opportunities on the digital side. Now, everyone is willing to pay big bucks for good IT talent because the demand is huge and supply is less”.
Profiles Attracting Meatier Salaries
The IT sector has been moving forth with an increasing momentum, coupled with increasing attrition rates.
Top tier IT companies are in a race to procure the best talent, thereby providing hefty salary packages, bonuses, and employee perks.
“Hiring in the IT sector is at its peak and candidates are getting exorbitant offers and better roles across the industry”, says ABC Consulting’s senior director (technology) Ratna Gupta.
Some of the most attractive digital skills in high demand today include big data, Internet of Things, DevOps, cloud engineers, data science, cybersecurity, artificial intelligence, machine learning, cloud computing, digital transformation and automation and Full stack developers.
These skillsets are attracting 50-70% salary hikes, informs Giri.
Bengaluru-based tech giant Infosys will give its next round of salary hike in July 2021. This will be the company’s second round of salary hike in six months, with the first hike effective January 1, 2021.
The hike represents the company’s improvement in business and consequent attrition rates.
Hiring at its Peak: Top IT Cos to Hire 1 Lakh+ Freshers in FY22
In addition to the peak high attrition rates recorded in the last quarter of FY21, about 40-50% job seekers are dropping down the offer.
“For every 10 job offers made, 4-5 of them are turning down the offer. This is quite high and difficult for both us and the companies we recruit for to manage hiring”, adds Giri.
Companies have informed that attrition rates will further increase or remain relatively high in the ongoing financial year too.
According to Business Today, TCS, Infosys, Wipro and HCL Tech will hire more than 1 lakh freshers cumulatively in 2021-22.