After delayed hiring, layoffs, and late onboarding, employees at information technology (IT) services are staring at salary hikes in the range of low, mid to higher single digits this financial year (2024/FY25). Experts shared that the average salary hike among the top five IT firms will be in the range of 5.5 per cent to 8 per cent.
"We have been hearing that average hikes among top-tier firms will be 7-8 per cent. Of course, top performers will continue to see double-digit hikes ranging from 12-18 per cent," said Neeti Sharma, chief executive officer (CEO) of TeamLease Digital.
Even a moderate salary hike reflects the demand scenario in the IT industry. For comparison, the 12-month period ending June 2023 saw a 12.4 per cent revenue growth and a 14.2 per cent increase in compensation costs. The 12-month period ending June 2022 recorded a 19.2 per cent revenue growth and a 24.3 per cent increase in compensation costs, according to data from Xpheno, a specialist staffing firm.
This story is from the September 19, 2024 edition of Business Standard.
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This story is from the September 19, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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