The techies in the country have a reason to rejoice. Owing to the surge in demand for IT seen globally, firms across the country are being generous with the salary increments this year.
The Times of India reports that the average increments this year would be in the 12 to 15 percent rage, with people in the specialized areas expected to get up to 20 percent or more. This is in stark contrast to the salary cuts or low hikes seen over the last few years.
According to recruiters, the top technology firms in the country — TCS, Wipro, Infosys, HCL and Cognizant are considering a 10 to 15 percent hike on average this year. The industry has already seen a rise in the fresher salaries/stipends by 10 to 15 percent compared to last year, with hires from premier educations institutions seeing close to 20 percent increases.
C Mahalingam, Sr. VP and HR head at Symphony Services reasons that there has been a significant improvement for the IT companies over the last few months. “Markets are warming up. Customer rates are improving. There is also tension in the talent demand-supply scenario. All these will have a positive impact on increments this year,” he added.
Wipro, one of the country’s biggest tech firms has just started its appraisal process, which is set to the completed by May. Increments, which will be effective June 1st, are expected to be in the 12-15 percent range and are to be announced in June or July.