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120% Salary Hike, Bonus to Joinees. Know Why

With the onset of this pandemic in 2020, many sectors bore the brunt, so much so, many sectors carried out massive layoffs but now we are over 1.5 years after this pandemic, some good news from some sectors have started pouring in. According to experts when we are staring at the possibility of the third wave, it seems India Inc is gradually coming out from the cautious mode and are aggressively hiring the young talent and giving increments to their employees- thanks to the technology transformation necessitated by this tiny virus. Even a simple job search on Linked In will give you an idea about the recovery reported in the various sectors in terms of the job vacancies.

According to the Indeep Report, which effectively analysed the impact of the Pandemic on India’s job market. The report concluded that the demand for IT professionals has risen as much as 400 per cent.  At the outset of the pandemic in 2020, corporations, sectors and institutions embraced a wait and watch style of functioning which was necessitated by the immense uncertainty induced by this pandemic. In June 2020, just a few months ahead of a peak during the first wave of infection,  hiring nosedived by 50 per cent. Along with record tech job vacancies, requirements for niche and super niche skills centric jobs are also witnessing a sharp spike. The demand for skilled technical job roles like Application Developer, Lead Consultant, Salesforce Developer and Site Reliability Engineer grew between 150-300 per cent, becoming the top sought after roles as of January 2020 to February 2021. 

The positive news is not confined only to the hiring part but the organisations are offering higher pay packages in comparison to previous year. So, companies are giving more and the candidates are expecting more now. The report also threw light on the salary hike expectations in case full-stack engineers, the companies are offering hikes  in the range of 70-120 percent. Which is unusual and is far more than what was being offered last year. Till last, the conversation regarding hike was revolving around 20-30 per cent.

IT services major Tata Consultancy Services (TCS) recently announced that it has started its biggest recruitment drive for women professionals who are looking for job opportunities after a career gap. The tech behemoth has said, “Talent and Potential will always remain, and Rebegin is an opportunity for talented experienced women professionals to inspire, reinvent and challenge themselves to make a mark.” TCS, Infosys, Wipro and other big tech giants are aggressively hiring candidates across India.

This means that the total wage bill for the entire IT sector is going to go up by $1.6-1.7 billion in FY22. It is a golden time for employees with the right skills who are looking for a new job and want to get a good salary. Also for cities where the IT ecosystem is based like Bangalore, Hyderabad, Chennai, it means a booming real estate market and good discretionary consumption overall.

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