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As certain sectors continue to reel under the pressure of the Covid-19 pandemic with losses piling up and people losing jobs, the tech sector has shown a fast turnaround. Big IT firms and startups are on the urgent lookout for fresh talents as the demand for their products and services soared with various companies exploring the digital route due to the pandemic, a recent survey suggests. Currently, there are many job openings across top tech firms that are willing to hike salaries to retain talent as well as offer huge hikes to expand their talent pool.
Jobs and salary hikes
Xpheno, a specialised staffing firm has released a report that throws light on the current job scenario in the IT sector. According to it, top firms, startups and other companies in the domain are hiring around 70,000 people across just six profiles. These jobs come with a salary hike of 50-60% on an average, compared to the average hike of 20-25% which candidates got last year for work experience in the range of three-eight years. T
The key profiles include Full Stack Developers, React Native Developers, DevOps, Backend Engineers, Machine Learning and Data Engineers.
Two factors
The companies are focusing on two factors right now— offering hikes and promoting the in-house talents. Pay hikes are a great way of retaining employees, in addition to the rest. Top IT companies like TCS, Infosys and Wipro have rolled out a round of lucrative hikes and have made announcements for one more, showing their willingness to spend on talent retention.
TCS had rolled out increments in October 2020 and followed it up with another round of hikes in April 2021. Infosys and Wipro have announced salary hikes which will come into effect later this year. Accenture on the other hand has promoted 1.17 lakh employees, out of which 1,200 will now have the much-coveted managing director roles. HCL had earlier announced that in the coming years, their focus will be on acquiring more fresh talent as compared to lateral entries.