Recession or no recession, Indian IT sector is definitely not debating about salary hikes. There will definitely be salary raises after the appraisal cycle is completed for most companies but the golden question is how much will be the salary hike.
Unlike the last slowdown when mass layoffs where happening companies were not worried about retention etc because candidates were not leaving stable jobs in unstable environment. Somehow we at forstaffing.com are not seeing that trend this time around. There is slowdown on new hires as such but job seekers are still looking for better opportunity and better pay scale. Funded startups are also hiring very aggressively and hence pushing the pay scale a bit.
As per survey by Hewitt, Salary raises this fiscal for IT industry will be around 12% on an average. Even Nasscom predicts the salary hike will be in the range of 8 to 10%. However, experienced top tear candidates can expect upto 15 to 20% raise as well. There is no denying that salary hike for individuals depends on demand of your skill set is and your performance in the company.
So it’s a mixed bag and there might not be something in it for everyone. During slowdown days there are typically very small overall hikes and top performers gain the most during such time. Slowdown or not, keep your knowledge updated. Be open to take new challenges and you will always be in the top 10% who get the maximum salary hike.
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