If you have these digital skills, then you can expect a double digit salary hike next year
- There is a severe war of talent in the IT industry as hiring for the right skill is still a key challenge for the companies.
- A report by Deloitte highlights that the companies are offering major salary hikes and increments to employees who possess the required skill set.
- The average salary hike given to employees in 2020 was 8.8%, however, this percentage is expected to go up to 9-11% in 2022, as per the report.
AdvertisementAccording to the India Technology Services Compensation Benchmark report by Deloitte and NASSCOM, about 91% of information technology (IT) organisations have resumed hiring at the same pace as they used to hire in pre-COVID times.
But there is a severe war of talent in the IT industry as hiring for the right skill is still a key challenge for the companies. Companies are no longer looking for functional experts alone. The need of the hour is a workforce that understands and adapts to technology in all shapes and forms across areas of business, says the report.
The report further highlights that the companies are offering major salary hikes and increments to employees who possess the required skill set. As the year progresses, firms are proposing to increase their increments for the next year.
The average salary hike given to employees in 2020 was 8.8%, however, this percentage is expected to go up to 9-11% in 2022, as per the report. Double-digit increment is expected in many sub-segments of the sector.
For example, if an increment given to an average performance is X, the degree of differentiation in increment given to the top performers can range upto 1.7X or 1.8X.
The percentage of companies that have already given or are planning to give performance bonuses has increased from 72% to 94% in the last two quarters (April to September) this year.
These are some premium skills which are expected to give a pay rise next year:
|Increment percentage (%)
|Robotic Process Automation (RPA)
|Search Engine Optimisation/Marketing
According to the report, blockchain has the maximum potential skill set, which can attract an increment ranging between 20-22%, followed by artificial intelligence and cyber security with 19-22% and 18-20% respectively.
Search Engine Optimisation/Marketing (SEO/SEM), mobile platforms and cloud computing -- these skills may offer the least percentage of increment in the upcoming years ranging between 14-16%, 12-15% respectively.
Canva launches video editing suite with customisable templates, scene-based editing and more
Elon Musk’s puppy, a new strategy to burn tokens, and altcoins playing catch up — the perfect storm for cryptocurrency Shiba Inu to skyrocket
Popular on BI
- Too many regulatory guardrails could impede growth rate: Uday Kotak
- Fair trade regulator CCI to shortly commence market study on AI
- New trailer of Chris Pratt, Samuel Jackson's 'The Garfield Movie' unveiled
- Lindsay Lohan and Jamie Lee Curtis to return for 'Freaky Friday' sequel
- Electric two-wheeler sales grow by 24% in February 2024, Ola Electric leads with over 40% market share