IT firms move in slow track on hiring & wages
Salaries in the IT sector continue to stagnate as attrition rates continue to fall along with discretionary spends by clients. “The small increase in the average package has nothing to do with domestic IT companies, it’s the doing of the Global Capability Centres (GCCs) who hired aggressively and paid huge premiums,” a top-executive at a staffing company said.
“The current dip in packages represents corrective action by organisations as they realised the correct metrics,” stated Pasupathi, chief operating officer at HirePro. “During the pandemic, companies experienced substantial expansion, leading to excessive hiring and increased wages. Therefore, what we are currently witnessing in the job market is essentially the repercussions of COVID,” he added.