IT sector on hiring spree, offers 120% salary hike as job market rebounds

One-and-a-half year after the COVID pandemic swept the world and India, which went into a lockdown that affected millions of jobs, things are now looking up – especially in the IT sector.

IT giants such as TCS and Infosys are on a hiring spree and offering salary hikes in the range of 70-120 per cent and even bonuses to joinees. This was brough forth in the Indeep Report, which analysed the impact of the pandemic on India’s job market, and concluded that the demand for IT professionals has risen as much as 400 per cent.

Not just the IT sector, most of India Inc is looking to hire as economies open up and people move back to offices. This is in contrast to June 2020, when hiring nosedived by 50 per cent.

The report noted that the demand for niche and super niche skills-centric jobs is witnessing a surge, as well as that for skilled technical profiles like those of Application Developer, Lead Consultant, Salesforce Developer and Site Reliability Engineer, which grew 150-300 per cent. They have become the most sought-after jobs this year.

And it’s not just jobs that are opening up, but companies are also offering higher pay packages in comparison to the previous year. For instance, full-time engineers are being offered salary hikes as much as 120 per cent while last year the figure was in the range of 20-30 per cent.

This means the total wage bill for the entire IT sector is going to go up by $1.6-1.7 billion in FY22, the report says.

Tata Consultancy Services announced recently that it has started a recruitment drive for women professionals, especially those looking for job opportunities after a career gap.

Also read: COVID-triggered job uncertainty drives record investment in Atal Pension Yojana