It will be a good year in terms of increments for professionals in the information technology (IT) sector. The average salary increment across the sector is expected to be 8 to 10 per cent, but the top performers and those possessing niche skills in artificial intelligence (AI), cybersecurity and block chain can look forward to double digit increments, of up to 20 per cent.
According to the National Association of Software and Services Companies (NASSCOM), the demand for talent is also set to grow in the emerging areas, such as machine learning (ML) and robotics.
While last year the maximum hike was 8 per cent, this year, according to compensation experts, the salaries will see an average hike of 8 to 10 per cent, with the niche talent getting double-digit hikes.
According to the projections made by professional services company, Aon in June 2018, the IT sector was to witness a salary hike of 9.8 per cent this year. The positive outlook is sure to reflect in Aon’s final projections very soon, where the hike is expected to be about 10 per cent.
HR consulting company, Mercer, also estimates that the hikes in the IT sector will be about 10 per cent.
With businesses progressing and focusing more on automation, analytics and cloud deployment, the sector will also be hiring more professionals in these areas.
Last year hiring had been put on hold by many companies, but this year hiring will be renewed feel experts, as there has been an increase in worldwide demand for qualified engineers, and India is considered a major hub for engineering talent. Also, the professionals in India as well as students are updating their skills in terms of AI and machine learning (ML) to be future ready.
Most organisations are offering incentives, knowledge upgradation and rewards to retain their niche talent.
Research by Willis Towers Watson reveals that employers are willing to set aside as much as 40 per cent of their budget for their top talent. The research says that increment is pegged at 12 per cent to 20 per cent for the niche talent.
