Reason: Most companies are chasing a limited number of tech experts with digital skills, sending soaring rates through the roof in Hyderabad’s IT and ITeS sector.
According to industry experts, prices that were hovering in the 10-15% range before the pandemic hit last year have now reached the level of 20-25% and have gone up to 30% in some companies.
This means that IT companies are offering salaries that are at least 50% or more as compared to the 25-30% hike that was given earlier on changing jobs, said a top executive of an IT company. said.
“Digital technologies are growing very fast, which is driving the demand for talent with digital skills. Moreover, people are working from home and if they have any feeling of discomfort or uncertainty then they keep on looking for jobs as job and salary offers are also increasing,” said Hyderabad Software Enterprises Association.heisea) President Bharani Kumar Arolo.
Arol also pointed out that there is such a demand for talent that people with the right skills have multiple job offers at any given time.
Agreed, Vinay Agarwal, VP-HR, Tech MahindraSaid that there is such an unprecedented demand for certain critical digital skills that techies with these skills are actually enjoying window shopping as they are aggressively attracted by multiple companies.
“With the post-pandemic acceleration of digital transformation, cloud adoption has emerged as a major driver of demand for IT spending and talent. Companies in the cloud space are hiring heavily for their data centers. On the application development side, since digital was the only way for all companies to reach their customers, that also created a huge demand for digital skills,” explained Agarwal.
“All the innovations have also fueled the startup culture and with a lot of funding chasing startups, they are also making huge monetary offerings to people with the necessary skills,” he added.
v Laxmikant, on former chairman of the National GCC Council NASSCOM, said there has been a huge increase in demand in the last six months as there was an increase in the last year and a half, but no actual recruitment was taking place.
“Everyone has accelerated their digital journey as remote working has changed the way most organizations work. So suddenly we are seeing demand for people with digital skills enabling technology like Cloud, DevOps, AI and ML and software engineering,” Laxmikant said.
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