Now season started for the getting the appraisal and everyone is looking for good hike this time, after a long recession and salary cuts before, its time to get salary hike.
Moreover, Employers are also looking for to pay good hike this year for Techy guys. The surge in demand for IT globally and rising customer confidence have substantially increased the demand for people. A quick check done found that average increments would be in the 12-15 %. People have specialized areas, like the products or expertise in some specifications, are expected to get up to 20% or many more. Technical guys have hit the jackpot and can attain the best from the employers now a days.
Fresher salaries or stipends are already up by 10-15 % as compared to last year hike details. Hiring from premier educational institutions have got 15-20 % increases this year. Recruiters say the country’s top tech firms – TCS, HCL,Wipro, and Infosys – are setup to pay 10-15% average hike.
Wipro has just started its appraisal process. An e-mail to employees on Wednesday said the process would be completed by May. Increments are expected to be announced in June-July, and will be effective June 1. Sources in the company said increments would be in the 12-15% range, against 8-12% last year.
C Mahalingam, senior V-P and HR head in Symphony Services, said the situation had improved significantly for IT companies. “Markets are warming up. Customer rates are improving. There is also tension in the talent demand-supply scenario. All these will have a positive impact on increments this year,” he said.
Roy Joseph, head of HR in the technology product development and sourcing of Mahindra & Mahindra, said that with the economy rebounding quicker that expected, there is additional pressure on retaining the best talent. “There is limited supply of quality talent. That means a scramble for good people. Ultimately, what prompts good talent to remain where they are is the remuneration.”
Mahalingam said that people with 3-8 years of experience have become particularly hot property. That’s because business has increased rapidly and has not given enough time for companies to train freshers to deal with these orders. However, increments will remain lower than what they were in the years immediately preceding the global recession. Companies are cautious about the global economic outlook, given the sluggish recoveries in western markets and the problems in Japan and West Asia. Salary hikes this year will reflect that caution.