NEW DELHI: Rising attrition, which is a worry for employers, could be a piece of good news for freshers who are likely to see a hike in their salaries, according to employment consultancies that track corporate hiring trends. HCL has already started the trend, by revising salaries for entry-level engineers to 4.25 lakh this year from 3.65 lakh, and other Indian companies, particularly in IT, may follow suit.
IT, healthcare and tech startups will incur an outlay of nearly Rs 8-Rs 12 lakh to rope in freshers for a wide variety of skill-based roles across the country, according to Randstad’s salary trends. Yeshab Giri, chief commercial officer – Staffing & Randstad Technologies, Randstad India, says, “According to industry leaders, the IT industry is expected to witness a hike of up to 60% in salaries for professionals ranging between Rs 5- 7.50 lakh per annum in comparison to 2021.”
“It is interesting to note that an average job seeker holds more than one job offer before taking a decision causing IT companies to offer incentives like ESOPs and travel packages to attract the young workers,” Giri said. Many companies are now looking to revisit their compensation structures to retain top talent and prevent job-hopping, say, industry watchers. An industry source has mentioned that another IT giant TCS is also planning to hike salaries for entry-level professionals.
Noting that the IT sector added 138,000 people in 2021 and the top 5 Indian IT companies plan to add nearly 2 lakh freshers in FY22, Sunil C, head - specialized staffing - TeamLease Digital, says most of the IT companies have given a minimum of 15% hike. “Campus hiring has seen a rise in salary from Rs 3.5 lakh to Rs 4.25 lakh. However, salaries have not grown for ed-tech-related job roles,” he said.