100% hikes, Rs 60 Lakh for 10-year experience—India’s IT talent getting expensive for MNCs
As salaries in the IT sector skyrocket, India's appeal as a source of cheap talent for global MNCs is diminishing. Companies are now increasingly looking at Vietnam, Philippines, and Eastern Europe for hiring
Source | www.timesnownews.com | ET Now Digital
At a time when most workers are grappling with salary cuts and job losses, those in the software industry are facing an entirely different issue. Rising tech salaries in India have made hiring difficult even for global players in the country.
Several global players scouting for highly-skilled talent at relatively cheaper salaries in India are finding it difficult to do so owing to skyrocketing salaries. More companies are reworking their budgets to accommodate the changes in IT marketplace, according to the Economic Times report.
In some cases, salaries are high as Rs 50-60 lakh or $70,000-$80,000 for someone with 10 years of experience. This makes global in-house centres (GICs) of companies in India uncompetitive from an offshoring perspective, said Vinu Nair, managing partner of Antal India, which works with global companies on their India recruitment plans.
Vikram Ahuja, co-founder of Talent500 told ET that companies are offering as much as 50%-100% hike to top talent. This sudden bump up in payouts will make India less attractive for global players which are drawn here for a cheaper workforce. India continues to remain a preferred destination for global recruiters but the recent increase in pay packages have made many re-evaluate their increased dependence on the region, Ahuja added