Salary offers for information technology professionals have falling 30-40%, as per industry executives. This fall is seen from about ₹1 crore per annum a year ago and comes amid global macroeconomic changes and IT sector slowdown, industry executives told Economic Times. The change began a few months ago as some big tech companies have attempted to trim their workforce.
With this, lower pay packers are the new normal after Covid pandemic resulted in a hiring frenzy in 2021-2022, experts told the outlet. Currently, most of the hiring is being done by early-stage startups after series A funding, as per the report, as an expert said, “IT companies have again started hiring but not like previous years...they are treading cautiously when it comes to picking talent.”
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An executive said, “These are mostly CXOs and senior tech talent who have been laid off in the last few months and have worked with large technology organisations as well as startups.”
Where is the cut coming though? To this experts replied that IT professionals are mostly taking a cut on their variables- nearly 30% of the compensation. Vikram Gupta, founder of IvyCap Ventures, was quoted as saying, “A lot of good tech talent is currently in the market at realistic salaries. We are hiring a few such professionals.”
{{/usCountry}}Where is the cut coming though? To this experts replied that IT professionals are mostly taking a cut on their variables- nearly 30% of the compensation. Vikram Gupta, founder of IvyCap Ventures, was quoted as saying, “A lot of good tech talent is currently in the market at realistic salaries. We are hiring a few such professionals.”
{{/usCountry}}Navnit Singh, MD of India at Korn Ferry, said, "A large number of senior tech talent is being picked up by startups."
Pranshu Upadhyay, regional director, head of Michael Page, said, “We are in conversations with candidates who have been laid off and have worked with both big tech companies as well as startups. They are ready to take a cut of up to 30%.”