100% Hikes—India's IT Talent Getting Expensive For MNCs
When most workers are grappling with salary cuts and job losses, those in the IT industry are facing an entirely different issue. Rising tech salaries in India have made hiring difficult even for global players in the country.
Due to skyrocketing salaries, several global players scouting for talent at relatively cheaper wages in India are finding it difficult to do so. More companies are reworking their budgets to accommodate the changes in the IT marketplace as per the Economic Times report.
In some cases, salaries are high as Rs 50-60 lakh 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 that works with global companies on their India recruitment plans.
Vikram Ahuja, the co-founder of Talent 500, told ET that companies are offering as much as a 50%-100% hike to top talent. This sudden bump in payouts will make India less attractive for global players, drawn from the draw here for a cheaper workforce.
India remains a preferred destination for global recruiters, but the recent increase in pay packages has made many re-evaluate their increased dependence on the region, Ahuja added.
Global companies are seen balancing their India talent pool with other regions. Poland, Vietnam, the Philippines and Ukraine are fast coming up as alternate destinations for hiring global IT companies.