Salary hikes and bonuses start to come down for Indian IT services sector

FY24 hikes will stay at lower levels than the spike seen in FY22 and 23

salary, salary hike
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Experts also point out that this could well go into FY24, provided there is no significant spike in demand

Shivani Shinde Mumbai
The crazy salary hikes and bonuses with attrition hitting the roof is finally tempering down for the Indian IT services sector. This corresponds with the fall in hiring among the big four IT services players. HR experts believe that the compensation packages are already down and will stay at these levels even for FY24.

According to data from Xpheno, a specialist staffing firm, IT Services cohort has registered a 41% drop in hiring action since April 2022. Tech startups have slowed down their hiring by 63% and the Software products cohort has dropped hiring action by 58%. This overall drop

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First Published: Oct 20 2022 | 6:40 AM IST

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