Indian tech industry is expected to give salary hikes in the range of 60-120% in 2022 in order to retain talent with niche technology skills amid high attrition levels in the sector.
High-skilled workers in the tech space such as fullstack engineers, data scientists, data engineers and backend engineers, continue to be in heavy demand, according to recruitment firm Xpheno.
As companies jostle to retain top talent with niche skills, the bargaining power for salaries continues to rest with the workers. Those with niche skills are in high demand across enterprises and will continue to see a sharp rise in valuation and remuneration changes, Kamal Karanth, co-founder of Xpheno told Economic Times.
This demand is likely to continue in 2022 as well until companies create an organic work pool which is likely to take at least 6-8 quarters, he added.
“The demand for digital talent will remain for sure, as more GCCs (Global Capability Centres) are lined up to set shop, more startups are getting funded, and IT services companies are winning more deals. The demand pipeline for digital talent is healthy and seen enlarging as we step into 2022 and kickstart the closing quarter for the current fiscal year,” Karanth further added.
Newly-funded startups are expected to churn out offers, ranging from 15-120% depending on skills and role on offer. The hike offered by incumbent IT services companies and GCCs is expected to be relatively modest at 5-14% for same skills.
While demand for these skills will remain high, other newer skills are likely to gain traction in 2022.
Those with Artificial Intelligence, Cloud, security, and engineering skills are likely to see high interest from employers given recent investments in the areas, Vijay Sivaram, CEO of Quess IT Staffing told the business daily.
Demand for people with skills in new technology trends such as Metaverse, data fabric, cybersecurity mesh, privacy-enhancing com- putation, cloud-native platforms, and hyper-automation is expected to be high next year, he further added.
