Salary hikes of major IT companies take a back seat amid weak demand
Gender Pay Gap: It’s Real
October 11, 2023
Adapting to talent acquisition challenges in the EV boom
October 17, 2023
Salary hikes at information technology (IT) companies have taken a back seat due to a slowdown in demand triggered by delayed decision-making by clients and reductions in discretionary spending. Some companies have deferred payments, while others have stalled them altogether.
Human resources (HR) experts said salary hikes would be restrained this year due to a muted industry outlook and demand-supply issues.
“Some companies might even choose not to give any hikes, while others may offer very minimal increments. This adjustment is a direct response to the prevailing supply and demand dynamics. In 2021-22, companies responded to high talent demand by offering substantially higher salary increments, which are now being streamlined,” said Anshuman Das, chief executive officer (CEO) and co-founder of leading recruitment firm Careernet.
