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India Technology Industry Compensation Benchmarking Survey Findings: 2022

September 9, 2022 3873 1 Future of work

India Technology Industry Compensation Benchmarking Survey Findings: 2022

The findings presented in this report are based on an Technology compensation benchmarking survey conducted by Deloitte and supported by NASSCOM. The report covers India-specific insights on critical emerging trends with respect to industry wide rewards & compensation, skill development & retention, inclusivity & diversity, flexible workplace, state of hiring, talent imperatives and other HR strategies

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Key Highlights

Trends causing industry wide expansion

  • Changing Talent Strategy: The focus is on optimizing best practices by seeking domain expertise and experienced employees
  • Total Rewards as Key Focus: Total Rewards continue to be the most significant motivating factor
  • Tackling Rising Attrition: With increasing demand there’s higher attrition of employees with domain expertise, focus on retention of existing talent by altering current policies
  • Hybrid Model Impact: Majority organizations have introduced ‘hybrid’ benefits – workcations, special allowances etc.

Compensation Trends:

  • While salary increments in 2021 increased sharply after the slow- down in 2020, increments in 2022 remain closer to the 2021 average
  • Most organizations are expected to continue differentiation in increments by Levels of Management with higher increments at lower levels
  • Bonuses across different sub-sectors in the tech industry continues to inch forward

Workplace Trends

  • The New Normal consists of Hybrid Work Models with sophisticated remote work policies and focus on the impact on employee productivity
  • With emerging Hybrid Work Models, HR practices like traditional hiring process has been completely reformed post pandemic
  • High focus on increasing flexibility for employees through monetary and non-monetary offerings
  • Organizations are moving towards building a culture of Diversity, Equity and Inclusion

Hiring & Skill development Trends

  • Organizations have increased focus on hiring from campuses with mid-sized organizations also increasing focus on hiring fresh talent
  • Organizations are strategically leveraging monetary and non-monetary instruments which indicate high correlation with retention of key talent with a focus on L&D to build long term capabilities
  • With a positive impact on retention observed from L&D investments, companies are planning for short term and long-term Skill Supply

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