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India Technology Services Compensation Benchmarking Survey Findings: 2021

October 7, 2021 4134 0 BPM IT Services

India Technology Services Compensation Benchmarking Survey Findings: 2021

Need for Digital Acceleration coupled with emergence of an unprecedented market-wide demand for capabilities in niche technologies has driven up the pressure on effective Talent Strategy & Management practices

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  • In order to thrive and grow in this quick paced environment, organizations need to progressively adopt technology, enable inflow of freelancing talent and create new ways of working and managing remote teams.
  • There is a requirement to prepare robust infrastructure support for regular Work from Home (WFH) / remote working options in the future
  • Need of the hour is to evolve talent practices which motivate, engage, support and retain a dispersed workforce 
  • Pre-empt the demand for new skills like Cloud & Big Data in order to support business activity
  • Adoption of multi-faceted approach to what really matters to employees

‘Pay’ remains a Primary Attraction

  • Salary hikes in the technology services sector resilient to the impact of Covid-19. The average increments offered in 2021 in the sector were close to 8.8%.
  • Differentiation in pay for the ‘skill’
  • Bonus stays crucial for employees

‘Greater’ Employee Benefits

  • Close to 60% organizations have introduced or modified their benefits
  • Increase in perceived value of benefits
  • Introduction of new benefits for new ways of working including mental wellbeing for remote engagement

Talent Wars

  • Attrition increases with the opening of job market
  • Hiring for the right skill a key challenge
  • Sharper hikes for acquiring skilled talent

Dynamics of the Workforce

  • Women in workforce steadily increase on the back of concerted efforts
  • Progressive changes in recruitment practice and culture building

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