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India Technology Industry Compensation Benchmarking Survey Findings: 2024

November 25, 2024 48 0 Future of work nasscom insights

India Technology Industry Compensation Benchmarking Survey Findings: 2024

The findings presented in this report are based on Technology compensation benchmarking survey conducted by Deloitte and supported by Nasscom. The report covers insights on salary increase trends & projections, attrition, differentiated benefits, niche skills and associated premiums, and other industry trends.

Key Highlights

  • Industry-Wide Attrition Trends
    • Attrition rates have decreased significantly in 2024 compared to 2023.
    • Leading retention strategies in 2024 include: Enhanced employee engagement and wellbeing initiatives, Job Rotation opportunities

 

  • Total Rewards Trends
    • Average salary increments dropped this year for the Tech & BPM industry.
    • Bonuses are projected to decline further in FY2025, with variations based on levels of management
    • High-performing employees continue to be disproportionately rewarded, with payouts ranging from 1.6x to 1.8x that of average performers

 

  • Skills based work
    • Demand for niche skills remains robust, driven by advancements in AI/ML, Predictive Modeling and Cloud Computing amongst others
    • Some of these niche roles requiring specialized skills are commanding premium

 

  • Campus Hiring Practices
    • Companies are prioritizing Strategic Thinking, Financial Management, and Project Management capabilities when hiring Engineering and Management graduates
    • Pay-mix for campus recruits is being adjusted to include greater emphasis on variable pay
    • To mitigate infant attrition, organizations are increasingly offering joining bonuses tied to a 2-year clawback

 

  • Way Forward
    • The tech industry is intensifying efforts to engage Millennials and Gen Z through differentiated benefits, including Unlimited sick leave, pet leave, fitness memberships, burnout assessments, and adaptive office designs
    • The representation of women across levels and functions continue to dwindle. A decline at the junior professional level highlights the need to focus on barriers to entry

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