A recently released report reveals that the Information Technology and Software industry in India will likely raise the salary of their employees by 120 percent.
How Did This Happen?
The IT and software sectors, including the big IT companies such as TCS, Wipro, Infosys, have suffered from continuous attrition for some months, which is the main reason for this change of attitude.
Therefore, IT firms give salary hikes and bonuses to retain these techies among this attrition. In case of full stack Developers, the IT companies need to get the salary increment, and basically, they need a salary hike between 70 to 120 percent.
Negative Impact Of Attrition
Many of the IT companies in India, including the big firms like TCS, Wipro, have been adversely affected by attrition during the past quarter.
In addition to this, some IT giants plan to reward their knowledgeable employees with bonuses. Similarly, Wipro, a leading IT company, raised its salary percentage.
In addition, it has announced the date on which the salary hike will take effect. Moreover, their workers will receive an increase in wages from September 1st 2022, according to their report. Another IT major, TCS has an idea to hike their employees salary from 5 to 8 percent.
Moreover, the top performers among the company’s workforce will also receive some increments in their pay.