Indian IT Workers Face Slower Wage Growth
The dream may be over. Tech workers can expect to see only 8% to 12% salary increases this year instead of the 16% to 20% they've had in the past The great Indian IT dream job has probably lost its cult status. In line with the depressed market conditions and fears of business contraction, wage hikes in IT jobs are expected to be lukewarm, industry sources say. The Indian IT services industry, which was witnessing an average annual wage hike in the range of 16%-20%, is likely to see a compensation increase in the range of 8%-12%. If this happens, it would be the second time in eight years that the industry will see a dip in wage growth rate. The last time when the industry saw lower growth rate in wages was during the dotcom bust in 2001-2002 period. IT jobs, in its golden era, were attractive not just for the fabulous pay package but also stock options, which made many millionaires. Now the scenario is quite different. A recent survey by Hewitt Associates showed that in 2007 the real estate sector led the list with highest salary increase, leaving traditional leaders like IT and BPO way behind.
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