Startup professionals in India received 8-12 percent salary hike in 2022-23: Report
By Team Newsable | First Published Aug 11, 2023, 10:46 AM ISTIndian startup employees received an average salary increment of 8 to 12 percent during 2022-23, as indicated by a recent report. Factors such as performance, responsibilities, and location played a role in shaping these variations.
A new report revealed that employees within the Indian startup landscape witnessed a noteworthy average salary increase ranging from 8 to 12 percent during the period of 2022-2023. This variation in increments was influenced by factors such as individual and company performance, talent caliber and hierarchy, as well as geographical location.
Elevation Capital, a venture capital firm, shared insights from this report. The findings highlight that employee performance remained a pivotal determinant, carrying a substantial weightage of 50 percent in shaping salary increments. Additionally, factors like taking on increased responsibilities and receiving promotions contributed to approximately 20 percent of the overall salary adjustments.
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In a report, Dipesh Jain, the Assistant Vice President of Talent at Elevation Capital said, "The evolving market dynamics have prompted a recalibration in salary structures, predominantly impacting leadership positions. Notably, interestingly, prospective job seekers exhibit a willingness to exercise patience in pursuit of an optimal job opportunity, rather than compromising on subpar remuneration."
The report further stated that companies responded by either deferring salary hikes or substituting them with fresh stock grants for leadership roles. Particularly for roles at the helm, like CXOs and heads of departments, adopting stock-based increments could be a judicious approach, while concurrently strategizing to reassess the cash element in subsequent quarters.
It is reportedly said that Bengaluru and Hyderabad stood out as key cities offering a robust reservoir of tech talent, commanding a combined share of 72 percent. Nevertheless, startups acknowledged concerns related to attrition rates, recruitment expenses, and skill proficiency as critical factors shaping their decisions.
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The report also underlined that pivotal roles, including Chief of Staff/Founders' Office, Growth, and Finance, were promptly filled among the initial hires within early-stage companies.
It further highlighted that a requirement for tech professionals possessing considerable prior functional proficiency and substantial expertise in addressing intricate challenges. Moreover, the report emphasizes the significance of hands-on experience spanning both startups and multinational corporations (MNCs).
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