IT sector may witness salary hike next year with average increment of 8.6%: Report

COVID-19 instances are decreasing, immunisation is increasing, and in the midst of this, corporations and many businesses are requesting that their staff begin working from home. However, amid the COVID-19 scenario stabilising, there is some positive news for employees.

According to the Deloitte Workforce and Increment Trends Survey 2021, 92 per cent of firms increased pay by an average of 8.0 per cent in 2021, up from 4.4 per cent in 2020, when just 60% of employers increased pay. According to the estimate, "early projections show that the average rise for 2022 is expected to expand to 8.6 per cent with a healing economy and increased confidence."  If this is accurate, increases in 2022 will be comparable to pre-pandemic levels in 2019. A quarter of the companies questioned anticipate double-digit growth in 2022.

Also Read | Infosys to TCS: Here's list of companies ending work from home; is your company in it?

Even the IT industry has made headlines recently for its recruiting binge and pays raises ranging from 120 to 130 per cent. As a result of the economy's speedier recovery, the hiring and salary situation in the IT Sector has improved at an unprecedented rate.

The Information Technology (IT) industry, followed by the Life Sciences sector, is expected to increase the most significant pay. IT is the only industry anticipated to offer double-digit raises, with certain digital / e-commerce businesses intending to offer some of the largest raises. According to the poll, retail, hotels, restaurants, infrastructure, and real estate firms continue to predict some of the lowest increases in accordance with their business characteristics. 

Also Read | Only 25% TCS employees to go back to office? Here's everything about 25-by-25 model

The IT industry has been the most aggressive in analysing employee preferences for an ideal environment. Employees appear to favour a mixed work arrangement in the majority of situations when such a poll was performed (combination of work from home and office, wherever feasible). According to Deloitte's Workforce and Increment Trends Survey, the average India increase in 2021 would be 8.0 per cent, with early projections for 2022 projecting an increment of 8.6 per cent.