IT professionals with niche skills in areas such as artificial intelligence, cybersecurity and block chain are likely to get higher salary hikes than average performers
The year 2019 is going to be lucky for information technology (IT) professionals and aspiring IT graduates.
IT professionals are likely to get better annual increments this year than last time, as well as more job opportunities are expected in the sector owing to growing demand in emerging segments such as machine learning and robotics, according to industry association Nasscom and compensation experts.
Last year, the average salary hike in the IT industry was 6-8 per cent, and Nasscom (National Association of Software and Services Companies) has estimated that there would be increments of 8-10 percent across the IT industry this year.
“Talent in niche technologies may get almost double the increments of an average performer,” ET quoted Sangeeta Gupta, senior vice-president, Nasscom, as saying.
Professional services firm Aon and human resources consulting firm Mercer have also estimated increments of around 10 per cent in the IT sector.
They also echoed the same thoughts that top performers and those with niche skills in areas such as artificial intelligence, cybersecurity and block chain are likely to command higher salary hikes. They estimated that the increments may go up to 20 per cent.
IT sector to create more jobs this year
The IT sector is also likely to see a slight increase in hiring. Gupta of Nasscom told ET that most companies put their hiring plans on hold in 2017-18, but this fiscal year hiring has picked up across the IT sector.
Infosys reportedly hired 55,000 people in the first nine months of this financial year, compared to 44,000 in the entire 2017-18.
In order to retain talent, companies are also apparently using short-term incentives and higher discretionary spends to reward performers and employees with new-age skills.