IT Professionals Demand Up to 70% Hike For Switching Jobs, Turning Down Several Offers

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As companies rush to transform their businesses to go digital, IT professionals are in for a bonanza. Spoilt for choice, IT services executives are cherrypicking jobs and demanding up to 70% hike for switching jobs and in the switching process, they are rejecting several offers.

The Economic Times citing recruiting firms such as TeamLease, ABC Consultants, Quess, Taggd and Randstad mentioned in a report that IT professionals are demanding as much as 50-70% hike while switching jobs, compared to 15-30% before Covid-19. 

There is huge demand for IT professionals having experience in areas such as SaaS (software as a service), edtech, health-tech, gaming, artificial intelligence, machine learning, automation, digital transformation, blockchain and cybersecurity. So these professionals are demanding significant hike while switching jobs, said, industry experts.

“It is a war for digital talent as corporates of all sizes are transforming businesses to go digital…this has got accelerated by the pandemic,” the financial daily quoted as saying Nasscom senior vice-president Sangeeta Gupta.

Fiscal first-quarter numbers revealed by the country’s largest IT firm, Tata Consultancy Services, are an indication of this high demand. The company added 20,409 new employees during April-June, its highest ever net headcount addition in a quarter.

Other IT services companies like Capgemini, Genpact and Publicis Sapient that the publication spoke to are also looking at ramping up hiring in the coming months.

Capgemini, which has more than 125,000 employees in India, is hiring professionals in areas like cloud, digital, cybersecurity, AI, Internet of Things solutions, edge computing and 5G engineering skills, data management, SAP, Java, Microsoft, Testing and Oracle, Anil Kumar Singh, India talent acquisition head, Capgemini, told ET.

At Genpact that employs over 90,000 globally, people with cloud programming skills are in high demand, said Akhilesh Nair, its global hiring leader.

Publicis Sapient is looking for talent to build teams across strategy, product, experience, engineering and data. “In particular, we see heavy demand for big data engineers, product managers and especially full-stack developers,” the business daily quoted as saying Preeti Gogoi Ravat, senior director, talent acquisition.

Recruitment firm Randstad India is currently busy helping a logistics multinational get a candidate with over four years of experience in software development and drawing an annual salary of Rs 15 lakh. While the company offered a 47% hike, the shortlisted candidate got a counteroffer of Rs 25 lakh from his current employer, a product company.

“Our client had to counter with an offer of Rs 27 LPA (lakh per annum), and then he joined. So, it’s a journey from Rs 15 LPA to Rs 27 LPA (80% hike),” Yeshab Giri, director, Staffing & Randstad Technologies at Randstad India told the publication.

More than two dozen such cases have come up at Randstad over the last couple of months, where candidates are inundated with offers and counteroffers. The same is the story across other recruitment and staffing firms like TeamLease Services, ABC Consultants, Quess and Taggd (PeopleStrong recruitment brand).

Employees in the IT sector are taking full advantage of the situation. Many are waiting it out for over 50% hikes. Rituparna Chakraborty, cofounder of TeamLease, pegs the current hikes for candidates in the IT services domain even higher, over 70%, while switching jobs. “Hiring in the IT sector is at its peak and candidates are getting exorbitant offers and better roles across the industry,” she said.

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