New Delhi: IT companies are paying up to 70% hike along with retention bonus to hold on to staff with expertise in digital technologies like robotics, machine learning, cognitive tools, artificial intelligence, block chain, augmented reality, said an Economic Times report.
“Emerging tech talent is currently at a premium due to short supply. We have given retention bonuses this year to this talent pool and would continue to do so till the pool is abundant,” Saurabh Govil, chief human resources officer at Wipro, told ET.
Arun Das Mahapatra, chairman of executive search firm Heidrick & Struggles India told the publication at the junior level, companies are ready to give raises of as much as 70% to retain staff. At the top, the salaries of such talent range from Rs 2 crore to Rs 4 crore per annum without variables, he added.
“At the mid level, the salaries range anywhere around Rs 30 lakh to Rs 50 lakh per annum. Hikes are more prominent at the junior and mid levels,” the publication quoted Ashish Sanganaria, a partner at Transearch as saying.
The retention bonus is equivalent to 1 to 3 months of annual salary, depending on experience, Sanganaria said.
Satish Jeyaraman, vice president of human resources at Cognizant told ET that the IT company used retention bonuses to hold on to employees with new digital skills in 2018. "We paid it to approximately 40,000 employees up to the manager level," he said.
At Cognizant, employees working on critical projects or know/contribute in a foreign language also receive a business allowance, the publication mentioned.
Demand for automation has proved to be a blessing in disguise for the IT sector, which had slowed down over the past few years.
“Companies are guarding their top talent closely and are using analytics and other methodologies to pre-empt the loss of a high-potential employee, much before that resignation letter comes in,” Ratna Gupta, a director at ABC told ET.
According to the report, for every 100 openings for roles in emerging technologies, just 30 candidates are there.
- Why are solar panels so inefficient
- Do you think smart men are creepy
- What is the use of a transistor
- Is LTCE is good for mechanical engineering
- Did you enjoy physical education in school
- What is uint64_t
- How do you mark up a screenshot
- Can oranges make you sick
- What are some examples of assets
- Where do entrepreneurs hang out in Bangalore
- How religious are the Indonesian people
- What ended Lal Krishna Advanis political career
- Do you guys have sliding patio doors
- Do kids need a passport
- What is the meaning of signal 100
- What are hostel facilities in NIT Rourkela