IT firms move in slow track on hiring & wages

Salaries in the IT sector continue to stagnate as attrition rates continue to fall along with discretionary spends by clients. Data from TeamLease shows that the average salary package for IT freshers has increased by only Rs 90,000 annually over the last five years, standing at Rs 390,000 in 2024, up from Rs 300,000 in 2020.

“The small increase in the average package has nothing to do with domestic IT companies, it’s the doing of the Global Capability Centres (GCCs) who hired aggressively and paid huge premiums,” a top-executive at a staffing company said.