Entry Level Salaries 60% Rise Amit High Attrition at IT Companies for Fresh Graduates. Salaries of entry-level employees in India’s IT companies continue to climb faster than those of mid-level executives, as companies focus more on employing young graduates. Salary increases of at least 15%, and in some cases as much as 60%, are expected for new workers in the sector, according to reports. It should be mentioned that as part of their new hiring strategy, tech businesses are modifying the compensation of freshers in order to retain talent and reduce turnover, which has been at record levels for the past two quarters.
“Entry-level engineer pay have been increased to Rs 4.25 lakh from Rs 3.65 lakh this year.”We’re also partnering with engineering institutes to offer courses in analytics and digital content, and students who complete the courses and pass them will be hired by HCL at a salary of Rs. 6 lakh,” Apparao V.V., HCL Technologies’ chief human resources officer, said.
HCL’s salary hike plan may encourage competing IT companies like Infosys, Cognizant, Wipro, and TCS to follow suit. TCS is working on enhancing remuneration packages for graduates from the 2022 cohort, according to a report in the journal. TCS and Infosys did not react to requests for comment right away. Wipro has declared a period of silence and will not reply to media inquiries, while Cognizant is yet to respond as of press time.
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HCL Technologies, situated in Noida, expects to hire 45,000 freshers in FY23, nearly double the number hired last year. Infosys hired 85,000 freshers in FY22, and it expects to hire 50,000 college graduates this year. TCS hired around 78,000 freshers in FY22 and expects to hire about 40,000 graduates this year from various universities.
Despite non-compete clauses between companies to prevent candidates from joining a rival firm for roles where the project and client details are similar, executives at top IT companies said hiring and training freshers is the only sustainable way to fill demand. The battle for candidates at senior levels has led to poaching, despite non-compete clauses between companies to stop candidates from joining a rival firm for roles where the project and client details are similar. Every year, 1.5 million to 1.8 million IT engineers graduate, according to industry estimates.
Infosys’ attrition rate increased to 27.7% in the fiscal fourth quarter, up from 15.2 percent a year earlier and 25.5 percent in the December quarter, on a trailing-12-month (TTM) basis. TCS had the lowest attrition rate in the industry, up from 7.2 percent a year ago and 15.3 percent in the December quarter to 17.4 percent in the March quarter.
HCL’s attrition rate was 21.9% at the end of March against 9.9% a year ago.
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