The report says that for full-time engineers, the companies are now offering hikes as high as 70-120% which is far more than previous year of 20-30%.
The COVID-19 pandemic not just hit the health sector hard but also the job sector with many out of jobs or salary cuts. But after a year and a half to the pandemic, there is some good news for professionals.
A survey report suggests that the job market is gradually coming out from the cautious mode and are now entering into a hiring spree along with extending increments to their employees.
The Indeep Report, which effectively analysed the impact of the COVID-19 pandemic on India's job market concluded that the demand for IT professionals has risen by a big margin of 400%.
Not just record-high tech job vacancies, but the demand for niche and super niche skills-centric jobs are also witnessing a sharp increase. In June 2020, hiring had plunged by 50%.
The report also points out that it is not just the hiring in various sectors that have seen tremendous growth but are also offering higher pay packages in comparison to the previous year.
The report says that for full-time engineers, the companies are now offering hikes as high as in the range of 70-120% which is far more than what was being offered last year with only 20-30%.
Who is offering what
Tech giant Tata Consultancy Services (TCS) announced recently that it has started its biggest recruitment drive for women professionals.
What's more, the IT company is also giving an opportunity to female professionals who are looking for job opportunities after a career gap.
TCS said this was an opportunity for talented and experienced women professionals to inspire, reinvent and challenge themselves to make a mark.
IT companies like TCS, Infosys, Wipro and other big tech giants are aggressively hiring candidates across India this year.
This means that the total wage bill for the entire IT sector is going to go up by USD 1.6-1.7 billion in FY22, the report points out.
It is a golden time for employees with the right skills who are looking for a new job in the IT sector and want to get a good salary in return.
For cities where the IT sector is based like Bengaluru, Hyderabad and Chennai, it also means a booming real estate market.
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