India Technology Industry Compensation Benchmarking Survey Findings: 2024

The findings presented in this report are based on Technology compensation benchmarking survey conducted by Deloitte and supported by Nasscom. The report covers insights on salary increase trends & projections, attrition, differentiated benefits, niche skills and associated premiums, and other industry trends.

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Key Findings

Industry-Wide Attrition Trends

Attrition rates have decreased significantly in 2024 compared to 2023.
Leading retention strategies in 2024 include: Enhanced employee engagement and wellbeing initiatives, Job Rotation opportunities

Total Rewards Trends

Average salary increments dropped this year for the Tech & BPM industry.
Bonuses are projected to decline further in FY2025, with variations based on levels of management
High-performing employees continue to be disproportionately rewarded, with payouts ranging from 1.6x to 1.8x that of average performers

Skills based work

Demand for niche skills remains robust, driven by advancements in AI/ML, Predictive Modeling and Cloud Computing amongst others
o Some of these niche roles requiring specialized skills are commanding premium

Campus Hiring Practices

Companies are prioritizing Strategic Thinking, Financial Management, and Project Management capabilities when hiring Engineering and Management graduates
Pay-mix for campus recruits is being adjusted to include greater emphasis on variable pay
To mitigate infant attrition, organizations are increasingly offering joining bonuses tied to a 2-year clawback

Way Forward

The tech industry is intensifying efforts to engage Millennials and Gen Z through differentiated benefits, including Unlimited sick leave, pet leave, fitness memberships, burnout assessments, and adaptive office designs
The representation of women across levels and functions continue to dwindle. A decline at the junior professional level highlights the need to focus on barriers to entry

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