The findings presented in this report are based on an Technology services compensation benchmarking survey conducted by Deloitte and supported by NASSCOM. The report covers India-specific insights on critical emerging trends with respect to increment analysis, compensation rationalization, performance distribution, state of hiring, Talent imperatives and other HR strategies.
The Pandemic has accelerated digital transformation with tech budgets focused on
• Workforce transformation
• Tech modernization
• Digital acceleration
After facing a short setback last year, companies have resumed an increase in salary increments
• Technology services sector provided an average increase of 8.8% in 2021 which is expected to go up to 9% to 11% in 2022
• While Performance continues to remain one of the key drivers for differentiating salary increments, other factors include Potential of the Employee and Compensation Positioning- the degree of differentiation in pay increments for top performers goes to the extent of 1.7X-1.8X.
• The Variable Pay as a percentage of Total Cost has increased by ~7% over the last 2 years predominantly driven by IT Services and BPM organizations
Organizations are hiring at a pace higher than pre-COVID levels to address the growing attrition rates
• About 91% organizations have resumed hiring at the same pace as they used to hire prior to COVID-19
• Increase in Compensation and Benefits, New Roles & Career Growth are predominant reasons for growing attrition
The Future depends on effective & holistic talent management to build a great Workforce, Work & Workplace
• Future of Work: Long term use of Technology, Innovation in working models, AI powered processes
• Future of Workforce: Multi mode Workforce, Self driven capability development models, Customized policies (full-time / gig /partners)
• Future of Workplace: Adoption of new ‘ways of working’, Employee safety, engagement and wellness, Productivity and business continuity
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The findings presented in this report are based on an IT-BPM compensation benchmarking survey conducted by Deloitte and supported by NASSCOM. The report covers India-specific insights…
