MUMBAI: Mid-tier IT firms such as Tech Mahindra and MindTree may raise salaries by 7-12% this fiscal to ensure they do not lose talent to top players TCS, Infosys and Wipro, according to HR service providers.
The larger players have announced wage hikes ranging between 6% and 10% for this fiscal.
"Current environment is challenging and companies are looking at preserving their bottomline. Despite that, keeping employees' interest in mind, organizations have given hikes ranging 8-12%, which is a good development."
"In general, we can expect 7-12% hikes for employees working with mid-tier IT companies," Randstad India president (staffing) and director (marketing) Aditya Narayan Mishra told. He added that as the demand for IT services increases in the coming quarters, one can expect above-average hikes.
Last week, Infosys said its employees in India will get on an average 8% increase, while Wipro said it has raised salaries by 6-8%. Onsite employees have seen salaries going up by 2-3%. India's largest software services exporter Tata Consultancy Services (TCS) has increased wages by 8-10% in India and 2-4% for overseas workforce. HCL Technologies has started its appraisal process and is expected to make an announcement by July-end. Most Indian IT firms give increments around April or May.
"IT sector has been fairly conservative in terms of pay hike. We recently did a survey,we asked some of our customers on increments this year and almost 46-47% of the respondents said they are looking at wage hikes between 6-15%," HeadHonchos.com CEO Uday Sodhi said.
IT firms are also looking at the global economic scenario, which still has not been very promising and it plays an important role in determining the hike percentage, he added.
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