IT Salaries Witness Significant Growth

In a remarkable trend, IT companies have seen median salaries soar by 12% to 37% since FY21. Leading the pack, Infosys and Wipro reported a 30% hike in median compensation, whereas Cognizant and Accenture saw increases of 12% and 17.5%, respectively.

Varied Salary Improvements Across Companies

From FY21 to FY24, salary enhancements varied. Indian firms like Infosys and Wipro saw median compensations rise from Rs 7 lakh to about Rs 10 lakh. Tech Mahindra reported a median salary of Rs 6.6 lakh, up from Rs 5.3 lakh in FY21. Meanwhile, global players Cognizant and Accenture recorded increases of $1,600 and $3,200, respectively.

Growth Rates Show Decline

Despite the upward trend, growth rates have begun to slow. Infosys, for instance, saw its median remuneration growth decrease from 13% in FY22 to 8.5% in FY24. Tech Mahindra experienced a significant rise between 2022 and 2023 but remained static the following year. Wipro's growth rate fluctuated, peaking at 12% in 2021-22 before dropping to 10% in 2023-24.

"Wage increases in the IT industry are influenced by growth, competitive intensity, skill mix, attrition, and inflation," noted Ramkumar Ramamoorthy, partner at tech growth advisory firm Catalincs.