IT Salary Packages Fall 40% Due To Slowdown Amid Global Economic Woes

Information Technology Department: Salaries of IT professionals in India have fallen by 30-40 per cent from nearly Rs 1 billion a year a year ago, according to a study. economic times This was reported as a story from an industry executive. It attributed the decline to global macroeconomic headwinds and a slowdown in the IT sector.

Low wage packages are becoming the new normal in the wake of the 2021-2022 coronavirus-induced mass hiring. Currently, the majority of hiring is done by early-stage startups after raising Series A funding. E.T. The report cited venture capitalists, recruitment services, and executive search executives.

“Most of these are chief executive officers (CXOs) and senior technology talent who have been laid off in recent months and have worked with large technology organizations and startups,” said the report, from executive search and talent advisory firm ABC Consultants. Quoted by senior partner Ratna Gupta. Like I said, it’s solid.

Engineer layoffs in 2024

So far, 157 companies have laid off 39,608 employees in 2024, according to the latest data from layoffs.fyi.

The Silver Lining

Currently, IT companies are also winning new contracts. Two months after losing a multi-year contract worth $1.5 billion, IT giant Infosys has won two important contracts. The latest contract is a multi-year deal worth $300 million until 2027 with Singaporean shipping company Pacific International Lines (PIL).

The Singapore deal follows a seven-year deal with Irish food retailer Musgrave on January 31 to automate IT functions using AI and cloud solutions.