The Indian startup employees got an average salary increment of 8 to 12 percent in 2022-2023. Dipesh Jain, AVP – Talent, Elevation Capital said, “The shift in the market situation has led to a correction in salaries, though largely at the leadership level.”
“Interestingly, on the other hand, job seekers are willing to wait longer for the right job opportunity than settle for less-than-ideal pay,” Dipesh Jain added.
Kallan H., VP – Talent, Elevation Capital, said, “In the face of macro challenges, Indian startups are showcasing adaptability by offering inflation-led salary increments to attract and retain talent.”
“However, the variation is significant, with technology professionals in small to mid-size startups seeing moderate increments,” Kallan H. added.
The report has the following findings:-
- Some of the critical roles filled among the first few hires at early-stage companies are Chief of Staff/Founders’ Office, Growth, and Finance.
- Bengaluru and Hyderabad emerged as top cities for tech talent availability.
- However, attrition, hiring cost, and skill level have raised concerns.
The ‘Startup PayPulse Report 2023’ by Elevation Capital has also reported that Performance was 50 percent of the weightage in salary increments.
However, as per previous reports, leading IT companies have delayed the salary hike for employees. HCLTech another IT giant, Wipro has also announced a delay in its wage hike cycle for the fiscal year.
Wipro has announced that it has postponed the salary hike of its employees to the 3rd quarter, the salary hike given in September last year will be postponed to the October-December quarter this year. The company plans to carry out the pay raise in the third quarter of the year instead of Q2.
This is similar steps are being taken at other Indian IT services companies. The technology company HCLTech has deferred salary hikes for their employees by one quarter.
Earlier reports stated Infosys has deferred the salary hikes of its employees which it usually rolls out from April for its employees below the senior management level.
Usually, Infosys rolls out pay hikes for employees below the senior management level in the month of June quarter, but employees yet have not received any communication from the company.
