IT salaries surge despite hiring dip

Over the past year, the IT sector, encompassing both hardware and software, has seen a reduction in job opportunities.

- 

However, compensations have risen significantly across all experience levels, with associates (4-6 years of experience) witnessing a remarkable 59% increase, and mid-senior level roles (7-10 years of experience) experiencing a 36% surge, according to a monthly analysis of online job postings by foundit.in.

While overall hiring activity declined by 3% month-on-month in August 2023 and by 5% year-on-year, certain sectors such as shipping and travel and tourism exhibited a surge in hiring demand.

Despite an annual dip of 17% in the IT hardware and software sector, the positive monthly growth of 2% is attributed to an emphasis on skill-based hiring. Many IT companies are prioritizing retaining and upskilling their existing talent pool. The telecom sector also showed strength, with a 19% salary increase among associates and senior management (11-15 years of experience).