IT Salary Hike in 2023

Engineers can expect better salary packages in 2023, when compared to dismal numbers during the pandemic and post-pandemic! An article by The Economic Times reports salary hikes in the technology industry for 2023 are estimated to increase by 10.6%. With the Indian economy booming, especially when compared to other countries witnessing a recession, Indian engineers can expect better job security and good salary packages in 2023.

Why There Are IT Salary Hikes in 2023

According to a Business Insider India report, the IT Salary Hike in 2023 can be attributed to  exceptional business performance and companies identifying how to retain talent post-pandemic. The estimated salary hike in IT jobs in 2023 showcases a continued cautious business approach as well as a labor market that is still tight. Companies are looking for employees and engineers are looking for jobs, or better paying ones than they are currently at, which is a win-win situation for all involved. 

The IT industry is in the top 3 when it comes to salary hikes for professionals in their fields in 2023. Industries in the top 3 include financial services at 10.4%, followed by banking at 10.2% and tech-media-gaming at 10%. If you’re a fresher joining the IT industry for the first time, or returning after a career gap, now is the best time to be an engineer! 

Jobs With Highest Salary Hike 

The salaries for technology jobs vary widely based on a number of factors, including job title, experience, location, and company. However, here are some estimated average salaries for popular tech positions in 2023:

• Software Engineer: $120,000-$180,000 per year
• Data Scientist: $120,000-$180,000 per year
• DevOps Engineer: $120,000-$180,000 per year
• Full Stack Developer: $100,000-$150,000 per year
• Information Security Analyst: $110,000-$165,000 per year

The salaries for these jobs are market estimates, so be sure to study the job pool and identify where your salary stands. A tech industry expert notes that, “with increased focus on technology enabled growth, the demand for digital skills is driving pay increases for tech talent, especially in the technology, media and gaming, banking and financial services sectors.” Having the relevant skill set is just one component of securing a job in IT, along with soft skills and the ability to upskill or stay up to date with trends. 

Cities With Highest Salary Hike 

An India Today article notes that “employees in Tier 1 cities continue to receive higher compensation when compared with Tier 2 and Tier 3 cities”. Although these numbers have been relatively stable, Tier 2 cities are giving Tier 1 cities a run for their money – and quite literally too! 

As companies across India started adopting the work from home and now hybrid work models, their organizations grew from strength to strength, offering them a bigger workforce spread across cities and even villages in India. This workforce spread out across the nation provides companies with the capabilities to operate from virtually anywhere, strengthening not just their resources, but their processes and outputs as well.