AVG SALARIES FOR IT ENGINEERS DOWN 3%: ZINNOV

Mumbai
Business Standard

The average salaries for the engineering positions across product companies in India have come down by 3%. Bangalore continues to be the highest in its pay scale followed by Chennai, Pune and NCR, says the ‘Compensation and Benefit Study 2008 report’ by Zinnov - a management consulting firm.

In order to control costs, the reason for the dip in hiring was attributed to increased hiring at the junior level. "About 40% of the average talent pool among the participating companies are between 0-4 year experience", added Shamim T, Director Human Capital Consulting, Zinnov.

While the dip in average salary could be an indication of salary levels stabilising, organisations are also doing their bit to keep the levels under control. They are offering other cash based incentives such as retention bonus as well variable pay contingent on many factors.

The report noted that the expected average increment in 2008 is about 15%, with few organisations planning to give almost 30% hike to its top performers and rare skill holders.

In terms of states, Pune witnessed salary increase of almost 15-20% in the average salary since last year. This increase could be attributed to the growing demand for talent pool in the city due to a number of companies setting up its operations in Pune. The average increment in 2007 was found to be around 14%.