Free rides to work, cool offices with tasty food, new smartphones — it’s a good time to be a talented software engineer in India.
Salaries offered by startups in India have risen by as much as 42 percent over a year ago, this due to dearth of talent, which is especially seen at the entry level according to the study by online hiring firm Hiree. Software engineer Anshul Goel graduated from college in 2013 and in the 2.5 years since then, the 24-year-old has switched jobs three times, jumping from one Indian tech company to another, and doubled his salary.
According to the study, it shows that the salaries of the fresh recruits upto experience of three years have increased by 42 percent, and individual with experience of three to five years are up by 40 percent over previous year. Employees with experience of five to fifteen years have seen 26 percent to 32 percent increase and employees with more than 15 years have seen 21 percent increase.
The study also shows that the e-commerce startups are now ready to offer INR 15-20 lakhs which is 30 percent higher than last year’s INR 10-15 lakhs to hire from the premier colleges for technology or product segment.
The startup jobs are also seeing greater acceptance from the employees. In the recent times Indian startups, flush with cash from foreign venture capitalists, have been on a hiring spree as they race to scale up and beat rivals in an increasingly competitive market.
The major hike has been primarily seen on the e-commerce sector. Since e-commerce is relatively new in India, and are scaling up rapidly, a lot of opportunities have also opened up. There has been around 1200 startups that were founded in 2015 and some have already started receiving funding. Venture capitalists have poured some $4.54 billion into India’s startups so far this year, which is more than twice the $2.2 billion they did in 2014, according to the report by Nasscom.
In addition to the fat pay cheques, the fresh hires are also attracted by the proposition of building a company or a product from scratch, rather than working on benches at established companies. But a shortage of skilled workers is driving up wages and turning into a serious hurdle to companies’ expansion plans.
While app developers for the Android platform are among those in high demand, designers, product managers, data scientists and machine-learning experts are also sought after by startups. But most of the experts see this current trend changing in two to three years.
A new breed of super-specialized professionals previously not accommodated by traditional industries are entering the wider job market, thanks mainly to startups. With a majority of India’s technology startups trying to decode consumer behaviour, automate complex processes, analyze mountains of data, or make computers smarter, professionals with expertise in niche science fields have come to be in demand in e-commerce and enterprise product companies as well.
Of course, not everyone is thrilled with the state of affairs. “The only thing that keeps me up at night is recruitment related,” said Shashank N.D., founder and CEO of Bangalore-based healthcare startup Practo, which has raised $125 million from the likes of Chinese Internet giant Tencent Holdings Ltd. and Google Capital.
“There is no lack of jobs” for those with top skills, he said. “People are spoiled for choice.”