In June this year, when BharatPe’s CEO and founder, Ashneer Grover announced on LinkedIn that his company will offer BMW bikes, KTM Duke, Samsung Galaxy to new joinees in his tech team, many of us were left wondering whether we are in the right profession. Six months since, the huge capital inflow into the startup ecosystems has only led to a fast-building focus on product developments for many tech startups, which has spurred the demand for the roles of product managers, and data scientists.
Amongst the limited pool of talent available to startups or even IT service firms in India right now, unicorns and companies flush with funds are not shying away from doling all-time high salary offers to the techies. That, as per many industry players may pose a retention problem in coming quarters, especially for big enterprises.
Take the example of Cognizant. The IT bigwig reported an industry high attrition rate of 33 per cent during the September quarter, which Rajesh Nambiar, Chariman, MD, Cognizant India described as an industry-wide concern. Analysts tracking the company closely earlier told the Business Today that there have been several instances of employee poaching in Cognizant’s case by startups and even global clients who are offering unmatchable salaries to several profiles.
“Almost all the capital investment that has come in so far has essentially been focussed on product building capabilities besides market expansion and hiring talent. This alone has raised the bar making several roles very crucial to a company’s growth trajectory and hence these firms are willing to an extra mile to recruit such talent,” an industry analyst said, not wishing to be named.
Siva Prasad Nanduri, VP and business head at IT staffing firm TeamLease Digital agrees too. “Tech firms are growing at vertiginous speed and more and more companies are tuned to build capabilities in the digital era. From ecommerce brands to tech start-ups, demand for Product Managers and Engineers have increased. It has become a hot career option as many start-ups launched few years back have budgets now to fund PM’s and build product capabilities,” Nanduri said.
The estimates by TeamLease Digital suggest that the accelerated tech adoption has increased hiring activity by as much as 29 per cent in 2021 compared to 2020 when it came to product managers category. The demand hasn’t come only from the niche tech industry but other sectors including BFSI, automobile, retail, pharmaceutical, entertainment, consumer goods industry, logistics, and supply chain industry.
When it comes to salary figures, TeamLease Digital‘s Nanduri says that on an average the product manager salaries have remained in the range of Rs 16-33 lakh per annum depending on the skill-sets and experience.
“A product manager is pivotal to a company’s success, their demand is always high and companies across the globe offer high-paying salaries to potential candidates. The average product manager salary ranges from Rs16 lakh to Rs 33 lakh per annum, and with more experience and added skills the range can go up,” he added.
The demand for upskilling amidst a huge demand, shortage of talent has also remained high.
Byju’s owned Great Learning said that the platform has seen massive growth post the pandemic in 2021 with a 13X increase in the job postings and 9X growth in the hiring partners underscoring the massive momentum for digital skills being witnessed across industries today. Some of the top corporates that have been hired from the platform include Google, Vodafone, Indiamart, DXC Technology, Tech Mahindra, Dell, Hexaware, Tata Elxsi, Informatica, Deloitte, ZS Associates, Nielsen, Uber and Capgemini.
IT and ITeS sectors lead the hiring spree with 40 per cent placements followed by BFSI with 18 per cent placements. Consulting and telecom sectors hired 10 and 8 per cent professionals. Other sectors that were hired from the platform included healthcare, retail, e-commerce. The most sought-after skills on the platform were Python, SQL, Machine Learning, Full Stack and Cloud Applications. Top roles offered on the platform for freshers were Data Analysts, Data Engineers, Software Development Engineers, while experienced professionals were Data Scientist, Full Stack Developer, Cloud Architect, AIML specialist, BI Developer and Digital Marketing Specialists
Salary packages offered on Great Learning Excelerate were indicative of the premium that corporates are paying for talent equipped with digital skills in today’s job market. Freshers with 0-3 years of experience were offered median salary packages of Rs 6.5 lakhs which is almost 80 per cent higher than the average package at this level. For mid-career (3 to 8 years of experience) and senior professionals (8+ years of experience), companies rolled out packages ranging from Rs 6 lakh to Rs 32 lakh. The highest package was rolled out by JP Morgan Chase of Rs 32 lakh per annum