Hyderabad: Emerging Technology Skills in High Demand, Survey Reveals
A recent survey indicates that specialized technology skills will be in strong demand in the coming financial year. Key areas of focus include artificial intelligence (AI), machine learning (ML), predictive modeling, cloud computing, robotic process automation (RPA), and blockchain development.
The findings come from the India Technology Industry Compensation Benchmarking Survey 2024, which was carried out by Deloitte India and NASSCOM. According to the survey, advancements in technology are creating new job roles and increasing the need for emerging skills, especially in AI.
Organizations are reportedly willing to pay more for these niche skills. The demand for AI and ML expertise has surged, with salaries for such roles increasing by 30-35% this year. Core skills like data visualization, risk modeling, data science, and search engine optimization (SEO) are also attracting higher salaries.
Another aspect of the survey highlights employee turnover. The attrition rate, which reflects how many workers leave their jobs, has dropped significantly to an average of 14.9% in 2024, down from 19% in 2023.
Despite a decrease in salary increments—averaging 8.6% for the tech industry and 8.1% for business process management (BPM) this year—future projections suggest slight increases. For FY2025, tech salaries are expected to rise by 8.5%, with BPM seeing an average of 8.1%.
Additionally, bonuses are anticipated to decline for FY2025, averaging between 14-16%, depending on the management level. High-performing employees will continue to receive more substantial rewards, with payouts estimated to be 1.6 to 1.8 times higher than their average-performing peers.
The survey also pointed out a concerning trend regarding the representation of women in various roles and functions, noting that it continues to decrease.
