The Indian IT sector, led by companies like TCS, Infosys, and Wipro, has been a significant driver of economic growth and job creation. However, despite its boom, employees in these companies are facing several challenges, including salary insufficiencies, limited employee benefits, and a dominant work culture that prioritizes long working hours over work-life balance.
Fresh recruits to the IT sector often struggle to make ends meet, with salaries that barely cover the cost of living expenses in major cities. For instance, TCS, Infosys, and Wipro offer packages ranging from ₹1.65 lakh to ₹6.95 lakh per year, with an average of around ₹3.29 lakh to ₹4.14 lakh. However, the cost of living in cities like Delhi, Mumbai, or Bangalore is several times higher, leaving employees with limited disposable income.
Moreover, the benefits offered by these companies are often perceived as inadequate, with employees complaining that the overall compensation is not good enough. While companies like TCS, Infosys, and Wipro provide health insurance, performance-based bonuses, and pension schemes, these benefits hardly compensate for low base salaries.
The work culture in these organizations has also been a concern, with demands for longer working hours and high-performance expectations compromising employees’ mental and physical well-being. While companies like TCS have designed wellness programs, these initiatives may not be enough to address the issue of work-life balance.
In comparison, companies like Accenture offer more competitive salaries, ranging from ₹3.8 lakh to ₹7 lakh per annum, which raises questions about the long-term sustainability of retention of experienced professionals in the IT sector.
To address these challenges, the IT sector needs to overhaul its compensation structures and work culture. This involves ensuring that salaries are revised in line with the cost of living, benefits provide tangible value, and the work environment is supportive. By prioritizing the welfare of employees, the IT sector can not only improve employee satisfaction but also ensure its continued success.