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IT Industry Lags Behind Financial Services Sector

For the first time in 3 Years, the sector of financial services has overtaken the software industry in mean gross hourly salaries, as per the Monster Salary Index. In 2015 and 2014, IT services stayed the leading player with mean hourly salaries at Rs 337.3 and Rs 343.9, respectively, while financial services sector was at Rs 307.9 for both the years. In 2016, the index discloses that financial services sector is the highest paying industry with mean hourly salaries at Rs 433 while IT sector grabbed a second place with Rs 386.8.

IT Industry Lags Behind Financial Services Sector

“It arrives as no shock that financial services sector is top in this. It has been the flavor for investors of the season in the past 2 Years and similar to any high development sector, they would employ the best talent, which comes at a price,” claimed Rituparna Chakraborty to the media in an interview. Chakraborty is EVP and cofounder of TeamLease. Predictions from Kelly Services, the HR firm, show that the price to the firm for employing a financial services sector resource (including captives and traditional cost) has jumped by 4–7%, than 2016.

In contrast, traditional IT services need a 3% less cost to the firm, than previous year, while the new era tech IT workers are paid 10–15% more.

“In the financial services sector, there have been several bifurcations of roles, which has lead in need for specialists. With fine talent being less in supply, firms are giving more money for particular roles. At times, they are ready to trade of less experience for particular skills,” claimed B.N. Thammaiah to the media in an interview. Thammaiah is MD of Kelly Services India. He further adds while talking to the media that in traditional IT, talent sets have stayed the same to a huge extent, which is the reason behind the constant salaries.

While financial services sector is leading the race, this is being accredited to the elevated interest of investors as well as push in the sector that has been witnessing all this chaos. Sanjay Swamy, managing partner and serial tech entrepreneur, Prime Venture Partners also commented his view on this topic.

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