Although 88 per cent of Indians are employed in the informal sector, salaried professionals in the country got a record 10.6 per cent raise in 2022, which was higher than many developed economies. At a time when tech firms across the globe are cutting jobs to slash their expenses, India's IT majors have been able to resist layoffs.
Although Indian startups have been hit by layoffs, Ankur Warikoo's startup Nearbuy is able to offer a three-fold hike to new recruits on their last drawn salaries.
Sticking to policy
In a Twitter thread highlighting the company's salary benchmark, Warikoo narrated an incident when Human Resources asked how much a candidate should be offered if he was previously earning Rs 4.2 lakh.
The founder added that he told HR to offer Rs 14.5 lakh without a second thought in line with the policy to offer a three-fold raise.
Warikoo also wrote that the new employee even got back to them asking if the HR had made a typo in their offer, since he thought the company was offering him Rs 4.5 lakh.
The entrepreneur found this cute as well as sad and questioned the industry's practice of offering a hike based on pay slips from their previous employers.
Warikoo also asked why a person's current salary should decide how much they get for a role even if they have the required qualifications.
