Bangalore is the highest paying city in the country, while pharma and healthcare is the highest paying industry for talent in India, says a report.
According to Randstad Insights, the research and analysis division of Randstad India, the average annual cost to company (CTC) for talent across all levels and functions in Bangalore stood at Rs 10.8 lakh per annum.
Bangalore is followed by Pune at Rs 10.3 lakh, NCR and Mumbai Rs 9.9 lakh and Rs 9.2 lakh, respectively. Chennai (Rs 8 lakh), Hyderabad (Rs 7.9 lakh) and Kolkata (Rs 7.2 lakh) are the other three names on the list of Indian cities paying the highest average salaries for professionals.
The report further noted that professionals from the pharma and healthcare industries are paid the highest in India with an average annual CTC of Rs 9.6 lakh across all levels and functions.
The roll-out of GST saw a spike in demand for implementation and compliance specialists, thus making professional services the second highest paying sector in the country, with an average salary of Rs 9.4 lakh, it added.
FMCG, is the third highest paying industry with an average CTC of Rs 9.2 lakh. The IT sector, offering an average annual CTC of Rs 9.1 lakh and infrastructure, real estate and construction at Rs 9.0 lakh take the fourth and fifth position in the list as Indias most lucrative industries for professionals.
Meanwhile, there are some roles where talent in 6-10 year experience bracket is paid relatively higher remuneration. Specialist doctors top the chart with an average annual CTC at Rs 18.4 lakh, followed by solution architects at a CTC of Rs 15.1 lakh, product engineering specialists at Rs 14.8 lakh and blockchain technology experts at a CTC of Rs 14.6 lakh.
"A strong salary structure that strikes a perfect balance between internal and external pay equity is an imperative today for the organisations as it?s often the key to bring top talent on board and keep them motivated," Randstad India MD & CEO Paul Dupuis said.
Randstad Insights Salary Trends Report 2018 analysed 1,00,000 jobs across 20 industry verticals and 15 functions.