A recent report has stated that the median salary increment this year is likely to be around 8.13 per cent as India has recovered from the after-effects of COVID-19 related disruptions.
As per the 'Jobs and Salary Primer Report for FY2022' by TeamLease, unlike the last two years, this year most of the job roles from across sectors have been considered for a salary hike. However, the increments will be moderate.
Out of the 17 sectors reviewed 14 have indicated a single-digit hike. It added that e-commerce and tech start-ups, healthcare and allied industries, information technology and knowledge services are the only three sectors which have registered a salary growth greater than 10 per cent.
While sectors like agriculture and agrochemicals, automobile and allied, banking, financial services and insurance, BPO and IT enabled services, construction and real estate, educational services, fast moving consumer durables, fast moving consumer goods, hospitality, industrial manufacturing and allied, media and entertainment, power and energy, retail and telecommunication have doled out increment below 10 per cent, the report added.
"While the increments are yet to reach the double-digit hikes, it is heartening to see that the phase of salary de-growth and stagnation that have been hovering across the job market in the last two years is nearing its end. The revival coupled with the growing appetite for roles across profiles and sectors indicate that the modest approach will soon taper off and push the increments to reach the pre-Covid level," TeamLease Services co-founder and executive vice president Rituparna Chakraborty said.
The report also highlighted another trend. It showed a growing interest from India Inc towards Hot and Upcoming jobs. These are the cutting-edge, new-age roles that keep businesses ahead of the curve. ''While in 2020-21 only five out of the 17 sectors had created Hot Job roles, however, in FY22 close to nine sectors had created cutting edge or new-age roles,'' Chakraborty added.
As per the report while conservatism is the underlying theme, employers are not shying away from rewarding skills, especially niche skills. The salary hike for super-specialized job roles ranges between 11 per cent and 12 per cent.
Further, from a geographic perspective, amongst the cities the top paying i.e. increments of 12 per cent and above are Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Mumbai and Pune.
As per the analysis, most of the sectors, have recovered from the COVID induced slump. The majority, 10 out of the 17 sectors analysed, have indicated a progression rate of 7-10 per cent and the rest are growing at a rate of 5-7 per cent.
'The Jobs and Salaries Primer' is an annual report from TeamLease Services that has taken into consideration the salary payouts of more than 2,63,000 candidates across 17 sectors and nine cities.
Also read: This private lender seeks shareholders' nod for 10-fold hike in MD & CEO salary
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today