Bangalore: With job market showing signs of maturity, industries are getting smarter at rewarding states TeamLease Jobs & Salaries Primer Report – 2016-2017. As per the report, unlike last year double digit salary growth will not be universal. Only 42% of the profiles will witness a significant increment in the pay package this fiscal. The average salary hike in FY’16-17 will range between 11-13% across industries and functions.
According to the report Delhi seems to have dethroned Bangalore as the top paying city. The city tops the growth chart in 6 of the 15 industries.
From a sector perspective, employees in IT, Agriculture and Agrochemicals, FMCG, FMCD, Healthcare & Pharma, Hospitality, Retail and Telecommunications will receive double digit salary hikes. However, companies across Auto and allied industries, BFSI, BPO and IT enabled services, Construction & Real Estate and Power & Energy will remain conservative. With the highest annualized salary growth being a mere 9.28% Automobile & allied industries seems to be the lowest rewarding sector.
A detailed analysis governing the salaries of both perm and temp profiles, as per the report the while salary gap between temp and perm is virtually absent in the Industrial Manufacturing and Allied sector. The study also states that blue collar profiles will garner lofty salary increments.
The report also highlights that transformative skills (decision making, strategy and planning and business transactional skills (repeat sales, relationship building) will be highly valued skills at a workplace.
KEY FINDINGS OF THE SURVEY
Commenting on the report, Ms. Rituparna Chakraborty, Senior Vice President TeamLease Services, said, “The current stagnancy in salary growth is more of a course correction. The renewed focus on talent acquisition coupled with improvement in business scenario, will bring back the buoyancy in reward and compensation structure.”
A detailed report, TeamLease Annual Salary Primer analyses a variety of attributes that govern the dynamics of the employment market – skills, salaries, increments and longevity (which is a measure of the time period for which a profile would stay in a job – the inverse of attrition). The unified salary report covers 15 key industry verticals namely Agriculture & Agrochemicals, Automobile & Allied Industries, Consumer Durables, Power & Energy, FMCG, Manufacturing & Allied Industries, BFSI, Telecommunication, Hospitality, Healthcare & Allied Industries, BPO & Information Technology, ITeS, Retail, Construction & Real Estate and Media& Entertainment. The functional domains analyzed are Accounts, Administration Blue Collar, Support Services, Engineering, Human Resources, IT and Sales & Marketing while the locations covered are Ahmedabad, Kolkata, Bangalore, Hyderabad, Chandigarh, Mumbai, Chennai, Pune and Delhi. Salaries benchmarked in this document are mostly those pertaining to junior to mid-level profiles. The primer serves as a guide for both job seekers and employers to obtain relevant information and useful insights on talent, skills, salaries, increments and longevity.
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