TEAMLEASE JOBS & SALARIES PRIMER REPORT
India: India’s largest composite staffing firm, TeamLease Services today released their annual report on “The Jobs & Salaries Primer 2019”. The report analyses hiring and salary trends across industries, providing an overview of unified salaries across temporary and permanent profiles across markets. According to the report, the salary increment this year will be more realistic and moderate. The report estimates a double digit salary growth with a median salary increment of 10.95%.
According to the report, eight out of seventeen sectors surveyed and six out of nine cities covered have showed positive sentiments in salary growth. The FMCD sector in Delhi and Ecommerce & Tech Start-Up sector in Bangalore illustrated maximum city- sector salary growth of 11.11% and 10.76% respectively. The other sectors that will also reward talent adequately are Banking, Financial Services & Insurance (BFSI), BPO/IT Enabled Services, Ecommerce & Tech Start-ups, Educational Services, FMCD, FMCG, Healthcare & Pharmaceuticals and IT sector. Talent in these sectors is expected to witness a median salary excess of 10% this year. However, sectors like Agriculture and Agrochemicals, Construction & Real Estate, Media and Entertainment, Retail & Telecommunication exhibited less than 10% growth in salaries. From a city perspective, among the -9 cities covered in the survey, Bangalore and Chennai were the only two cities that have projected sub 10% growth in median salaries.
KEY FINDINGS OF THE STUDY
Commenting on the report, Ms. Rituparna Chakraborty, Co-Founder & Executive Vice President, TeamLease Services said, “Indian job market is going through a transition phase in terms of job roles with the evolving market needs. Cutting edge job roles of today and tomorrow will be the focus of the employers in the coming years. After a year of unparalleled increments across various sectors in 2018, the year ahead will focus on consolidation. While hot jobs will continue to attract handsome rewards, median salaries and increments are not looking good enough.All the 17 sectors this report analyzes have taken on new roles that are seeped in hi-tech and are the harbingers of tomorrow’s talent landscape. This transition is an indication of the brave new world of smart increments and hot jobs.”
According to the report, while the median salary growth is modest, companies are becoming more and more open to niche skills and profiles. As per the report, some of the profiles like Chief Technology Officer in Ecommerce and Tech Start-ups in Mumbai command a premium of around 17% increment. The other profiles wherein companies are generous are Design Engineer (UniGraphics: Automobile – Bangalore, Delhi and Mumbai), Chief Planning Officer (Construction – Bangalore, Mumbai, Delhi), Embedded Technologies Engineer (Power & Energy –Bangalore, Delhi, Mumbai), IT Engineer/Project Manager-IT/Software (Healthcare & Pharmaceuticals – Bangalore, Mumbai, Chennai).
Further, as per the findings of the report the wage gap between temporary and permanent profiles are narrowing significantly. In fact, out of the 17 sectors analyzed 16 exhibit low levels of variance (less than 5% in more than 25% profiles).
The latest Jobs and Salaries Primer from TeamLease in an endeavor to report unified salaries across temporary and permanent hiring markets, and relate these to skills across select cities and industries. For the year 2019, about 2,00,000 salary records, across 17 sectors and 9 cities, were analysed to arrive at the insights.
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