According to a recent report, salary growth in various industries has shown a range of 3.20% to 10.19%, indicating a slight slowdown compared to the previous year. However, despite this dip, an interesting trend has emerged, with over 41% of job profiles in different sectors showing just a 5% pay disparity between permanent and temporary positions. Moreover, the demand for Sales and IT roles remains robust as organizations prioritize growth and digital transformation.
The staffing conglomerate, TeamLease Services, has recently unveiled its flagship ‘Jobs and Salary Primer Report’ for the fiscal year 2022-2023.
According to the report, most of the industries surveyed have reported the emergence of “hot jobs” that come with attractive salaries, and nearly half of these industries are actively cultivating innovative positions that align well with future needs.
As per the report, Bangalore, Mumbai, Chennai, Delhi, and Hyderabad have been identified as the cities with the highest salary offerings.
Bengaluru has demonstrated an impressive growth rate of 7.79% compared to the previous year. Conversely, the BFSI segment experienced a significant decline in average salaries this year, following two years of consistent growth. Nevertheless, despite the decrease in pay-outs, the BFSI industry continues to generate a wide range of in-demand and enduring job profiles. Additionally, the industry is taking steps to optimize salaries through various measures.
Although the telecom industry has experienced a decline in average salaries, the report emphasizes a notable increase of 10.19% in the compensation for the Relationship Manager position within the telecom sector specifically in Bengaluru. Consequently, this role has emerged as the top-paying job in the market.
In close proximity is the Game Developer position within the media and entertainment industry, experiencing a significant increase of 9.30% in Bengaluru. Across various sectors, the median salary increment remained steady at 8.03%, with the highest increment reaching 10.19%, slightly lower than the previous year’s figure.
The report’s findings indicate significant double-digit growth in average salaries over the past five years in five out of eight industries within the manufacturing sector and three out of nine industries within the servicing sector. Among these, the Healthcare & Allied Industries witnessed the highest growth rate of 20.46%, while the Education sector experienced an impressive growth rate of 51.83% in their respective sectors.
Additionally, industries such as Hospitality, Automobile & Allied Industries, e-commerce & Tech Start-ups, and Media & Entertainment have experienced a decline in their average salaries.
Regarding job roles, a total of 11 out of 17 industries introduced new positions classified as “hot jobs,” while 7 industries introduced upcoming job roles. These profiles encompass several previously unfamiliar positions, such as Sr. Golang Developer in the Telecom industry, Sr. Biostatistician in Healthcare & Pharmaceuticals, Lead Magento Developer in E-commerce and Tech Start-ups, and Robotics Instructor in Educational Services.
Within the blue-collar segment, sought-after job roles in 2023 will encompass Sales Executive, Electrician, AC Technician, and Forklift Operator. Furthermore, numerous intriguing emerging positions are gaining prominence, such as Data Science Consultant in BFSI, Media Operations Executive in FMCG, DevOps Engineer in IT & Knowledge Services, Content Specialist-Game in Media and Entertainment, and eMobility Charging Executive in Automobile & Allied Industries, among others.
The Jobs and Salary Primer Report FY22 is an extensive study that provides a detailed analysis of salary trends over the past five years. It encompasses data from 403 distinct employers and 357 unique employees across 9 hub cities and 17 industries. The report emphasizes a median salary increment of approximately 8.03%.