Salary increments in the current year would be more realistic and moderate
Salary increments in the current year would be more realistic and moderate according to TeamLease Services, India’s largest composite staffing firm. The company, in its latest report on “The Jobs & Salaries Primer 2019”said that a double-digit growth with a median salary increment of 10.95 per cent is estimated this year.
A positive sentiment in salary growth has been witnessed in eight out of 17 sectors and six out of nine cities that were surveyed. The fast-moving consumer durables (FMCD) sector in Delhi and E-commerce & Tech Start-Up sector in Bangalore witnessed maximum city-sector salary growth of 11.11 per cent and 10.76 per cent respectively.
That said, out of nine cities covered, Bangalore and Chennai were the only two cities that were estimated to show a sub 10 per cent growth in median salaries. When it comes to sectors such as Banking, Financial Services & Insurance (BFSI), BPO/ITES, Ecommerce & Tech Start-ups, Educational Services, FMCD, FMCG, Healthcare & Pharmaceuticals and IT sector, the talent here is expected to be rewarded a median salary excess of 10 per cent this year. However, sectors like agriculture and agrochemicals, construction & real estate, media and entertainment, retail & telecommunication showed less than 10 per cent growth in salaries.
The report emphasised that companies are becoming more and more open to niche skills and profile on the back of modest median salary growth. “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,” said Rituparna Chakraborty, Co-Founder & Executive Vice President, TeamLease Services. About 2,00,000 salary records, across 17 sectors and 9 cities, were put together to analyse and arrive at the mentioned insights by the company.