The ‘Jobs and Salary Primer Report’ by TeamLease Services, a staffing conglomerate revealed that Hyderabad is among the highest paying cities in India.
Bengaluru, Mumbai, Chennai and Delhi are the other cities on the list. The report also highlights the salary growth range between 3.20% and 10.19% across various industries, which is slightly slower compared to the previous year. However, the report uncovered a fascinating insight that despite a dip in overall salary growth this year, over 41% of job profiles in various industries has just a 5% pay difference between permanent and temporary roles. Furthermore, as organisations continue to focus on growth and digital transformation, the demand for sales and IT roles has remained quite high.
A majority of industries surveyed have indicated the creation of “hot jobs” that offer lucrative salaries and nearly half of the industries are developing cutting-edge positions that are the right fit for the future. The BFSI segment witnessed a sharp decline in average salaries this year after two years of steady growth. However, despite the decrease in pay-outs, the BFSI industry is still creating a diverse range of job profiles that are both hot and longstanding.
The report further states that over the last five years, there has been an impressive double-digit growth in the average salary of five out of eight industries in the manufacturing sector and three out of nine in the servicing sector, with healthcare and allied industries having the highest growth of 20.46% and education with 51.83% in respective sectors. Moreover, industries like hospitality, automobile & allied industries, e-commerce & tech start-ups and media & entertainment have witnessed a dip.
Shedding light on the highlights of the report, Kartik Narayan, Chief Executive Officer, Staffing, TeamLease Services said, “It highlights key salary trends from the Indian job market. Due to socio-economic factors like global layoffs and funding winter, median salary growth has been slightly lower than last year, yet as the Indian job market continues to evolve, we are seeing an influx of new job roles that have gained momentum from a salary perspective.
An interesting aspect to note is that a staggering 41% of all profiles have less than a 5% pay difference between compensation structures for permanent and temporary roles, indicating the growing parity of temporary employment.
When it comes to job creation, 11 out 17 industries created hot jobs and seven industries created new upcoming jobs. These profiles include some previously unheard-of roles such as senior golang developer in the telecom industry, senioor biostatistician in healthcare & pharmaceuticals, lead magento developer in e-commerce and tech start-ups, and robotics.
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