According to a survey, India Inc is anticipated to deliver an average pay increase of 8.13 per cent in 2022 as the country recovers from the consequences of the Covid-19 pandemic-related disruptions.
Unlike 2020 and 2021, most job functions across sectors have been evaluated for a wage increase this year, albeit the increases will be modest, according to TeamLease’s ‘Jobs and Salary Primer Report for FY2022’. “While pay increases have not yet reached double digits, it is heartening to see that the period of pay de-growth and stagnation that has hung over the labour market for the past two years is coming to an end.”
Of the 17 industries examined in the survey, 14 have suggested a single-digit increase, with the median wage increase expected to be about 8.13 per cent. “The moderate approach will eventually taper off and drive the increments to reach the pre-Covid level,” TeamLease Services co-founder and executive vice president Rituparna Chakraborty said, citing the resurgence and increased desire for positions across profiles and industries.
Another intriguing finding of the survey is that India Inc is becoming more interested in Hot and Upcoming positions (cutting-edge, new-age roles that keep enterprises ahead of the curve), she noted. “While only five of the 17 industries generated Hot Job opportunities in 2020-21, nearly nine industries created cutting-edge or new-age roles in FY22,” she noted.
‘The Jobs and Salaries Primer is an annual analysis by TeamLease Services that examines the compensation packages of over 2,63,000 applicants in 17 industries and nine cities. While conservatism is the overarching trend, the research also indicated that companies are not afraid to reward abilities, particularly unique ones.
Employers continue to value super-specialized job categories, and demand for them is increasing, according to the report, which also noted that growth rates in the category have increased by 11-12 per cent this year. E-commerce and tech start-ups, healthcare and related industries, and IT and information services are among the top paymasters (salary growth of more than 10%), according to the survey.
Agriculture and agrochemicals, automobile and allied, banking, financial services and insurance, BPO and IT-enabled services, construction and real estate, educational services, fast-moving consumer durables, fast-moving consumer goods, hospitality, industrial manufacturing and allied, media and entertainment, power and energy, retail and telecommunication have all given out less than 10% increases.