All the 17 sectors reviewed will dole out reasonable salary increments, with 3 in double digits
Mumbai, 12th May 2022: TeamLease Services India’ leading people supply Chain Company today released the latest edition of its Jobs and Salary Primer Report for FY’22. According to the report, unlike the last two years, this year most of the job roles from across sectors have be considered for a salary hike, however, the increments will be moderate. Out of the 17 sectors reviewed 14 have indicated a single digit hike. The median salary increment will be around 8.13%. Ecommerce and Tech Start-ups, Healthcare and Allied Industries, Information Technology and Knowledge Services are the only three sectors who have registered a salary growth greater than 10%.
An in-depth research covering the jobs and payout trends across 8 functions, 2,63,000 temp profiles, 17 industries and 9 cities, as per the report while conservatism is the underlying theme, employers are not shying away from rewarding skills, especially niche skills. The salary hike for super specialized job roles range between 11% and 12%. Further, from a geographic perspective, amongst the cities the top paying (increments of 12% and above) are Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Mumbai and Pune. A detailed study, the research not only bring to light the salary trends it also covers the dynamics that govern the payout decisions. As per the analysis, most of the sectors, have recovered from the COVID induced slump sectors. Majority, 10 out of the sectors analysed have indicated a progression rate of 7-10% and the rest are growing at a rate of 5-7%.
Elaborating on the report, Ms. Rituparna Chakraborty, Co-Founder & Executive Vice President, TeamLease Services said, “While the increments are yet to reach the double digit hikes, it is heartening to see that the phase of salary de-growth and stagnation that have been hovering across the job market in the last two years is nearing its end. The revival coupled with the growing appetite for roles across profiles and sectors indicate that the modest approach will soon taper off and push the increments to reach the pre-covid level.”
Another interesting aspect that the report has brought to light is the growing interest from India Inc towards Hot’ and Upcoming jobs (cutting-edge, new-age roles that keep businesses ahead of the curve). As per the report, while in FY202-21 only 5 out of the 17 sectors had created, close to 9 sectors had created Hot jobs in FY2021-22.
The Jobs and Salaries Primer is an annual report from TeamLease Services Limited that analyses the hiring and salary trends across industries. It provides an overview of unified salaries across temporary and permanent profiles across markets. This edition of ‘The Jobs and Salaries Primer’ has taken into consideration the salary payouts of more than 2,63,000 candidates across 17 sectors and 9 cities.