Salary hikes inching closer to pre-COVID levels; median increment to be around 8.13%

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 percent, according to TeamLease Services India’s latest edition of its Jobs and Salary Primer Report for FY’22.

Three sectors with over 10% hike in salaries

Ecommerce and Tech startups, Healthcare and Allied Industries, Information Technology and Knowledge Services are the only three sectors who have registered a salary growth greater than 10 percent.

Hot and upcoming jobs

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). These include: Field Scientist – (Agriculture and Agrochemicals), EV Technical Expert - (Automobile & Allied Industries), KYC Analyst - (Banking, Financial Services and Insurance), Digital Marketing Manager - (Ecommerce and Tech Startups), Curriculum Developer – (Educational Services), Food Technologist – (Fast Moving Consumer Goods), SaaSops Engineer – (Information Technology and Knowledge Services), EV Technical Expert - (Automobile & Allied Industries), KYC Analyst - (Banking, Financial Services and Insurance), Digital Marketing Manager - (Ecommerce and Tech Start-ups), Curriculum Developer – (Educational Services), Food Technologist – (Fast Moving Consumer Goods), andSaaSops Engineer – (Information Technology and Knowledge Services)

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.

Payout trends across 8 functions

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 percent and 12 percent.

Cities that give top increments to employees

From a geographic perspective, amongst the cities the top paying (increments of 12 percent and above) are Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Mumbai and Pune.

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 percent and the rest are growing at a rate of 5-7 percent.

Salary de-growth, stagnation in job market nearing an end

Elaborating on the report, Rituparna Chakraborty, Co-Founder and 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.”

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.

Published on: Thursday, May 12, 2022, 01:36 PM IST