India Inc is expected to hire more people but pay moderately, with the average salary hike this fiscal likely to range between 11-13% across industries and functions, says a TeamLease report.
According to the staffing services firm, the Indian job market is showing signs of maturity and industries are getting smarter at rewarding talent.
The TeamLease Jobs and salary primer report 2016-17 said that unlike last year’s universal double digit salary growth, only 42% of profiles will witness a significant increment in pay packets this fiscal.
The average salary hike will range between 11-13% across industries and functions, it said.
“The current stagnancy in salary growth is more of a course correction. The renewed focus on talent acquisition coupled with improvement in business scenario, will bring back the buoyancy in reward and compensation structure,” TeamLease Services senior vice president Rituparna Chakraborty said.
Sector-wise, information technology, agriculture and agrochemicals, FMCG, FMCD, healthcare and pharma, hospitality, retail and telecommunications are likely to see salary growth rates upwards of 11%.
A city-wise analysis shows that Delhi, Bangalore, Pune, Mumbai, Hyderabad and Chennai are prominent on the scale of high increments.
As per the report, salaries in the Blue Collar domain see a steep rise for select profiles, with employers wanting to reward and retain specialised skills.
In the power and energy sector (electrician, supervisor) and in the hospitality space (gym instructor, housekeeping) are cases where blue collar job profiles have garnered lofty salary increments this year.
The unified salary report covers 15 key industry verticals and nine cities. Salaries benchmarked in this document are mostly those pertaining to junior to mid-level profiles.