Salary hikes inch closer to pre-covid levels: Teamlease
Report says median salary increment in FY22 was around 8.13%
Inching closer to pre-covid levels, median increments in FY22 have been around 8.13 per cent, the latest edition of leading people supply chain company Teamlease Services India's Jobs and Salary Primer Report has found. In the previous edition, the median increment was 7.12 per cent.
According to the report, of the 17 sectors reviewed, 14 have indicated a single-digit hike while e-commerce & tech start-ups, health care & allied industries, and information technology (IT) & knowledge services are the only three sectors to register a salary growth greater than 10 per cent.
Backed by in-depth research covering jobs and payout trends across eight functions, 263,000 temp profiles, 17 industries, and nine cities, the report found that employers are not shying away from rewarding skills, especially niche skills. For instance, the salary hike for super specialised job roles range between 11 per cent and 12 per cent.
In terms of geography, Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Mumbai, and Pune were amongst the top-paying cities with increments of 12 per cent and above. The report found that most of the sectors had recovered from the Covidinduced slump sectors, with 10 of 17 indicating a progression rate of 7-10 per cent with the rest growing at 5-7 per cent.
Teamlease Services’ Cofounder and Executive Vice President Rituparna Chakraborty said while the increments were yet to reach the double-digit hikes, the phase of salary de-growth and stagnation that had been hovering across the job market in the past two years was nearing its end.
“The revival, coupled with the growing appetite for roles across profiles and sectors, indicates that the modest approach will soon taper off and push the increments to reach the pre-covid level," she said.
Among its key findings, the report saw a growing interest from India Inc towards ‘hot and upcoming’ jobs, such as cutting-edge, new-age roles that keep businesses ahead of the curve. According to the report, while in FY21 only five out of the 17 sectors had created such hot jobs, close to nine sectors created the same in FY22.