Pay hikes at 8.13% inch closer to pre-Covid levels
MUMBAI: The median salary increment this year is likely to be around 8.13% with the country recovering from the after effects of pandemic-related disruptions, a report said.
According to the ‘Jobs and Salary Primer Report for FY2022 by TeamLease’, unlike the last two years, this year most of the job roles from across sectors have been considered for a salary hike. However, the increments will be moderate.
Of the 17 sectors reviewed in this report, 14 have indicated a single digit hike and the median salary increment will be around 8.13%. “While the increments are yet to reach double digits, it is heartening to see that the phase salary degrowth and stagnation, which has been plaguing the job market over 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 preCovid level,” said TeamLease Services co-founder and executive vice president Rituparna Chakraborty.
Another interesting aspect that the report has found is that there is a growing interest from India Inc for Hot and Upcoming jobs ( cutting- edge, new- age roles that keep businesses ahead of the curve), she pointed out. “While in 2020-21 only five out of the 17 sectors had created Hot Job roles, however, in FY22 close to nine sectors had created cutting edge or new-age roles,” she said.
‘ The Jobs and Salaries Primer’ is an annual report from TeamLease Services that has taken into consideration the salary payouts of more than 2,63,000 candidates across 17 sectors and nine cities.
Conservatism is the underlying theme, but employers are not shying away from rewarding skills, especially niche skills, the report revealed.
Employers continue to place a premium on super-specialised job roles and the demand for this job category continues to rise, it said, adding that the growth rates in the category have inched up between 11% and 12% this year.
Further, from a geographic perspective, among the cities the top paying (increments of 12% and above) are Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Mumbai, and Pune, according to the report.
The top paymasters (greater than 10% salary growth) include e-commerce and tech start-ups, healthcare and allied industries, IT and knowledge services, it stated.
Sectors such as agriculture and agrochemicals, automobile and allied, banking, financial services and insurance, BPO and information technology 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 given increments of less than 10%, the report said.