Median Salary Hike To Be 8.13% This Year, Says TeamLease
Of the 17 sectors reviewed, 14 have indicated a single-digit hike, says a TeamLease report.
The median salary hike is likely to be around 8.13% this year, inching closer to the pre-Covid-19 levels as most sectors recover from the pandemic-induced slump, according to staffing firm TeamLease Services Ltd.
Unlike the last two years, this time most of the job roles from across sectors have been considered for a salary hike, but the increments will be moderate, according to TeamLease’s ‘Jobs and Salary Primer Report for FY22’. “Of the 17 sectors reviewed, 14 have indicated a single-digit hike. E-commerce and tech startups, healthcare and allied industries, information technology and knowledge services are the only three sectors that have registered a salary growth greater than 10%.”
Salary hike for super-specialised job roles has been 11-12% as employers are not shying away from rewarding niche skills, said the monthly report that analysed jobs and payout trends across eight functions, 263,000 temporary profiles, 17 industries and nine cities.
Sales and IT continued to dominate increments, the report said. While the average salary growth for IT profiles was 9.23%, for sales it was 7.41%.
“While increments are yet to reach double-digits, 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,” Rituparna Chakraborty, co-founder and executive vice president at TeamLease Services, was quoted as saying in the report. “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.”
Of the 17 sectors surveyed, 10 grew 7-10% in 2021-22, while the rest indicated a progression rate of 5-7%.
Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Mumbai and Pune were among the top-paying cities with increments of 12% and above.
Top Profiles
Finance consultant (agriculture and agrochemicals sector)
Credit financial analyst (banking, financial services and insurance sector)
Business operation analyst (e-commerce and tech startups sector),
QS and planning engineer (fast-moving consumer goods sector)
Automation engineer (information technology and knowledge services industry).
Also, the companies are increasingly showing interest in listing jobs as ‘hot jobs’. In 2020-21, only five of the 17 sectors had created hot jobs, while this year, it rose to nine.
Top And Bottom Sectors
Greater than 10% salary growth:
E-commerce and tech startups
Healthcare and allied industries
IT and knowledge services
Lesser than 10% salary growth:
Agriculture and agrochemicals
Automobile and allied
Banking, financial services and insurance
BPO and IT-enabled services
Construction and real estate
Educational services
Fast-moving consumer durables
Fast-moving consumer goods
Hospitality
Industrial manufacturing
Allied, media and entertainment
Power and energy
Retail
Telecommunication