India Inc to witness double-digit median salary increment this year: Report

Corporate India is expected to witness a double-digit hike in salaries with a median increase of 10.95 per cent this year but the increment is likely to be moderate across key sectors, according to a report released on Tuesday. Banking, financial services and insurance, BPO and IT-enabled services, e-commerce and tech start-ups, educational services, fast-moving consumer durables, fast-moving consumer goods and healthcare would be ‘top paymasters’ with salary growth of over 13 per cent, as per the report, ‘Jobs & Salaries Primer 2019’, by TeamLease Services. India Inc is expected to dole out a double-digit salary hike with a median salary increment of 10.95 per cent, said the report, which analyses hiring and salary trends across industries.
However, agriculture and agrochemicals, automobile, real estate, hospitality, industrial manufacturing, media and entertainment, power and energy, retail and telecommunications comprised ‘bottom paymasters’ with less than 13 per cent salary growth, the report said. The report also added that eight out of the 17 sectors surveyed and six out of the nine cities covered have showed positive sentiments in salary growth. “Indian job market is going through a transition phase in terms of job roles with the evolving market needs. Cutting-edge job roles of today and tomorrow will be the focus of the employers in the coming years,” said Rituparna Chakraborty, co-founder and executive vice-president, TeamLease Services.
Among the nine cities covered in the survey, Bengaluru and Chennai were the only two cities that exhibited sub-10 per cent growth in median salaries. Chakraborty further said the year ahead will focus on consolidation. “While hot jobs will continue to attract handsome rewards, median salaries and increments are not looking good enough,” she said. All the 17 sectors covered by the report have taken on new roles that have embraced hi-tech. “This transition is an indication of the brave new world of smart increments and hot jobs,” she added.
According to the report, some of the profiles such as chief technology officer in e-commerce and tech start-ups in Mumbai command a premium of around 17 per cent increment. The other profiles wherein companies are generous are design engineer (unigraphics: automobile), chief planning officer (construction), embedded technologies engineer (power and energy), IT engineer/project manager-IT/software (healthcare and pharmaceuticals). About 2,00,000 salary records across 17 sectors and nine cities were analysed for the report.