Median gross hourly salary fell by 21% over 2 years: Monster Salary Index

Manufacturing only sector to post a rise in median gross hourly salary in 2017 at 9%

Median gross hourly salary fell by roughly 21 per cent over two years to stand at Rs 219.4 per hour in 2017, as against Rs 277.1 per hour in 2015, according to the latest salary index report by Monster.com, one of the leading online career and recruitment solutions providers.

The 'Monster Salary Index' (MSI) said that at Rs 230.9 per hour, manufacturing was the only sector in 2017 among the eight captured by the report to see a rise of nine per cent in median gross hourly salary. Moreover, the median gross salary in the manufacturing sector in 2017 at Rs 230.9 per hour was 5.2 per cent more than the overall median gross salary of India which is Rs 219.4 per hour.

In 2017, manufacturing has also been the second highest-earning sector in India and with the exception of the IT sector, manufacturing also remains the only other sector that paid the median gross salary of above Rs 200 per hour threshold.

The report further observed that IT sector paid the median wage at Rs 317.6 per hour, the highest among all monitored sectors, but 17.8 per cent less than 2016.

"This is one of the reasons why more than half 51 per cent were not satisfied with their jobs. Some other aspects contributing to job dissatisfaction are commuting time, work-life balance, and working hours. Interestingly, employees in the IT sector are most satisfied with their relationships at work. They rated their relationships with colleagues and supervisors a high 90 per cent," the report stated.

According to Abhijeet Mukherjee, CEO, Monster.com, APAC and Gulf, the report reiterated the signs of green shoots sprouting in pockets of local manufacturing in sectors as diverse as steel, auto, chemicals and energy and this is also reflected in the 60 per cent year-on-year (Y-o-Y) growth in online hiring in the production & manufacturing sector till July 2018, as reported by Monster Employment Index.

"The advent of automation and AI has brought about some uncertainty, but job creation is expected to continue with an impetus on upskilling and re-skilling the current workforce. The IT and BFSI sectors have shown a correction in wages and it isn't surprising that pay satisfaction is low with only over 40 per cent of employees satisfied with their salaries. While these sectors have shown an upward trend in hiring activity as per Monster Employment Index, companies could consider relooking at salaries in these sectors to boost employee satisfaction," Mukherjee added.

Commenting on the report, Paulien Osse, Director WageIndicator Foundation said, "MSI has been devised basis an extensive methodical research across sectors with a view to empower recruiters and jobseekers to analyze salaries through a credible platform. Our collaboration with Monster.com is testimony of a valued partnership, bringing forth insights that are beneficial to the industry in the areas of salary."

Median Gross Hourly Salary Trends in 2017

• Parameters Manufacturing BFSI IT
• Median gross hourly salary Rs. 230.9 Rs. 144.3 Rs. 317.6
• Wholly domestic owned Rs. 168.4 Rs. 109.1 Rs. 231.0
• Wholly foreign owned Rs. 384.9 Rs. 261.7 Rs. 815.1

Source: WageIndicator Foundation