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The increasing demand for talent has brought about the biggest reversal in trend this year: sharply narrowing the salary variance between temp (temporary) and perm (permanent) jobs across a slew of job profiles and industries.
The average salary difference now ranges only between 2.2% and 2.5% as compared to last year’s low of 4.7% and 5%, says the TeamLease Jobs and Salaries Primer report.
In fact, not only in metros but even in cities such as Ahmedabad and Pune, the gap between salaries given to temp and people on the rolls have lessened significantly indicating the maturity of job market across the country.
From an overall perspective, candidates undergoing appraisal this season are expected to witness a double digit salary growth ranging between 10.5% to 15% across industries and functions, setting in a upbeat tone for the year.
Rituparna Chakraborty, senior vice president and co-founder of TeamLease Services, said: “The overall improvement in the business scenario coupled with the right initiatives by the government seem to be having a positive effect on hiring as well as salaries this year. The growing optimism and the resultant movement of talent will not only compel corporates to loosen their purse strings but also will help them with access to a wider talent pool.”
While retail and telecommunication sectors steal the show with a 12-15% increment in salaries. Health and Pharmaceuticals, Media and Entertainment, Power and Energy, FMCG are also expected to witness a positive growth. Further, city wise, Mumbai tops the chart as the highest salary paying city in as many as seven industries.
A detailed analysis of the report also throws light on the salary trends across blue collar profiles.
According to the report the median salaries for some of the blue collar profiles are around 30% and 50% higher than the minimum wages. The study also highlights that apart from the hard skills soft traits such as honesty, personal hygiene and mannerisms are increasingly gaining demand.
Jobs, especially in technological innovation, are much sought after in the industry, the report added.
| Key findings |
| * Salaries have risen significantly for about 37% of all profiles surveyed, incrementally for 44% |
| * Double digit salary growth – ranging from 10.5% to 15% – is more the norm |
| * Job creation, especially in the domain of technological innovation, takes a front and center position in talent acquisition plans |
| *Cutting edge skills in digital, analytics and big data are rubbing shoulders with staple job roles such as IT Manager, SAP Consultants and systems engineers. |
| * Mumbai is the top salary paying city across as many as seven industries |
