The rising demand for talent seems to have positive impact on salaries as candidates are expected to witness a double-digit growth of up to 15 per cent in remunerations this season, according to a report.
“From an overall perspective candidates undergoing appraisal this season are expected to witness a double digit salary growth ranging between 10.5-15 per cent across industries and functions, setting in a upbeat tone for the year,” the TeamLease Jobs & Salaries Primer report said.
TeamLease Services senior vice-president and co-founder Rituparna Chakraborty 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.â€
The report said that while retail and tele-communication steal the shows with a 12-15 per cent increment in salaries, health and pharmaceuticals, media and entertainment, power and energy, white goods and FMCG are also expected to witness a positive growth.
“The increasing demand for talent seems to be having a positive impact on the salaries this year, as the salary variance between temporary and permanent jobs has narrowed sharply across a slew of job profiles and industries,” the report said.
Software roles dominated top tier jobs across industries reflecting the severe talent crunch in this domain, while technological skills are, currently, the most valued and businesses across industries are willing to pay top dollar, it said.
Further, Mumbai tops the chart as the highest salary paying city in as many as seven industries. “Mumbai does not just steal a march over Bangalore and Delhi, by now the formidable triumvirate, it is also the top salary paying city across as many as seven industries,” the report said.
Delhi leads across four industries, while Bangalore in one, it revealed. It also stated that certain city-industry clusters are proving to wield enormous clout in consistently attracting the best salary growth rates over time like Bangalore -IT (14.7 per cent), Mumbai-FMCG (13.6 per cent), Bangalore – health care and pharmaceuticals (13
per cent) and Pune – power and energy (12.5 per cent) are the city-industry clusters that dominate this scene.