Overall salary hike to be 12 pc this year: TeamLease Study
According to the TeamLease's Salary Primer for 2013, hiring will increase going forward and salaries too will see an upward movement across most industries.
The study that covered staff working across 318 different job profiles, 15 industries and 8 functional domains in 9 major locations in India said, hiring has registered 11 per cent growth, and salaries are likely to witness 12 per cent increase across industries and functions.
"The headwinds of global change, blowing hot and cold have only so much as reshaped the contours of the Indian labour markets for the better," TeamLease Services Sr. V-P & Co-founder Sangeeta Lala said.
The study further noted that with companies striking a balance between skills and increment, attrition rate also has been brought under control, emphasising a buoyant and mature job market. Moreover, the gap between permanent salaries and temporary salaries is now negligible.
As many as 11 out of 15 industries are doing well to grow longevity of their staff, which in turn is containing attrition. The remaining four – agriculture and agrochemicals, BFSI, BPO and IT enabled services and FMCD – are characterised by profiles that attrite regardless of increment dole outs.
On both salary and increment payouts, specialisation is a clear winner. Niche, and high-skilled profiles such as network architect, SAP developer/ consultant and project lead are in greater demand than the generalised and traditionally well-paid profiles such as IT executive / IT manager and accountant, it says.
"Salaries continue to rise – more for the deserving, employers are aggressively acquiring and rewarding the right skills and capabilities, talent migration is shaped by career enrichment opportunity as much as it is by market forces, and equity has prevailed," Lala added.
In terms of salary growth rates, Mumbai and Delhi have trounced Bangalore. Meanwhile, Pune curried favour with substantial salary payouts to niche profiles such as SAP Developer and specialised domains such as Engineering, the study added.