Salary Hikes Going Back to Pre-Covid Levels, Average Increment of 8.13%: Survey

Unlike the last two years, in 2020, most of the job roles from across sectors have been considered for a salary hike, however, the increments will be moderate. Out of the 17 sectors reviewed, 14 have indicated a single digit hike. The median salary increment is be around 8.13 per cent. Ecommerce and tech start-ups, healthcare and allied industries, information technology and knowledge services are the only three sectors who have registered a salary growth greater than 10 per cent.

The survey covered jobs and payout trends across 8 functions, 2,63,000 temp profiles, 17 industries and 9 cities. The salary hike for super specialised job roles range between 11 per cent and 12 per cent. Further, from a geographic perspective, amongst the cities the top paying (increments of 12 per cent and above) are Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Mumbai and Pune.

As per the analysis, most of the sectors, have recovered from the Covid-induced slump sectors. Majority or 10 out of the sectors analysed have indicated a progression rate of 7-10 per cent and the rest are growing at a rate of 5-7 per cent.

The top jobs include field scientist (agriculture and agrochemicals), EV technical expert (automobile and allied industries), KYC analyst (banking, financial services and insurance), digital marketing manager (ecommerce and tech start-ups), curriculum developer (educational services), food technologist (fast moving consumer goods) and SaaSops engineer (information technology and knowledge services).

Sales and IT roles continue to dominate. As entire sectors are transitioning towards pre-Covid levels – some rapidly and the others steadily – the sales and IT functions remain critical for this phase of return to normalcy. The average salary growth for sales profiles is 7.41 per cent and for IT profiles, it is 9.23 per cent.

Elaborating on the report, Rituparna Chakraborty, Co-Founder & Executive Vice President, TeamLease Services said, “While the increments are yet to reach the double digit hikes, it is heartening to see that the phase of salary de-growth and stagnation that have been hovering across the job market in the last two years is nearing its end. The revival coupled with the growing appetite for roles across profiles and sectors indicate that the modest approach will soon taper off and push the increments to reach the pre-Covid level.”

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