Pay hike in line with demand for IT, sales execs

With technology and sales becoming critical functions required for business continuity and recovery, not only has the demand for the IT and sales profiles grown, but the salaries that they command have also increased significantly as per the latest 'TeamLease Jobs & Salaries Primer Report 2021'. According to the report, while the median salary increment was 7.12 per cent, the average growth of salary for talent in IT and Sales functions has been 8.55 per cent and 9.82 per cent respectively.

As the leading in-depth analysis of the job market, TeamLease Jobs & Salaries Primer Report 2021 brings to light the dynamics that govern payout related decisions across 8 functions, 2,63,000 temp profiles, 17 industries and 9 cities. As per the report, the positivity is not restricted to Sales and IT functions alone, but also to super specialised jobs that are being rewarded handsomely. Super specialised jobs have commanded a salary increment of over 11%. Similarly, COVID proof jobs also echo similar sentiments. COVID proof job profiles have not only come out unscathed even through the second wave but are experiencing a steady growth in demand. Out of the 350 job roles surveyed, 35 have stood the test of COVID and have seen a healthy salary growth of more than 8 per cent. In fact, some of these profiles are expected to continue to witness a healthy growth in FY 2021-22 as well. While there is exuberance in certain sections, the sentiment is definitely not universal. In fact, a significant number of profiles across sectors are still under the scrutiny for increments and fall in degrowth or stagnant (0-3 per cent) category. Out of the 17 sectors studied, only 3 sectors seem to have been generous on hikes. The 3 sectors where the salaries have witnessed a 10% growth are namely Banking, Financial Services & Insurance, Healthcare & Allied Industries and Information Technology & Knowledge Services. From a geographic spread perspective, the top paying cities (increments of 12% and above) were Bangalore, Chandigarh, Chennai, Delhi, Hyderabad, Mumbai and Kolkata.

Rituparna Chakraborty, Co-Founder & Executive Vice President, TeamLease Services said, "Though employers are still cautiously optimistic, they are trying to minimise the COVID gloom and correspondingly making pay decisions. But, what is standing out is the trend of betting big on skills that will help them to ensure business continuity while fostering a spirit of innovation and growth. The biggest testimony of this is the increments that India Inc. is willing to dole out to the hot and super specialised job roles. While the median salary growth is 7.12 per cent, industries are willing to offer 11 per cent and more to the hot as well as super specialised jobs respectively."

Another interesting aspect that the report has brought to light is the growing pay parity between temporary and permanent profiles. In almost all sectors (17 out of the 17 reviewed) the salary variance between permanent and temporary job profiles is down to less than 5 per cent. In fact, the number of sectors wherein the pay-out difference is less than 5 per cent has increased by 2 (last year only 15 sectors had shown a pay-out difference of less than 5 per cent between temp and perm profiles).

A detailed analysis of workplace practices and its corresponding impact on the demand and pay outs for roles, the report indicates that more and more businesses seem to be leveraging work from home as a solution. In fact, the number of sectors that have benefitted from Work From Home arrangements, has grown significantly from 3 in the last edition of the report to 5 in the current edition. The Jobs and Salaries Primer is an annual report from TeamLease Services Limited that analyses the hiring and salary trends across industries. It provides an overview of unified salaries across temporary and permanent profiles across markets. This edition of 'The Jobs and Salaries Primer' has taken into consideration the salary payouts of more than 2,63,000 candidates across 17 sectors and 9 cities.