Salary hikes to be at 12% this year: TeamLease Study

Hiring to register 11% growth across industries and functions

With companies emphasizing more on skills, there seems to be greater synchrony between skills and salaries, states TeamLease’s Salary Primer for 2013. According to a TeamLease report, salaries will see a 12% increase, whereas hiring will register 11% growth across industries and functions. Salaries and hiring, both will see an upward movement going forward.

With companies striking a balance between skills and increment, attrition rate also has been brought under control, making room for a buoyant and mature job market. Most sectors register a healthy growth in increments.

Sangeeta Lala, Sr. V-P & Co-founder TeamLease Services, said, “Salaries continue to rise and employers are aggressively acquiring and rewarding the right skills and capabilities."

 

The Banking & Finance sector which had a relatively poor increment last year seems to be on a course correction and will be rewarding skilled talent. Additionally, the gap between permanent salaries and temporary salaries is now negligible. The report indicates that sectors like healthcare, pharmaceuticals, power and energy have better longevity returns. Whereas, FMCG sees diminishing returns to a significantly increased increment spend. Automobile and allied industries perform better on increment payouts.

Cities like Mumbai and Delhi have better salary growth rates than Bangalore. Pune carries favour with substantial salary payouts to niche profiles such as SAP Developer and specialized domains such as Engineering. Niche, and high-skilled job profiles like Network Architect, SAP Developer, Consultant and Project Lead are in demand than the generalised and traditionally well-paid profiles such as IT Executive / IT Manager and Accountant.