Median Salary Growth Slightly Lower Than Last Year: Team Lease Report However, over 41% of job profiles in various industries have just a 5% pay difference between permanent and temporary roles
By Teena Jose
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TeamLease Services, an HR tech startup, has released its flagship 'Jobs and Salary Primer Report' for FY 2022-2023. The latest report reveals a range of salary growth between 3.20% and 10.19% across various industries, which is slightly slower compared to the previous year. However, the report uncovered a deeper insight that despite a dip in overall salary growth this year, reportedly over 41% of job profiles in various industries have just a 5% pay difference between permanent and temporary roles. Furthermore, as organizations continue to focus on growth and digital transformation, the demand for Sales and IT roles has remained quite high.
"Due to socio economic factors like global layoffs and funding winter, median salary growth has been slightly lower than last year, yet as the Indian job market continues to evolve, we are seeing an influx of new job roles that have gained momentum from a salary perspective. An interesting aspect to note is that a staggering 41% of all profiles have less than a 5% pay difference between compensation structures for permanent and temporary roles, indicating the growing parity of temporary employment," said Kartik Narayan, chief executive officer - staffing, TeamLease Services.
Furthermore, according to the report findings, over the last 5 years, there has been impressive double-digit growth in the average salary of 5 out of 8 industries in the manufacturing sector and 3 out of 9 in the servicing sector, with healthcare and allied industries having the highest growth of 20.46% and education with 51.83% in respective sectors. Moreover, industries like hospitality, automobile and allied industries, e-commerce and tech startups and media and entertainment have witnessed a dip.
In addition, the report highlights a 10.19% hike in the relationship manager role in the telecom sector in Bengaluru, making it the highest-paying job in the market. Following closely is the game developer role in media and entertainment, with a hike of 9.30%, also in Bengaluru. Across sectors, while the median salary increment stood at a steady 8.03%, the maximum increment of 10.19% was slightly lower than the previous year.
The Jobs and Salary Primer Report FY22 is a report that delves deep into the salary trends of the past five years, claiming to be covering 403 unique employers and 357 unique employees across 9 hub cities and 17 industries, highlighting the median salary increment of around 8.03%.
