Salary hikes will be secular across sectors and the median increment for FY22 is likely to be around 8.13 percent, the Jobs and Salary Primer Report for FY2022 by TeamLease Services said on May 12.
But sectors like e-commerce and tech start-ups, healthcare and allied industries, IT and knowledge services are set to witness double-digit salary growth, the staffing firm said in its annual survey.
Across sectors, salaries grew or are set to grow by a minimum of 4.11 percent and a maximum of 10.71 percent in FY22. This was ranged between 3.08 percent and 10.33 percent in FY21.
Here are four takeaways from the report:
Demand for specialised skills
Employers continue to place a premium on super-specialised job roles and the demand for this job category continues to rise. Growth rates in the category have inched up from 11 percent to 12 percent this year.
TeamLease that collected jobs and pay-out trends from 263,000 temporary profiles, 17 industries and nine cities, said e-commerce and tech start-ups, healthcare and allied industries, IT and knowledge services exhibited growth in excess of 11 percent.
Besides, agriculture and agrochemicals, banking, financial services and insurance, BPO and IT-enabled services, construction and real estate, educational services, media, and industrial manufacturing have exhibited less than 10 percent growth.
As per the staffing and human resources firm, finance consultant (agriculture and agrochemicals), credit financial analyst (BFSI), business operations analyst (e-commerce and tech start-ups), QS and planning engineer (FMCD), automation engineer (IT and knowledge services) are among the top profiles that are witnessing strong demand in the market.
“A majority of these job roles are now COVID-proof… and salary growth is more or less uniformly distributed across this large majority, with most organisations adapting to multiple modes of work -- office, remote and hybrid, and normalcy returning to the workplace,” the survey added.
COVID-slump bottoms out
The year marks a clear departure from the pandemic-imposed slump experienced by all sectors, without exception. More sectors (10) are accelerating towards pre-COVID levels than the ones that are steadily getting there.
Agriculture and agrochemicals, automobile and allied industries, BFSI, e-commerce and tech start-ups, educational, pharma, retail and telecommunications have shown quick progress towards pre-COVID levels.
Similarly, sectors like BPO & ITeS, construction, real estate, FMCD, hospitality, industrial manufacturing, and media and entertainment are making steady progress towards a pre-COVID situation.
Work from home or work from office?
Sectors with significant work-from-home (WFH) profiles will benefit on account of business continuity. Sectors like BPO & ITeS, e-commerce, & tech start-ups, educational services, IT and knowledge services will benefit the most from WFH continuity.
In contrast, sectors like agriculture, agrochemicals, automobile, banking and financials, pharma, retail, entertainment, and industrial manufacturing are unlikely to benefit much from WFH continuity.