- Time to rejoice for specialist doctors with R&D skillsets
- Bengaluru walks off with crown of highest paid corporate salary
- Senior level talent working in Consulting & advisory functions retained well by BFSI firms
The end of April is the perfect time to expect a salary appraisal. Most of your taxation processes are done with and the market would have also opened with newer opportunities. Newer jobs would also mean a confusion- whether the salary offered is in line with industry standards.
Maybe the appraisal form indeed shows off your hard work. Also, that new offer letter that you have bagged could be closer to your expectation. But again, is that a true indication of what your peers are being earning?
Well, Randstad India, a staffing and consultancy firm has come out with a survey finding the salaries of the working class across various cities, and believe us the numbers look quite encouraging. And in case you are looking at either an appraisal or considering a new offer letter, do compare the numbers posted by Randstad.
From engineers and solution architects, to Consultancy specialists and Doctors with specific skill-sets, this is indeed the right time to ask for a salary hike, in case your emoluments are below the average.
Survey findings from Randstad India reveal that the Indian Pharma and Healthcare industry was paid the highest in India with an average annual CTC (Cost to Company) of Rs 9.6 lakhs across all levels and functions. Randstad analysts said that the increase was attributed to a demand for specialist doctors and professionals with Research and Development skills.
The survey findings are of utmost importance to the salaried class in reviewing a new offer as well as appraisal for the year 2018.
Salaries of senior level talent (15+ years of experience)
Salaries of mid-level talent (6-15 years of experience)
Interns and freshers keen on joining a new company will also find key take-aways from the survey findings. The survey points at a median salary of Rs 5 lakhs plus for freshers.
Salaries of junior level talent (0-6 years of experience)
The Randstad Insights Salary Trends Report 2018 analyzed 100,000 jobs across 20 industry verticals and 15 functions.
Highest paying job functions in India across all experience levels:
Demand for consultancy, accountancy, jobs too soard in the country. After the GST implementation there has been an unprecedented spike in demand for implementation and compliance specialists. Professional Services hence is the second highest paying sector in the country with an average salary of Rs 9.4 lakhs. The sector largely comprises of Management Consulting, Strategy, Accounting, Audit and Legal firms.
2018's Hot Jobs:
From a sector perspective, FMCG, which was the highest paying industry in 2017, came in third with an average CTC of INR 9.2 lakhs. The IT sector, offering an average annual CTC of INR 9.1 lakhs and Infrastructure, Real Estate & Construction at INR 9.0 lakhs take the fourth and fifth position in the list as India's most lucrative industries for professionals.
In addition to analysis of salaries of engineering and Doctors, the Randstad study also examined Hot Jobs. The hot jobs for 2018 showcases roles in strong demand in the current job market, across industries, where talent in 6-10 year experience bracket are paid relatively higher remuneration (as much as 1.5 times higher) when compared to other professionals in the same salary range. Specialist Doctors topped the charts with an average annual CTC at INR 18.4 lakhs, followed by Solution Architects at a CTC of INR 15.1 lakhs, Product Engineering Specialists at INR 14.8 lakhs and Blockchain technology experts at a CTC of INR 14.6 lakhs.
An interesting insight from this year’s edition of the Salary Trends Report (which arrives at the findings by analyzing the demand for talent) is that, compared to 2017, the average salaries have shown a downward trend from last year owing to the twin phenomenon of a decline in mid-level roles (which pay an average of 6-12 lakhs) and an increase in the number of entry level roles (which typically pay anywhere between 4-6 lakhs). The entry-level roles of the jobs analyzed increased from 38% last year to 51% this year, thereby pushing down the overall salaries.
Highest Paying Cities by Experience Level:
Other key Features from the survey:
|City||Function||Average Annual CTC (in INR)|
|Bangalore||Consulting & Advisory||11,80,000|
|Sales – BFSI||10,40,000|
|Finance & Accounts||10,80,000|
|NCR||Consulting & Advisory||11,90,000|
A snapshot of the annual CTC across levels of talent and multiple cities.
|Top 5 cities||Average Annual CTC in INR|
|Senior level Talent (15 years+)|
|Rank 1 - Bangalore||24,50,000|
|Rank 2 - Pune||24,10,000|
|Rank 3 - Chennai||22,70,000|
|Rank 4 - Mumbai||22,30,000|
|Rank 5 - Gujarat||20,20,000|
|Mid-level Talent (6-15 years)|
|Rank 1 - Bangalore||11,10,000|
|Rank 2 - Pune||10,90,000|
|Rank 3 - Mumbai||10,50,000|
|Rank 4 - NCR||10,40,000|
|Rank 5 - Hyderabad||10,30,000|
|Junior level talent (0-6 years)|
|Rank 1 - Pune||7,10,000|
|Rank 2 - Mumbai||6,50,000|
|Rank 3 - Bangalore||6,40,000|
|Rank 4 - NCR||6,10,000|
|Rank 5 - Kolkata||6,00,000|
Paul Dupuis, MD & CEO Randstad India said, "building a successful organization requires a number of key ingredients; a solid strategy, clear segmentation and go to market proposition, demand for the service or product and the ability to deliver. Clearly, though, the most important trigger for success is to have the right people, enabled by the right tools to drive strategy and a competitive compensation structure."
"A strong salary structure that strikes a perfect balance between internal and external pay equity is an imperative today for the organizations as it’s often the key to bring top talent on board and keep them motivated. The Randstad Insights Salary Trends Report 2018 compiles prevalent salary trends across industries, locations, functions and experience levels in the country, thus empowering India Inc. with critical insights that help redesign a market-appropriate pay structure that augur well for the organizational strategy while also reflecting broader market forces," he added.Do share the data with your friends and colleagues and ensure to comment with your valuable feedback here.