Randstad India, one of the leading HR service providers in India, has come up with its 2017 Salary Trends Study. It has been noticed during the study that FMCG (fast moving consumer goods) industry as one of the highest salary paying industries in India.
The 2017 salary report by Randstad India has made it easier for the job seekers to spot a job in the industry that offers the best salaries across all levels and functions. The report focuses on the salary trends and their analysis in different industries as well as providing a comparison between different sectors to help the potential workforce to choose their industry accordingly.
The Randstad Salary Trends Study 2017 analyzed 1, 00,000 jobs over 20 industry verticals and 15 core functions.
FMCG rules the roost
Surveys analyzed that FMCG industry employees receive the highest payment in India with a standard average annual CTC (cost-to-company) at Rs 11.3 lakh. The 2017 Randstad Salary Trend Study findings also showed that in FMCG industry, employees across all the levels and functions are being paid higher salary than their counterparts in other sectors.
The FMCG industry is followed by Information Technology sector and Power sector, where employees across all talent levels and functions are paid average annual wage of Rs 9.8 lakh and Rs 9.3 lakh, respectively.
A booming demand for qualified and experienced personnel in marketing, sales and supply chain management roles, linked with close to 30% of jobs being located in the 10 lakh+ category is being noticed as a primary driver for the FMCG industry to turn up as the winner of the industry.
Pharma and Healthcare and Telecom bagged fourth and fifth position in the list of India’s most paying industries with offering an average CTC of Rs.8.8 lakh and Rs 8.7 lakh, respectively.
How since 2010 e-commerce have changed the retail market is definitely a significant change for our economy. E-commerce alone employs a gigantic number of people in their operations across various business verticals such as fashion, furniture, entertainment, grocery and homecare and now the booming payment banks. Apart from the skyrocketing growth (though not impressively profitable), e-commerce sector in India also accounts for being the highest paying industry for experienced and mid-level talent. While experienced employee with experience of over 15 years draw Rs. 34 lakh annually on an average, mid-level talent with experience ranging between 6-15 years earn up to Rs. 13 lakh annually.
Which location pays the most salary?
Report released by Randstad also shed light on how location of a job affects the Salary scale. Bangalore being the house to many national and international technology giants is known as the IT capital of India. According to Randstad location-specific salary report, India’s Silicon Valley (Bangalore) tops the chart as the highest salary paying city in India, with an average annual CTC paid across all functions and levels at Rs.14.6 lakh. Mumbai being little close to Bangalore in the race with its average CTC at Rs 14.2 lakh, followed by Hyderabad (Rs.13.6 lakh) and National Capital Region (NCR) (Rs.13.5 lakh).
The next top three names in the list of Indian cities paying highest average annual salaries for professionals are Chennai (Rs.13.4 lakh) Pune (Rs.13.2 lakh) and Kolkata (Rs.11.4 lakh).
“In a country like India where job loyalty is considerably low, salary becomes one of the most critical parameters that workforce takes into consideration while changing jobs. For employers too, it is an imperative to get the internal compensation structure right, which is primarily a function of various facets like capability, experience, location, job profile, industry of operation, etc.,” said Dr Moorthy K. Uppaluri, MD & CEO, Randstad India.
He further added that, “Today, employers are aware of the fact that the right salary structure is one of the key strategies to attract, engage and retain top talent in the organization and hence it is important to closely analyze the prevalent salary trends and make course corrections wherever necessary. Our salary study findings empower them with key insights and data that help them streamline and simplify this process, thus ensuring equitable pay.”
Hot Jobs of the year
The study also listed down “Hot Jobs” for the ongoing financial year with the new-entrant digital marketing paying relatively higher wage for talent in the bracket of 6-10 years in comparison to other professionals in the same salary and experience reach.
Trained professionals in Core Java are leading the pack with an average annual CTC of Rs.18.06 lakh, followed by professionals of digital marketing with an average CTC of Rs. 17.09 lakh and testing automation engineers at an average CTC of Rs.14.67 lakh.