According to a recent survey, salary increases in various businesses ranged from 3.20% to 10.19%. This indicates a small slowdown from the previous year. Nonetheless, an intriguing trend has emerged amid this reduction, demonstrating that more than 41% of employment jobs in diverse sectors had a 5% salary disparity between permanent and temporary positions. Furthermore, as organizations emphasize expansion and the use of digital technology to aid growth, demand for Sales and IT positions remains high. Bengaluru is the highest-paying salary hub in India.
Jobs And Salary Primer Report Of 2022-23
According to the analysis, a substantial percentage of industries examined have observed the rise of “hot jobs” with competitive compensation, reflecting the changing work market. Furthermore, nearly half of these industries actively cultivate creative jobs that align with future needs and trends.
Furthermore, according to the survey, the cities with the most significant salary offerings are Bengaluru, Mumbai, Chennai, Delhi, and Hyderabad. These cities are known for their robust job markets and the presence of industries that offer competitive pay to employees.
Bengaluru Is The Highest Paying Salary Hub
Bengaluru has grown at a rate of 7.79% over the previous year, demonstrating its strong labor market. The BFSI (Banking, Financial Services, and Insurance) sector, on the other hand, has seen a considerable decline in average pay this year. However, despite the decrease in salary, the BFSI industry continues to provide a varied range of sought-after and long-term job profiles. Furthermore, the industry is putting in place various steps to optimize compensation arrangements.
While average salaries in the telecom industry have fallen, the research indicates a notable growth of 10.19% in remuneration for the post of Relationship Manager, specifically in the telecom sector, particularly in Bengaluru. As a result, this position has emerged as the highest-paying employment on the market.
The position of Game Developer in the media and entertainment industry has increased by 9.30% in Bengaluru. Across all industries, the median pay increase has remained constant at 8.03%, with the most significant increase reaching 10.19%. This is slightly lower than the previous year’s number.
According to the survey results, significant double-digit growth in average salaries has been noted in the manufacturing sector across five out of eight industries and the servicing sector across three out of nine industries. Among them, Healthcare & Allied Industries has the best growth rate of 20.46%, while Education has the highest growth rate of 51.83% in their respective sectors.
However, the survey also notes a drop in average wages in several industries. For example, the average salary in the Hospitality, Automobile and Allied Industries, E-commerce and Tech Start-ups, and Media and Entertainment industries has decreased.
Therefore, these data shed light on the diverse salary trends and dynamics across industries, with some experiencing growth while others struggling to sustain salary levels.
How many of you work in Bengaluru? How is your experience? Let us know in the comments below.