With job market showing signs of maturity, industries are getting smarter at rewarding, states Teamlease Jobs and Salaries Primer Report 2016-2017. As per the report, unlike last year, double digit salary growth will not be universal. Only 42 per cent of the profiles will witness a significant increment in the pay package this fiscal. The average salary hike in financial year 2016-2017 will range between 11-13 per cent across industries and functions.
Innovation captures the imagination of many a sector resulting in a 15 per cent increase in the number of new types of jobs being generated. The previous year’s focus on analytical jobs is now broader based, with the need for design, usability and financial analysis being the drivers of new job creation.
From a sector perspective, employees in IT, Agriculture and Agrochemicals, FMCG, FMCD, Healthcare and Pharma, Hospitality, Retail and Telecommunications will receive double digit salary hike. However, companies across auto and allied industries, BFSI, BPO and IT enabled services, construction, real estate and power and energy will remain conservative. With the highest annualised salary growth being a mere 9.28 per cent automobile and allied industries seems to be the lowest rewarding sector.
The blue collar profiles will garner lofty salary increments. The report also highlights that transformative skills will be highly valued skills at a workplace.