New Delhi: India Inc is expected to hire more people but pay moderately, with the average salary hike this fiscal year likely to range between 11 percent and 13 percent across industries and functions, staffing services firm TeamLease said in a report.
The Indian job market is showing signs of maturity and industries are getting smarter at rewarding talent, the report said.
The TeamLease Jobs and salary primer report 2016-17 said that unlike last year's universal double digit salary growth, only 42 percent of profiles will witness a significant increment in pay packets this fiscal year.
The average salary hike will range between 11 percent and 13 percent across industries and functions, it said.
"The current stagnancy in salary growth is more of a course correction. The renewed focus on talent acquisition coupled with improvement in business scenario, will bring back the buoyancy in reward and compensation structure," TeamLease Services senior vice president Rituparna Chakraborty said.
Sector-wise, information technology, agriculture and agrochemicals, FMCG, FMCD, healthcare and pharmaceuticals, hospitality, retail and telecommunications are likely to see salary growth rates upwards of 11 percent.
A city-wise analysis shows that Delhi, Bangalore, Pune, Mumbai, Hyderabad and Chennai are prominent on the scale of high increments.
According to the report, salaries in the blue collar domain see a steep rise for select profiles, with employers wanting to reward and retain specialized skills.
In the power and energy sector (electrician, supervisor) and in the hospitality space (gym instructor, housekeeping) are cases where blue collar job profiles have garnered lofty salary increments this year.
The unified salary report covers 15 key industry verticals and nine cities. Salaries benchmarked in this document are mostly those pertaining to junior to mid-level profiles.