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Salary hikes inching closer to pre-covid levels: TeamLease Jobs and Salary Primer Report

TeamLease Services, an Indian people supply chain company, has released the latest edition of its Jobs and Salary Primer Report for FY’22. According to the report, unlike the last two years, this year most of the job roles from across sectors have be considered for a salary hike, however, the increments will be moderate. Out of the 17 sectors reviewed 14 have indicated a single digit hike. The median salary increment will be around 8.13 per cent. E-commerce and tech startups, healthcare and allied industries, information technology and knowledge services are the only three sectors who have registered a salary growth greater than 10 per cent.

An in-depth research covering the jobs and payout trends across eight functions, 2,63,000 temp profiles, 17 industries and nine cities, as per the report while conservatism is the underlying theme, employers are not shying away from rewarding skills, especially niche skills. The salary hike for super-specialized job roles range between 11% and 12%. Further, from a geographic perspective, amongst the cities the top paying (increments of 12 per cent and above) are Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Mumbai and Pune. A detailed study, the research not only bring to light the salary trends it also covers the dynamics that govern the payout decisions. As per the analysis, most of the sectors, have recovered from the Covid induced slump sectors. Majority, 10 out of the sectors analysed have indicated a progression rate of 10 per cent and the rest are growing at a rate of seven per cent.

Elaborating on the report, Rituparna Chakraborty, Co-Founder and Executive Vice President, TeamLease Services said, “While the increments are yet to reach the double digit hikes, it is heartening to see that the phase of salary de-growth and stagnation that have been hovering across the job market in the last two years is nearing its end. The revival coupled with the growing appetite for roles across profiles and sectors indicate that the modest approach will soon taper off and push the increments to reach the pre-Covid level.”

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