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Jobs to grow 11.3 per cent this fiscal: Study
Posted On:
05/07/2014
Updated On:
Positive market fuelled by government incentives and increased consumer spending will lead to a job growth of 11.3 per cent this fiscal, says a study by staffing firm, TeamLease Services.
Salary increments for this fiscal were between 5 per cent and 14 per cent across industries compared to a 3.8-10 per cent during the same period last year. The 'TeamLease Jobs & Salary Primer', shared exclusively with ET, states that niche-skilled employees have received a 20 per cent raise this fiscal.
Those employed in the power and energy have received the largest percentage of salary growth rate of 13.5 per cent while IT and knowledge services gave their employees a raise of 12 per cent. Those working in the FMCD (fast-moving consumer durables), FMCG, construction, real estate, media and entertainment and retail had increments upwards of 10 per cent, stated the report. "This is an interesting period for India as the cautious optimism that we have been seeing for the past 24 months seems to be finally making way for a more buoyant outlook," said Rituparna Chakraborty, senior VP and co-founder TeamLease Services.
"Salary and job growth will move upwards for the next 12 months at least before the actual effects of the new government are felt," added Chakraborty. The salary growth rates and salary increments were calculated based on earnings between December 2013 and June 2014 across 81,000 candidates.
The study also showed that salary differences between temporary and permanent jobs have shrunk. Firms are hiring more workforces on contract and the gap is 4-5 per cent in industrial, manufacturing and allied sectors. Automobile, construction and real estate, media and entertainment have a differential of 5-6 per cent, according to the study. The report states that employees who have developed in -depth skills get paid at-par with those who have diverse expertise.
So, safety officers in agriculture and agrochemicals, SAP consultants in FMCD, business analysts in BFSI are some who are 'high on skill intensity and their salaries match with project leads in IT and knowledge services.
Employees who work in longstanding jobs are likely to get paid more in 9 out of 15 industries. They include manufacturing, BFSI and retail sectors. The automobile and allied industries, FMCG, health and pharmaceutical sectors will bet on employees who have skills needed in the near future, say the report.
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