Annual salary hikes inch closer to pre-Covid levels

Mumbai: The median salary increment this year is likely to be around 8.13 per cent as the country recovered from the after effects of pandemic-related disruptions, a report said.

According to the 'Jobs and Salary Primer Report for FY2022 by TeamLease', unlike the last two years, this year most of the job roles from across sectors have been considered for a salary hike, however, the increments will be moderate.

Of the 17 sectors reviewed in this report, 14 have indicated a single digit hike and the median salary increment will be around 8.13 per cent.

"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," TeamLease Services co-founder and executive vice president Rituparna Chakraborty said.

Another interesting aspect that the report has found is that there is a growing interest from India Inc towards Hot and Upcoming jobs (cutting-edge, new-age roles that keep businesses ahead of the curve), she pointed out.

"While in 2020-21 only five out of the 17 sectors had created Hot Job roles, however, in FY22 close to nine sectors had created cutting edge or new-age roles," she added.

'The Jobs and Salaries Primer' is an annual report from TeamLease Services that has taken into consideration the salary payouts of more than 2,63,000 candidates across 17 sectors and nine cities.

The report further revealed that while conservatism is the underlying theme, employers are not shying away from rewarding skills, especially niche skills.

Employers continue to place a premium on super-specialised job roles and the demand for this job category continues to rise, it said, adding that the growth rates in the category have inched up between 11 per cent and 12 per cent this year.