Professional Services and FMCG – second and third highest paying industries in the country
BFSI – highest paying industry for Junior and Senior level talent across all levels and functions
Consulting & Advisory – highest paying job function in the country
Bangalore, April 16th, 2018: The IT capital of India, Bangalore, continues to lead the pack as the highest paying city in the country, with an average annual CTC for talent across all levels and functions standing at INR 10.8 lakhs according to Randstad Insights, the recently launched research and analysis division of Randstad India; one of the country’s leading HR service providers. Bangalore topped the list in the 2017 salary trends report as well. Pune stands second at INR 10.3 lakhs, followed by NCR and Mumbai with an average annual CTC figure of INR 9.9 lakhs and INR 9.2 lakhs respectively. Chennai (INR 8.0 lakhs), Hyderabad (INR 7.9 lakhs) and Kolkata (INR 7.2 lakhs) are the other three names in the list of Indian cities paying the highest average salaries for
Randstad Insights’ report also reveals that professionals from the Pharma and Healthcare industry are paid the highest in India with an average annual CTC of INR 9.6 lakhs across all levels and functions. An increase in demand for specialist doctors and professionals with R&D skills were the primary reasons for the industry topping the charts this year. The roll-out of GST saw a spike in demand for implementation and compliance specialists, thus making Professional Services the second highest paying sector in the country, with an average salary of INR 9.4 lakhs. The sector largely comprises of Management Consulting, Strategy, Accounting, Audit and Legal firms. FMCG, which was the highest paying industry in 2017, came in third with an average CTC of INR 9.2 lakhs. The IT sector, offering an average annual CTC of INR 9.1 lakhs and Infrastructure, Real Estate & Construction at INR 9.0 lakhs take the fourth and fifth position in the list as India’s most lucrative industries for professionals.
The ‘Hot Jobs for 2018’ – showcases roles in strong demand in the current job market, across industries, where talent in 6-10 year experience bracket are paid relatively higher remuneration (as much as 1.5 times higher) when compared to other professionals in the same salary range. Specialist Doctors top the chart with an average annual CTC at INR 18.4 lakhs, followed by Solution Architects at a CTC of INR 15.1 lakhs, Product Engineering Specialists at INR 14.8 lakhs and Blockchain technology experts at a CTC of INR 14.6 lakhs.
An interesting insight from this year’s edition of the Salary Trends Report (which arrives at the findings by analyzing the demand for talent) is that, compared to 2017, the average salaries have shown a downward trend from last year owing to the twin phenomenon of a decline in mid-level roles (which pay an average of 6-12 lakhs) and an increase in the number of entry level roles (which typically pay anywhere between 4-6 lakhs). The entry-level roles of the jobs analyzed increased from 38% last year to 51% this year, thereby pushing down the overall salaries.
Presenting the details of the Report, Paul Dupuis, MD & CEO Randstad India said, “Building a successful organization requires a number of key ingredients; a solid strategy, clear segmentation and go to market proposition, demand for the service or product and the ability to deliver. Clearly, though, the most important trigger for success is to have the right people, enabled by the right tools to drive strategy and a competitive compensation structure”.
“A strong salary structure that strikes a perfect balance between internal and external pay equity is an imperative today for the organizations as it’s often the key to bring top talent on board and keep them motivated. The Randstad Insights Salary Trends Report 2018 compiles prevalent salary trends across industries, locations, functions and experience levels in the country, thus empowering India Inc. with critical insights that help redesign a market-appropriate pay structure that augur well for the organizational strategy while also reflecting broader market forces”, he added.
Randstad Insights Salary Trends Report 2018 analyzed 1,00,000 jobs across 20 industry verticals and 15 functions. Other key findings from the 2018 Salary Trends Report:
Table 1: Highest paying job functions by city across all experience levels:
About Randstad Insights:
Randstad India’s research and analysis division, Randstad Insights focuses on deriving insights and trends across relevant talent and workforce related topics including and not restricted to job creation trends, compensation trends, demand-supply analyses and labor market trends. Working in close co-ordination with relevant stakeholders from academia and industry, Randstad Insights employs a combination of primary and secondary research, surveys, interviews and forums to drive its initiatives. Leveraging Randstad’s global expertise in talent sourcing and experience in shaping the world of work, the division is well positioned to provide unique perspectives on the dynamic and constantly changing workplaces of India.
About Randstad India:
Randstad India offers the broadest HR services portfolio ranging from Staffing, Search & Selection to Recruitment Process Outsourcing (RPO). The organization has a vast network of offices across the country to be within the reach of clients, candidates and flexi workers. The company, previously called Ma Foi is a leader in the HR services industry in India for the past 25 years and became part of Randstad through its global acquisition of Vedior in 2008. The Randstad Group is one of the leading HR services providers in the world, active in 39 countries across the globe. Randstad India continues to focus on developing customized and innovative HR services, leveraging on its unique strengths of geographical presence and end-to-end capability across all HR service functions.
For more information: www.randstad.in
The Randstad Group is a global leader in the HR services industry and specialized in solutions in the field of flexible work and human resources services. We support people and organizations in realizing their true potential. Our services range from regular temporary Staffing and permanent placements to Inhouse Services, Professionals, and HR Solutions (including Recruitment Process Outsourcing, Managed Services Programs, and outplacement). Randstad has top-three positions in Argentina, Belgium & Luxembourg, Canada, Chile, France, Germany, Greece, India, Italy, Mexico, the Netherlands, Poland, Portugal, Spain, Sweden, Switzerland, the UK, and the United States, and major positions in Australia and Japan. At year- end 2017, Randstad had 38,331 corporate employees and 4,858 branches and Inhouse locations in 39 countries around the world. In 2017, Randstad generated revenue of € 23.3 billion. Randstad was founded in 1960 and is headquartered in Diemen, the Netherlands. Randstad Holding nv is listed on the NYSE Euronext Amsterdam, where options for stocks in Randstad are also traded.
For more information, see https://www.randstad.com/.