India Inc cold to hikes but specialized roles to get good ones: TeamLease survey2 min read . Updated: 11 Aug 2020, 06:49 PM IST
- While salary growth may range from a marginally positive to stagnant or even negative, the increment for some of the super-specialized profiles can go beyond 15%, said 'TeamLease Jobs & Salaries Primer Report 2020'
NEW DELHI: Employers are quite conservative in offering salary hikes to their employees in 2020-21 due to covid-19’s impact on businesses, but select specialized profiles are getting cherry-picked for good increments, a fresh survey from human resource firm TeamLease Services showed Tuesday.
While salary growth may range from a marginally positive to stagnant or even negative, the increment for some of the “super-specialized" profiles can go beyond 15%, said 'TeamLease Jobs & Salaries Primer Report 2020' that captured the salary trend of 252,000 employees in 17 sectors in nine cities.
“While businesses will stay conservative with salary increments, they have not shied away from rewarding specialized skills. In fact, the pandemic has amplified the importance of skilled profiles in the world of work. It has bought to forefront the trinity between skills, performance and rewards. The 15% increment that companies are willing to offer to specialized profiles is a testimony of this," said Rituparna Chakraborty, co-founder and executive vice president of TeamLease.
The report said profiles like product experts in e-commerce and startup ecosystem, collection officers in industrial manufacturing, Hadoop experts in banking and financial sectors, animators in education service and digital marketing jobs in information technology and knowledge services space will see a boost.
The survey forecasts profiles like project management in IT, product consultants in consumer durables and general trade manager in fast moving consumer goods segments, human resource generalist in agrochemical and automobiles are going to stagnate.
The report said fast growth profiles like warehouse executive in e-commerce and tech startups have received around 11.22% hike and educational service supervisor has received 5.8% jump.
Skills and performance are essential discriminants that fetch disproportionate rewards and the mundane gets the short shrift this time around, and this portends to be the sign of the future, Chakraborty wrote in the report, further adding “All of a sudden, businesses are faced with upheaval and volatility. They need specialized talent to steer them into tomorrow with great alacrity. This crisis has hard lessons in financial management, for all of us, regardless of the size of the business we manage."
The report said gap between temporary and permanent workers’ salaries has stabilized with 15 out of 17 sectors having achieved near pay parity between the two categories. Sectors like automobile, banking and financials, BPO, construction and real estate saw less than 5% variance in pay structure of temporary and permanent employees.
It further said blue collar profiles were rewarded relatively more handsomely. Some 82% of all blue-collar profiles got a salary growth of 8.5% or more, as compared with 37% of all white-collar profiles that received similar increment levels. But this may be seen with a fact that since migrants went home during March and April, the shortage of hands in sectors like constructions and textiles pushed the payment structure for blue collar workers and as more people return, economists have said, the wage structure will see a fall in urban centers.