This Indian city offered highest paying jobs in 2023. Know details
2 min read 26 May 2023, 07:51 AM ISTIndia witnessed a minor fall in national average salary growth in 2023. However, Bengaluru emerged as the city paying highest salary in India in 2023, found TeamLease Services' Jobs and Salary Primer Report' for FY 2022-2023
PremiumJustifying the large-scale internal immigration to metro cities, a recent report has revealed that metro cities like Bangalore, Mumbai, Chennai, Delhi, and Hyderabad are the highest-paying cities in FY2023.
The 'Jobs and Salary Primer Report' for FY 2022-2023 released by TeamLease Services, revealed that among all the cities, Bengaluru registered an impressive salary growth rate of 7.79 per cent compared to last year. In contrast to this, the Banking Finance Services and Insurance (BFSI segment) registered a sharp decline in average salary after two years. However, there a diverse range of opportunities emerged to implement measures to optimise salaries.
The report, which was focused on the job and salary trend in India in FY23, found that India witnessed a salary growth between 3.20 per cent and 10.19 per cent across various industries in 2023, which is slightly slower than the previous year.
The report also highlighted the narrowing gap in the pay structure of permanent and temporary job roles. In addition to this, there was an increase in jobs related to Sales and IT roles due to organisations' focus on growth and digital transformation.
‘Hot jobs’ in India in FY23
The report also underlined that the majority of industries included in the survey indicated the creation of “hot jobs". These jobs offer higher salaries. However, nearly half of the industries are developing cutting-edge positions that are the right fit for the future.
There was a 10.19 per cent hike in the Relationship Manager role in the telecom sector in Bengaluru, said the report. With this, the Relationship Manager role becomes one of the highest-paying job in the market.
Another in the race is the Game Developer role in media and entertainment. This job witnessed a rise of 9.3 per cent. The average salary increment across sectors stood at 8.03 per cent. Whereas, the maximum increment of 10.19 per cent was lower than that of the previous year.
Key factors like global layoffs and funding winter were in play this year, which resulted in a fall in median salary growth in FY 2023. The Indian job market continues to evolve and there has been a rise in new job roles from a salary perspective, said Kartik Narayan, chief executive officer - staffing, TeamLease Services.
Impressive salary growth in the last five years
Despite a slump in salary growth in the last year, the report indicated an impressive upward trajectory in average salary growth in the last five years. The report found that there was double-digit growth in the average salary of five out of eight industries in the manufacturing sector and 3 out of 9 in the servicing sector, with Healthcare & Allied Industries having the highest growth of 20.46% and Education with 51.83% in respective sectors.
On the other hand, there was a dip in the salary of job roles offered in industries like Hospitality, Automobile & Allied Industries, e-commerce & Tech Start-ups, and Media & Entertainment.
