TeamLease Services has released its annual salary report in June 2012 and given it the name TeamLease Annual Salary Primer 2012.
The Salary Primer is an annual compilation of Permanent and Temporary market salaries across the most relevant geographies and industries, accompanied by trends and insights which add value to hiring and talent management decisions our stakeholders make. Data points covering these attributes for Temporary staff working across 318 different Job Profiles, 13 Industries and 8 Functional Domains in 14 major locations; and Permanent employees working across 9 industries, 6 cities and 41 profiles.
The Primer serves as a guide for both job seekers and employers to obtain relevant information and useful insights on talent, skills, salaries, increments and talent longevity.
A fast maturing jobs market:
India is quickly morphing into a growing market for jobs, with businesses striking the right balance between ebullience and pragmatism, between numbers and quality, and between achieving the right fit and paying right. The fast-clip, 18.3% rate of increase in hiring is underpinned by mechanisms for identifying, targeting and acquiring the right talent at an appropriate salary.
More talent for the buck:
Across industries, and across geographies, the inclination to hire high quality talent and scale rewards in relation to skills has translated into a continually evolving practice. The practice, leveraged intelligently by industries, is also based on ground realities. Healthcare, for example, manages to reduce increments while still being able to retain top talent. Power & Energy makes smart gains in longevity by selectively rewarding high-skilled profiles
Temp, Perm converge for better parity
With even more parity forged across industries, cities and profiles, temp and perm jobs are seen to be fast converging on salaries. The average salary difference between temp and perm, across the top 10 temp jobs in terms of salaries paid, has narrowed down to 4% over the past year.
A three-way play:
Ear-to-ground aside, businesses are juggling three hard attributes to be able to manage talent acquisition and retention: salaries, skills and increments. Where salaries are significant in magnitude (as in case of IT), increments are being upped only marginally with little, if at all, loss of higher skilled talent. Agriculture & Agrochemicals and Power & Energy reap handsome talent longevity gains on the back of incentives better aligned with skills than before.
IT poised for faster growth:
IT continues to lead the charge and is seen to be generating jobs even faster this year – at a rate of growth of 19.5%, a shade better compared with the last year. The trajectory is clearly in the direction of further growth over the next 12 months. On the skills front, while IT gets away with lesser increments than many other industries, it still manages to retain top-of-the-line talent.
Bangalore stays put:
It has been holding the reins for about 3 years in succession now. With a median salary growth rate of 8.6% - incrementally higher than last year's – Bangalore seems in no mood to give up on its top position. Mumbai (8.1%), Delhi (7.7%) and Chennai (6.8%) stay their courses as well. Jaipur (3.6%) wrests the lowest-growth-rate distinction from Indore (4%).
Double-digit salary growth is ubiquitous:
As industries get smarter at hiring and rewarding the right talent, the diversity and sheer number of profiles getting rewarded with double digit salary growth have zipped up. There is increased prevalence of industry-city clusters where this incidence occurs – Healthcare in Bangalore, Automotive in Delhi and Hospitality in Mumbai and Goa are prime examples. Power & Energy beats 10% salary increments across 4 cities and three distinct profiles.
Cluster-clutter is good news:
The more industry-city clusters, the merrier the job market gets. We define clusters as those city-industry combinations that drive salary growth. Bangalore–IT continues to drive rewards with a stupendous, 16% median salary growth rate. Mumbai–Healthcare at 14.6% comes in second and Bangalore–Power & Energy, with 12%, is at the third place. The number of clusters with above 8% increment growth rates have increased to 11, from the previous year's number of 6.
Attrition rates have dipped across several industries – and for specific profiles – and touched 3-year lows. Select profiles within Healthcare, Retail, FMCG and Agriculture / Agrochem have longevity scores that have now overshot 93%. Identifying high end skills and pivoting key attributes to make them stick, businesses are turning successful in ensuring talent loyalty where it matters.
The primary objective of salary data analysis is to aggregate and report market salaries across geographies and industries. Associated objectives include modeling attributes that influence salary and increment growth and longevity. This holistic approach to understanding labour market dynamics is aimed at supporting our stakeholders – Businesses, Individuals, Educational institutions and Governments – with the marketplace intelligence that helps make effective Staffing and Talent Management decisions.
The Salary Primer 2012 mines over 70,000 salary records pertaining to associates employed across 800 locations. Salary data for the years 2010 and 2011 have been used and the analysis portrays skills scores, salaries, salary increments and longevity for industry-relevant job profiles. Salaries quoted in the Ready Reckoner have been arrived at by computing salary figures for specific industries and job profiles using statistical measures - namely, median & mode and regression analysis.
The Longevity and Increments analysis begins where the Skills & Salaries analysis ended in the previous edition and explores the interrelationships among these four attributes for each of the industries covered.
To view the full report, please visit the Salary Primer section in this website.
For more details, please visit our blog at: http://www.teamleaseiijt.com/educationskills.html