Teamlease, one of India’s leading recruitment consultants has released a comprehensive survey of the Indian Labor market. The survey reveals that plumbers and electricians who have only completed their basic schooling tend to earn more than engineers while starting out on a new job. An unskilled electrician without any formal training can earn upwards of Rs 11,000 per month while a fresh engineer earns only Rs 4,000 per month.
Industries around the country are facing an acute shortage of skilled welders, fitters, plumbers and electricians. The severe shortage of skilled talent is an opportunity for NGO’s and Training institutes to exploit.
India Salaries and Jobs Survey 2014
The full report can be downloaded at the link below :
- Job creation and sustenance, pay actions and rewards, skills and performance –the Jobs and Salaries Primer is an effort to unravel the linkages between these three, critical, labour market attributes.
- Growth, market demand and consumer evolution are the prime drivers of jobs and salaries this year. As many as ten industries – of the ﬁfteen – are on a modest [8%]-to-fast [15%] growth track. Growing market demand, partly fueled by government incentives and rooted in a fast-maturing consumer sensibility, is all set to rev up job growth by about 11.3% in the present ﬁscal.
- Skills inventory and the jobs of tomorrow is an area employers are actively investing in, in terms of strong pay actions. Forward looking employers in the services sector, in particular, are actively seeking out talent for tomorrow and paying handsomely. Healthcare & Pharmaceuticals, Construction & Real Estate, and Automobile & Allied Industries are shining examples that pay equitably across today’s and tomorrow’s jobs.
- Industry and city growth rates of salary are not telling much compared with salary increments doled out for speciﬁc, sought after, skills. At industry and city levels of aggregation, salary growth rates range between 5% and 14%. However, select, often rare skilled, job proﬁles such as a Project & Service Engineer (FMCD/Mumbai), an IT Executive (Retail/Bangalore), and many more, fetch themselves salary increments in excess of 20%.
- Power & Energy powers its way to the top of the heap with a signiﬁcantly higher salary growth rate (13.5%) compared with IT & Knowledge Services, which comes in second at 12%. Good news is, a number of industries namely, FMCD, FMCG and Power & Energy, Construction & Real Estate, IT & Knowledge Services, Media & Entertainment and Retail, all deliver salary growth rates upwards of 10%.
- Bangalore reclaims its top spot from Mumbai and Delhi on salary growth rates. Following a year in the lull, Bangalore tops the growth chart in 7 of the 15 industries (including 5 in services) to pip Pune (leads in 4 industries) and Mumbai (2 industries). Delhi, slips from the second position to the ﬁfth, and leads in none, while Chandigarh and Ahmedabad lead an industry each.
- Salary differentials between temp and perm jobs narrow even further and contract-workforce friendly industries are at the verge of true convergence. Industrial Manufacturing & Allied leads the way with the temp-perm delta ranging between 4% and 5% while most other industries have 5% – 6% differentials. Particularly, Automobile & Allied Industries, Construction & Real Estate and Media & Entertainment have restrained the differentials across roles and cities.
- Skill intensive job proﬁles get rewarded on par with job proﬁles that have diverse skill requirements. Specialized and niche job proﬁles – such as Safety Ofﬁcers in Agriculture & Agrochemicals, SAP consultants in FMCD, Business Analysts in BFSI, Network Architects in Telecommunications – that are high on skill ‘intensity’ are paid nearly as high as Project Leads in IT & Knowledge Services and Sales Coordinators in Telecommunications are – roles demanding moderate-to-high ratings across diverse skills.
- Longstanding, stable jobs fetch the highest salaries in 9 of the 15 industries. These are typically ‘process-driven’ industries such as Industrial Manufacturing & Allied, BFSI and Retail. Upcoming jobs – those with skill required for the near future – fetch high salaries in Automobile & Allied Industries, FMCG, Health & Pharmaceuticals and Hospitality. ‘Hot’ job proﬁles – the ones currently in high demand – command high salaries in Automobile & Allied Industries, FMCD, FMCG and IT & Knowledge Services.