Average salary growth dipped in FY23 but new hot jobs are emerging

• 41% of all profiles have less than a 5% pay difference between compensation structures for permanent and temporary roles.
• In FY23, salaries grew by a minimum of 3.20% and a maximum of 10.19% across industries.
• Healthcare and allied industries experienced a growth rate of 20.46% in average salary in the last 5 years.

Average salary growth dipped in FY23 as tougher economic conditions took its toll. But the year also saw the emergence of a host of well-paying ‘hot jobs’ across several industries, as per the Jobs and Salary Primer Report for FY23, by human resource services provider TeamLease Services.

Salaries grew by an average of 9% in FY23, a tad lower than the 10% seen a year earlier, the report says. Wages grew by a minimum of 3.2% and a maximum of 10.19% across industries in India last fiscal.

Interestingly, the report found that 41% of all profiles have less than a 5% pay difference between compensation structures for permanent and temporary roles, indicating the growing parity of temporary employment. The demand for sales and IT roles remained consistently high as organisations persistently prioritise growth and digital transformation.
BFSI sees a notable decline in average salaries
In terms of average salary growth, Bengaluru stands out with an impressive growth rate of 7.79% compared to the previous year.

Conversely, the banking, financial services, and insurance or BFSI sector experienced a notable decline in average salaries this year, following two years of steady growth. Nonetheless, the BFSI industry continues to generate a diverse array of in-demand job roles and is actively implementing strategies to optimise salary structures.

Although there has been a decrease in average salaries within the telecom industry, the report emphasises a 10.19% wage increase for the relationship manager role, positioning it as the highest-paying job in the Bengaluru market. Similarly, the game developer role in the media and entertainment sector closely follows with a substantial hike of 9.3%, also in Bengaluru.

Says Kartik Narayan, CEO of staffing at TeamLease Services, "Due to socioeconomic factors like global layoffs and funding winter, median salary growth has been slightly lower than last year, yet as the Indian job market continues to evolve, we are seeing an influx of new job roles that have gained momentum from a salary perspective.”

Over the past five years, there has been a double-digit growth in the average salary of five out of eight industries in the manufacturing sector and three out of nine in the servicing sector, the report says.

Notably, healthcare and allied Industries experienced a growth rate of 20.46%, while education witnessed an impressive growth rate of 51.83%. However, industries such as hospitality, automobile and allied industries, e-commerce and tech startups, and media and entertainment have encountered a decline in average salaries.
‘Hot jobs’ on the rise
The job landscape has seen significant transformations with the emergence of new and exciting roles across industries. A significant number of industries surveyed have reported the emergence of highly sought-after ‘hot jobs’ that come with attractive salaries. Nearly half of these industries are also focusing on creating innovative positions that align with future needs.

Out of the 17 industries surveyed, 11 have introduced new "hot jobs," while seven industries have introduced upcoming positions. These profiles include previously unheard-of roles such as Sr. Golang developer in the telecom industry, Sr. biostatistician in healthcare and pharmaceuticals, lead magento developer in e-commerce and tech startups, and robotics instructor in educational services.

On the blue-collar side, popular profiles for 2023 include sales executive, electrician, AC technician and forklift operator.

Moreover, there are several emerging job roles such as data science consultant in BFSI, media operations executive in FMCG, DevOps engineer in IT and knowledge services, content specialist-game in media and entertainment, and eMobility charging executive in automobile and allied industries, among others. These evolving job roles reflect the dynamic nature of the job market and the industry's response to technological advancements and changing needs.