Banglore is the Highest Paying City in India in 2018, Says Report
A strong salary structure that strikes a perfect balance between internal and external pay equity is an imperative today for the organizations as it’s often the key to bring top talent on board and keep them motivated.
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In all possibilities 2018 is looking like a happy pockets year for corporates stationed in Banglore. As per a recent report by Randstand Insights Salary Trend, Banglore takes a lead in being the highest paid city in the country. Employees in Banglore are earning an average annual CTC of about 10.8 lakhs as per Randstad’s report. This is second time in a row for Banglore to enjoy the top spot. The city was number one as per Randstad’s reports in 2017 as well. Pune stands second at INR 10.3 lakhs, followed by NCR and Mumbai with an average annual CTC figure of INR 9.9 lakhs and INR 9.2 lakhs respectively. Chennai (INR 8.0 lakhs), Hyderabad (INR 7.9 lakhs) and Kolkata (INR 7.2 lakhs) are the other three names in the list of Indian cities paying the highest average salaries for professionals.
- Professional Services and FMCG - second and third highest paying industries in the country
- BFSI - highest paying industry for Junior and Senior level talent across all levels and functions
- Consulting & Advisory - highest paying job function in the country
Presenting the details of the Report,Paul Dupuis, MD & CEO Randstad India said, "Building a successful organization requires a number of key ingredients; a solid strategy, clear segmentation and go to market proposition, demand for the service or product and the ability to deliver. Clearly, though, the most important trigger for success is to have the right people, enabled by the right tools to drive strategy and a competitive compensation structure”.
The report also reveals that professionals from the Pharma and Healthcare industry are paid the highest in India with an average annual CTC of INR 9.6 lakhs across all levels and functions. An increase in demand for specialist doctors and professionals with R&D skills were the primary reasons for the industry topping the charts this year.
The roll-out of GST saw a spike in demand for implementation and compliance specialists, thus making Professional Services the second highest paying sector in the country, with an average salary of INR 9.4 lakhs. The sector largely comprises of Management Consulting, Strategy, Accounting, Audit and Legal firms.
FMCG, which was the highest paying industry in 2017, came in third with an average CTC of INR 9.2 lakhs. The IT sector, offering an average annual CTC of INR 9.1 lakhs and Infrastructure, Real Estate & Construction at INR 9.0 lakhs have bagged the fourth and fifth position in the list as India's most lucrative industries for professionals.
The ‘Hot Jobs for 2018’ – showcases roles in strong demand in the current job market, across industries, where talent in 6-10-year experience bracket are paid relatively higher remuneration (as much as 1.5 times higher) when compared to other professionals in the same salary range.
Specialist Doctors top the chart with an average annual CTC at INR 18.4 lakhs, followed by Solution Architects at a CTC of INR 15.1 lakhs, Product Engineering Specialists at INR 14.8 lakhs and Blockchain technology experts at a CTC of INR 14.6 lakhs.
An interesting insight from this year’s edition of the Salary Trends Report (which arrives at the findings by analyzing the demand for talent) is that, compared to 2017, the average salaries have shown a downward trend from last year owing to the twin phenomenon of a decline in mid-level roles (which pay an average of 6-12 lakhs) and an increase in the number of entry level roles (which typically pay anywhere between 4-6 lakhs). The entry-level roles of the jobs analyzed increased from 38 percent last year to 51 percent this year, thereby pushing down the overall salaries.
“A strong salary structure that strikes a perfect balance between internal and external pay equity is an imperative today for the organizations as it’s often the key to bring top talent on board and keep them motivated. The Randstad Insights Salary Trends Report 2018 compiles prevalent salary trends across industries, locations, functions and experience levels in the country, thus empowering India Inc. with critical insights that help redesign a market-appropriate pay structure that augur well for the organizational strategy while also reflecting broader market forces”, Dupuis added.
Randstad Insights Salary Trends Report 2018 analyzed 1,00,000 jobs across 20 industry verticals and 15 functions.
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