Per Randstad Salary Trends Report 2021:
As companies learn to live with the virus and attempt to scale up their operations, the ability to work from anywhere, made possible by technology and motivated by the Covid-19 outbreak, is pushing up pay in Tier-2 cities.
Chandigarh ranks first in wages given at the junior and mid-levels. According to the research, the average CTC at the junior level is Rs 5.67 lakhs per year, which is higher than the national average for the same level among Tier-1 cities (Rs 5.52 lakhs per year). With a variance of 3.5% and 1.9%, Thiruvananthapuram is a close second.
Bhubaneshwar tops the rankings at the senior level, with an average CTC of Rs 31.15 lakh per year, which is comparable to the median amount of Tier-1 cities. "This city is home to a slew of mining and steel manufacturing enterprises, and the IT/ITes sector is gaining traction, with industry titans establishing their presence here," the research said.
Kochi is ranked third in junior-level wages, fourth in mid-level salaries, and second in senior-level salaries, highlighting its relevance in the coming years.
Ahmedabad is the fastest-growing tier1 city
Bengaluru, India's IT centre, leads the Tier-1 city category in wage pay-scales, leading the junior (with an average variation of 17.8%) and mid-level hierarchies (with an average variance of 4.5%) pay-scales, but behind Mumbai by 3.4% in senior-level positions.
"On average, junior executives in Bengaluru earn 11.6% more than their Tier-1 counterparts in Hyderabad, and 17.8% more than their Tier-1 counterparts overall." This development is most likely explained by Bengaluru's unquestioned status as India's IT capital. In the mid-level employment levels, however, these margins are drastically decreased – Bengaluru is just 2% higher than the next city, Hyderabad, and an average of 4.5% higher than all of Tier-1," according to the survey.
Mumbai is the most expensive city in the world for senior jobs, with pay that is 8.8% more than the average for Tier-1 cities. Mumbai attracts higher compensation for top executives since it is a highly sector-niche location for banks, investment businesses, consulting firms, and analytics operations. Furthermore, in comparison to other Tier-1 cities, its greater cost of living has driven the pay of analytics specialists in these specialised areas northward.
Ahmedabad's average CTC is Rs 16.73 lakh per year (against the national average of Rs 17.26 lakh per annum) in the mid-level and Rs 31.94 lakh per annum (against the national average of Rs 32.54 lakh per annum) in the senior level job hierarchy, indicating a significant increasing trend through 2020. "Ahmedabad, one of the country's fastest-growing cities and one of the greatest places to live," according to the research, "has expanded its economic foundation from its traditional textile, chemicals, and pharmaceutical sectors to IT and healthcare."
IBM has announced plans to open its fifth software lab in Ahmedabad, which would focus on advanced technologies, cutting-edge product engineering, design, and development. According to the study, "this move will usher in the new generation of global innovation centres for software portfolios and cloud services."
Kolkata is at the bottom of the pay scale at all levels, with 39.5% for juniors, 26.3% for mid-levels, and 19.9% for senior positions. The fact that Kolkata has substantially fewer sector-niche sectors, as well as its extra feature of having a significantly lower cost of living, explains this tendency, according to the report.
Following COVID-19, professional services have emerged as a vital industry
The rise to the top of the pay scale in several businesses at various levels - junior, mid, and senior - provides a pleasant picture of diversified success.
In the post-Covid corporate environment, professional services have developed as a critical sector. It ranks first at the mid-level (average CTC of Rs 20.47 lakhs per year) and second in both junior and senior levels in terms of salary paid (Rs 6.15 lakhs and Rs 37.76 lakhs per annum)
ITES, professional services, and the advertising, marketing, and public relations sectors are in great demand. Senior professionals in these 'Top 3' businesses earn an average CTC of Rs 39.37, Rs 37.76, and Rs 35.83 lakhs per year, which is higher than the top average CTC for the same employment level in Tier-1 cities (Rs 35.68 lakhs per annum).
One of the 'Top 6' industries in the study is advertising, marketing, and public relations. It ranks third in average CTC paid at the senior levels (Rs 35.83 lakh per annum). Digital marketing, in particular, has become more important in the post-pandemic corporate recovery.
Junior-level healthcare tasks fetch a significant premium, with an average salary of Rs 10.43 lakh per year. By locations (Rs 6.71 lakh per year) and sectors, it substantially surpasses the typical junior level average (Rs 6.63 lakh per annum).
Operations tech specialists, who work at the bleeding edge of IT and engineering, get the highest salaries in the mid-level (average CTC of Rs 18.24 lakhs per year) and are quite well compensated at all levels.
Senior experts in finance and accounting, as well as legal and compliance, earn the second and third highest incomes, demonstrating their importance to corporate success.
"In the IT business, fresher pay have remained stagnant over the previous decade, as employers discover that a large portion of the 10-15 lakh engineers that graduate each year are unemployed. This might be a wake-up call for academics and the IT sector to work together more closely to improve graduate employability, according to the paper.
Hot jobs
Hadoop specialists (average CTC Rs 24.81 lakh per annum), testing practitioners other than manual and automation testing (average CTC Rs 22.89 lakh per annum), and specialty doctors (average CTC Rs 22.50 lakh per annum) are the 'Top 3' hot skilled professionals for IT professionals with 6-10 years of experience.
Financial capabilities and compliance are stronger in 2021 than they were in 2020, particularly in senior-level jobs, where they rank second and third, with average CTCs of Rs 34.01 lakhs for F&A professionals and Rs 32.95 lakhs for legal and compliance professionals.
Originally published on Prosple India
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