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IT highest paid sector in India – Reports

IT highest paid sector

Employees in the IT sector continue to be the highest paid at Rs. 346.42/hr which is about 24% higher than the median salary for the entire Indian economy taken together (Rs.279.7). However only 57% of the employees surveyed in the IT sector are satisfied with their pay.

These jaw-dropping figures has been put up by Monster India in its ‘Monster Salary Index’ (MSI) sectoral reports for Manufacturing, IT and BFSI sectors.

According to a recent McKinsey report, the realisation of Digital India will help the country with 20-30% incremental GDP by 2025. However, no campaign or initiative can succeed if it doesn’t have the right talent pool. Therefore it is important to assess the job satisfaction level of the employees. If salary is an important retention driver, then it’s critical to draw the impact of salary on individuals.

The BFSI sector is close second with a median gross salary of Rs.300.23/hr. However, only 52% employees in the BFSI sector are satisfied with their pay. The salaries in the manufacturing sector are as low as Rs.254.04/hr. Interestingly, unlike IT and BFSI as large as 60% of them are satisfied with their salary. In the BFSI space, small companies pay an hourly salary of Rs.197.95, while large firms pay an hourly average salary of Rs.324.51

Manufacturing is the low paid with a median gross salary of Rs.254.04. This is about 9% less than the median salary for the entire Indian economy taken together (Rs.279.7)

Wholly foreign owned manufacturing companies pay a median gross hourly salary of Rs.319.5 as against Rs.163.6 hourly salary paid by wholly owned domestic manufacturing companies in India

Sharing his views, Sanjay Modi, Managing Director (India/Middle East/South-East Asia/Hong Kong) said, “If we look at the IT scenario, this sector though the highest paid has only about 57% employees satisfied by their salaries. Our report further brings out similar trend in the BFSI space as well. On the other side of the spectrum, the Manufacturing sector despite being paid low has 60% employees satisfied. This takes us back to the debate if salary is the most compelling tool for employee satisfaction.”

Further speaking, Modi added that, “The government has embarked upon its ambitious mission of an India that’s even more digital and more inclusive financially. At the heart of these initiatives is the need for a strong talent pool that would eventually drive these initiatives. Therefore, it is important for companies to closely analyse the correlation between salaries and employee satisfaction. The role of key talent becomes crucial and this research may be food for thought for organisations when they are benchmarking compensation and salaries.”

Talking about the report, Prof. Biju Varkkey of IIM-Ahmedabad said, “The insights across sectors enable us to foresee the dynamics of job sector in India. The insights across the three sectors may be effectively leveraged by the industry to address the various issues and challenges in the area of salary, enabling them to look for solutions that would subsequently benefit one and all.”

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BiS Team

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