Hyderabad: The E-commerce sector has always been in the limelight starting from startup movement to hub of innovation. Now, it has emerged as the hunting ground for job seekers also. E-Commerce is expected to offer the highest salary to employees working in the sector in July –December 2016. Overall, Wisdomjobs projects salaries are likely to rise by an average of 10.7%, across sectors in the second half of 2016. However, on hiring trend there is no good news in July-December 2016, employment opportunities are likely to dip as compared to 2015. The projected salary hike for 2016 is nearly the same as in 2015, finds the report.
Despite the slowdown in the recent months, E-commerce leads the pack in projected salary hikes with an average of 15.6% followed by Life Sciences (11.8%), Media & Entertainment (11.3%), Technology (10.9%), and Consumer Products (10.5%). The research study covered various sectors across Delhi-NCR, Mumbai, Bangalore, Chennai, Hyderabad, and Kolkata.
The study by Wisdomjobs said that since compensation in the IT industry is closely linked with business performance and revenue growth, hikes are expected to see large variances based on individual performances. However, the industry average is likely to be in the band of 6 to 9%. Manufacturing and Engineering is not expected to see any significant change in average annual increments as compared to the previous year, and is likely to see average hikes in the range of 11%.
Mr. Ajay Kolla, Founder & CEO of the job portal said, “In the second half of the year, companies are expected to sharply differentiate between high, average and low performers, and implement variable pay plans that lay more emphasis on the organization’s performance.” With an increasing number of companies moving away from bell curve appraisals, the onus will be on individual performance rather than the group’s median performance, said Mr Kolla.
There is no good news for employees working in BFSI sector as it is likely to see one of the lowest pay hikes at around 8 to 9%. The weak financial performance by a large number of banks as well as the lukewarm market performance will remain an overhang on employment opportunities, mentions the salaries projection report.
Good times ahead for employees in the FMCG sector, healthcare and pharma, and media & entertainment. FMCG is expected to see salary hikes in range of 12%, with high performers like to get hikes of more than 20%. Professionals in areas such as marketing and packaging development are expected to get a higher salaries than average hike. With e-Commerce driving the growth of online retail, and offline retail too seeing significant growth, the Retail sector is expected to see average pay hikes in the range of 10 to 12%, with top performers expected to get a 15 to 18% hike.
The Automotive sector is expected to see an average pay hike of around 10 to 12% with top performers likely to get a further 4 to 5% increase. This is another sector that is moving towards periodic rather than annual performance assessments.
Industries that are expected to remain at the bottom of the pyramid in pay hikes are Cement (9.5%), Transportation& Logistics (9.2%), Telecom (9%), Metals & Gems (8.8%) and BFSI (8.5%).