According to Monster Salary Index (MSI), the IT sector is the highest paying sector in India, but only 57.4 per cent of employees are satisfied with their salary.
Banking, financial services and insurance (BFSI) sector comes in second with a median salary of Rs. 300.23. The relatively higher remuneration reflects the high level education of workers with 16-17 years of schooling, the report noted.
“The IT and BFSI sectors have always been among the highly paid in India but it is surprising that over 50 per cent of employees in both these sectors are least satisfied with their salaries,” Sanjay Modi, Managing Director of Monster.com India, said.
Notwithstanding, the government’s focus towards the sector through its ‘Make in India’ initiative, manufacturing sector is paid the least, as employees in this segment are paid about 9 per cent lesser than the median salary for the entire Indian economy taken together at Rs. 279.
The findings of the manufacturing sector show that irrespective of the education levels, the salaries are still very low, even for a master’s degree holder, the median hourly salary stands at Rs. 260, the report noted. Additionally, foreign owned manufacturing companies pay nearly double of what Indian manufacturing firms pay their workers.
“Manufacturing must take off in a big way, if India needs to grow exponentially and transform itself into an industrial economy. The findings of MSI prove that immediate measures are required to rectify the salary standards, especially since this sector is highly people intensive,” Modi added.
The report further noted, in the BFSI space, small companies pay an hourly salary of Rs. 197/hour while large firms pay an hourly average salary of Rs. 324/hour and bonuses are more common in the IT sector than BFSI and manufacturing.
“In a scenario where salary becomes one of the key factors to attract and retain employees, it is important for companies to very closely analyse the correlation between salaries and employee satisfaction,” Modi added.
