Salary Appraisal Only For These Employees This Year – Minimum & Maximum Hike Expected?

Salary Appraisal Only For These Employees This Year - Minimum & Maximum Hike Expected?
Salary Appraisal Only For These Employees This Year – Minimum & Maximum Hike Expected?

The COVID-19 pandemic and the resultant lockdowns have directed businesses across various segments to resort to reducing expenditures by stopping increments, bonuses, job cuts among others.

The salary landscape of Indian professionals may see stagnant, negative or marginally positive growth, stated a report on August 11.

Read on to find out more about the salary growth…

Specialized Jobs In Demand!

The Jobs and Salaries Primer report by TeamLease Services is an annual report that analyses the hiring and salary trends across various segments.

According to TeamLease Jobs & Salaries Primer Report 2020, the ‘super-specialized’ job profiles are very much in demand across various industries and cities. These employees might witness an increment in salaries by up to 15%.

Overall, the salaries of these employees grew between 4.26 % to 11.22 % across sectors and cities, it said.

The report has analyzed the wages of more than 2,52,000 candidates across 17 sectors and 9 cities.

The report stated that the COVID-19 pandemic has not only affected the employment but it has also disrupted the way India Inc rewards its talent.

The report also indicated that Work From Home job profiles in various industries are likely to benefit as firms are looking into business continuity. 

Which Job Profiles Will See Salary Increment In 2020?

As per the analysis by the firm, the profiles that are expected to see an increment in their salaries this year are:

  1. Hadoop developer in Banking, Financial Services, and Insurance (BFSI) domain,
  2. Animators working in educational services, 
  3. Collection officer in industrial manufacturing,
  4. Allied and digital marketing head in IT and knowledge services.
  5. Work From Home job profiles in BFSI, e-commerce, and tech startups, IT, and knowledge services.

What Should You Do To Stay In Competition? Listen To The Experts!

Rituparna Chakraborty, Co-founder and Executive Vice President, TeamLease Services said, “While businesses will stay conservative with salary increments, they have not shied away from rewarding specialized skills. In fact, the pandemic has amplified the importance of skilled profiles in the world of work. It has brought to forefront the trinity between skills, performance and rewards.”

“…the 15 per cent increment that companies are willing to offer to specialized profiles is a testimony of this. Not only now, as more and more organizations are opting for an asset light, debt-free model, the trend of rewarding talent based on their skill and outcome is here to stay”, she said. 

In addition to this Chakraborty said, “Filling ones armoury with skills that will help in driving outcomes either through up-skilling or re-skilling is the way forward for talent to stay in demand and to command the desired compensation.”

The year, 2020, is surely here to make each and every business step out of their comfort business module and start adapting and surviving in the post-pandemic world!

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