Covid-19 Triggered Increase In Salary For These Sectors: IT, Marketing, Legal, Tech & More!
There is no doubt that the Covid pandemic has changed the entire landscape, it has also shaped salary trends for several sectors. Good news is that the trend is positive.
BFSI (banking, financial services & insurance), Internet & e-commerce, transportation & logistics and energy & utilities, as well as various functions like legal and compliance and marketing. There are expectations that sectors are going to have a good run in 2021 as well.
Marketing As One Of The Top Paying Jobs:-
At the senior level, Marketing has emerged as one of the top five highest-paying functions where the average salary is about Rs 34 lakh, according to a study by Randstad India, a leading firm in the HR services industry.
Marketing has come to play an important role, especially in the wake of Covid as customer’s wants, needs, expectations and purchasing decisions are constantly evolving.
Digital marketing, in particular, received a fresh impetus with all businesses — be it small, medium or large — turning towards or planning to adopt virtual modes of operation and stepping away from outdoor marketing.
Paul Dupuis, MD and CEO, Randstad India believes that crisis brings opportunities “to re-imagine the world of work, pivot, showcase agility and resilience towards new ways of working and plan for the day after tomorrow”.
After the initial setback during the first half of the year, the Indian job market is rebounding and showing positive signs of recovery across all industries, Dupuis said. This positivity is expected to seep well into 2021 as well.
Legal Is More Lucrative Than Ever:-
Legal has emerged as a lucrative start for freshers as organizations are having compliance challenges in order to navigate the new normal resulting from the pandemic. This is reflected in the legal & compliance offers competitive salaries (about Rs 5.3 lakh on an average), which is 22% higher than in 2019.
Nishith Desai Associates recently announced a reworked compensation structure for its lawyers, which increases the annual compensation for entry level lawyers to around Rs 17 lakh as compared to Rs 15 lakh earlier.
“Legal & compliance work has increased exponentially worldwide. But more opportunities would be outside the law firms, at in-house legal departments and technology companies that are developing AI-based compliance programs” said the firm’s founder, Nishith Desai.
Paul Dupius said that “Niche expertise in these sectors makes professionals highly valuable”. Sectors like transport and logistics and energy and utilities which cater to mass demand and essential services have emerged among the top five largest pay masters for senior levels with an average CTC of Rs 28-30 lakh.