IT freshers have highest salaries: Here’s what you can earn across sectors | Personal Finance
Entry-level professionals in the retail and telecommunications sectors have experienced a 15% and 14% on year salary hike respectively, even though IT-Software & Services still lead the pack in salary packages, according to the latest hiring trends for July 2024 that were analysed by foundit (formerly Monster APAC & ME), India’s leading talent platform.
Freshers in the Retail industry receive an average minimum salary of Rs 3.3 lakh per annum ( LPA ) and an average maximum salary of Rs 5.2 LPA. IT-Software & Services industry continues to lead with the highest salary packages across different experience levels. Freshers in the IT sector have highest salaries Rs 4.1 LPA to Rs 7.5 LPA, indicating a strong demand and value placed on IT skills right from the entry-level.
A few sectors such as Automotive, BFSI, and Travel & Tourism witnessed a decline in salary packages, reflecting the market challenges and industry adjustments.
Experienced professionals with 7+ years of work experience in the Advertising, Market Research & PR industry witnessed a 15% growth in salaries over the past year (2024 vs 2023), highlighting the industry’s focus on attracting top talent. Experienced professionals in the Advertising, Market Research, & PR sector have salaries ranging from Rs 11 LPA to Rs 33 LPA.
The tracker revealed that the Consumer Electronics sector experienced remarkable year-on-year growth in hiring, with a 45% increase. This surge is driven by technological advancements, AI developments, and innovative designs in consumer electronics devices such as smartphones, TVs, gadgets, smartwatches, etc. The Manufacturing industry also saw a 43% yearly growth in hiring, reflecting the ripple effect of this boom.
Even the Automotive industry saw an 18% yearly growth in hiring.
The Real Estate and Construction & Engineering sector has also showed an impressive 32% and 29% increase respectively in hiring over the past year, spurred by budget reforms, sustainability, and green initiatives. On the other hand, the Import/Export sector faced multiple hiring challenges over the past year, with a significant 32% drop in July 2024 compared to last year.
Hospitality sector emerges as employment hub
Roles in Hospitality and Travel saw a 28 per cent surge in hiring (July 2024 vs July 2023).
Similarly, roles in Marketing and Communications witnessed a notable 24% year-on-year increase, reflecing a heightened focus on brands establishing a strong digital presence and connecting with their audiences online. Additionally, hiring for medical job roles has seen a spike, with a 22% yearly increase in hiring in the healthcare sector.
Conversely, certain job roles witnessed a decline in hiring. Customer service roles experienced a sharp downturn (-25%), suggesting a potential slowdown in demand or shift in hiring needs driven by the rise of automation and AI technologies. Similarly, Sales and Business Development job roles also saw a notable decrease, with an 8% drop this year. Other sectors that have experienced a sharper decline in hiring include Engineering/Production (-7%) and Finance and Accounting (-6%).
Coimbatore leads job growth in India tier 2 cities
Coimbatore has emerged as the leader in job growth among India’s tier-2 cities, with a remarkable 24% increase in hiring, followed closely by Jaipur with a 23% rise. Other cities showing strong growth include Delhi-NCR (18%), Chennai (14%), and Pune (12%). Month-on-month, Chennai and Kochi maintained a stable hiring environment with a 5% increase, respectively. Bengaluru is also witnessing a surge in hiring, driven by the tech sector’s growth and urban development, now expanding into Tier-2 cities. However, some cities like Mumbai (-4%), Chandigarh (-4%), and Baroda (-4%) saw a slight decline in hiring.
First Published: Aug 07 2024 | 11:32 AM IST
