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Chennai and Delhi report strong salary growth of 7.5% and 7.3%, respectively, reflecting competitive nature of these job markets
Bengaluru continues to dominate as India’s top city for job opportunities and salary growth. (Representative image)
TeamLease Services has unveiled its Jobs and Salaries Primer Report for FY 23-24, providing a fresh look at salary trends across both temporary and permanent hiring landscapes. This year, the retail sector stands out, leading the pack with an impressive 8.4% surge in salary growth, highlighting it as the top-performing industry among selected cities and sectors.
Bengaluru Leads in Job Opportunities and Salary Growth
For the job roles studied in the report, Bengaluru continues to dominate as India’s top city for job opportunities and salary growth, leading to a 9.3% year-on-year increase. This growth underlines the city’s long-standing reputation as a technology and business hub. The average monthly unified (aggregated salaries across temporary and permanent jobs in the same role) salary in Bengaluru stands at Rs. 29,500, making it the highest-paying city in the country.
Chennai and Delhi Show Strong Salary Growth
Following closely, Chennai and Delhi report strong salary growth of 7.5% and 7.3%, respectively, reflecting the competitive nature of these job markets. Chennai’s average monthly salary stands at Rs. 24,500, while in Delhi, it reaches Rs. 27,800. Mumbai and Ahmedabad also report steady salary increases, reinforcing their importance as key employment centres. Mumbai offers an average salary of Rs. 25,100, while Pune follows closely at Rs. 24,700, maintaining competitive pay levels. Across these cities, salary increments range from 4% to 10%, with average monthly salaries between Rs. 21,300 and Rs. 29,500.
Retail Leads Industry Salary Growth
On the industry front, Retail has emerged as the top performer, with a remarkable 8.4% salary growth. This trend is followed by Consumer Durables (5.2%) and BFSI (5.1%), both continuing to offer strong growth opportunities for professionals. On the other hand, sectors like Logistics, FMCG, Healthcare & Pharma, and Construction & Real Estate have shown more moderate increments, highlighting their steady demand for skilled professionals.
Top-Paying Industries Across India
The top-paying industries include Telecommunications (Rs. 29,200), Manufacturing, Engineering & Infrastructure (Rs. 28,200), Healthcare & Pharma (Rs. 27,600), and Construction & Real Estate (Rs. 27,000).
Job Roles with Consistent Salary Growth
The report also sheds light on specific job roles with consistent salary growth over the past five years. The FMCG industry exhibits the highest growth, with Trainee Associate and Pilot Officer roles showing an impressive CAGR of 9.5% and 8%, respectively. The BFSI industry follows suit, with HR Executives (7.9% CAGR) and Sales Managers (6.6% CAGR) experiencing significant long-term growth.
Strong Growth for Specific Roles Across Cities
For cities, roles such as Operations Executive in Hyderabad (8.1% CAGR), Back Office Executives in Ahmedabad (7.8% CAGR), Sales Manager in Pune (6.8% CAGR) and Data Coordinator in Delhi (6.6% CAGR), also illustrate strong growth, reflecting the widespread demand for skilled professionals across industries and cities.
Narrowing Salary Gaps in Select Sectors
Moreover, there is parity in salaries for permanent and temporary roles, particularly in sectors like Consumer Durables, Construction & Real Estate, and Agriculture & Agrochemicals. In these sectors, the salary variance is lower, with Consumer Durables showing a gap of just 6.3%, Construction & Real Estate at 7.8%, Agriculture & Agrochemicals at 7.9% and Retail at 8.1%.
CEO Insights on India’s Job Market Growth
Kartik Narayan, CEO of Staffing at TeamLease, said, “The report highlights a positive trajectory in India’s job market, with significant salary growth across cities and industries. Bengaluru’s 9.3% salary growth and Retail’s impressive 8.4% increase point to a growing demand for specialised skills that drive compensation trends. This isn’t just about incremental salary growth. It is more about a deeper transformation in the job market. The narrowing salary gap between permanent and temporary roles in sectors like Consumer Durables and Construction & Real Estate shows that companies are focused on talent equity and long-term retention. These trends highlight the growing importance of adaptability and expertise in shaping the future of work in India.”
