BusinessWire India
Bengaluru (Karnataka) [India], November 21: foundit (formerly Monster APAC & ME), Asia’s leading jobs and talent platform, has released the latest edition of the foundit Insights Tracker (fit) for October 2024. The tracker unveils significant salary trends across various sectors and roles, highlighting industries offering the most lucrative pay packages for professionals at different experience levels.
* Despite a 5% month-on-month (MoM) slowdown, industries like Consumer Electronics and Textiles & Apparel remain key drivers of hiring momentum.
* Entry-level roles in Medical Practice offer competitive salaries, reflecting the demand for healthcare professionals.
* Professionals in Computer & Network Security are among the highest earners, showcasing the value of specialised tech skills.
* Coimbatore records the highest overall growth among Tier-2 cities, while others show a slowdown.
According to the tracker, overall hiring activity has seen a 22% year-on-year increase (October 2023 vs. October 2024), with high-paying sectors like IT & ITeS and Healthcare leading the way. Despite a 5% month-on-month dip in growth due to seasonal factors, the job market remains robust, especially for roles commanding top salaries.
“Specialised roles are commanding a significant premium, particularly in tech and healthcare, where innovation and expertise are crucial,” said a foundit official. “This trend highlights the growing emphasis on niche skills in the job market. Industries like IT & ITeS are leading this evolution, while traditional sectors such as Media & Entertainment face challenges in offering competitive salaries. These insights further underline the importance of continuous upskilling to stay ahead in the job market. We also see growth opportunities emerging in Tier-2 cities like Coimbatore, reflecting a more distributed hiring landscape.”
High-Paying Industries: BFSI, IT & ITeS, and Healthcare Lead the Way
Average Salary Ranges by Industry
* IT & ITeS Dominate: Senior professionals earn up to 87 LPA, driven by high demand in AI and cybersecurity sub-industries.
* Healthcare Leads for Freshers: Entry-level roles in Medical Practice offer salaries as high as 13.9 LPA, underlining the sector’s resilience and importance.
* Traditional Sectors Lag: Media & Entertainment offers modest salaries, with senior roles rarely exceeding 25 LPA.
Top-Paying Sectors for Senior Professionals: Technology and Finance Lead
Top 10 Highest-Paying Sectors for Senior Professionals
* Cybersecurity and AI Lead Salaries: With up to 87 LPA and 76.4 LPA respectively, these roles reflect growing organisational reliance on technology-driven solutions.
* Healthcare Shows Resilience: Medical practitioners earn up to 50 LPA, underscoring the sector’s consistent demand across senior levels.
Highest-Paying Roles for Freshers: Healthcare and Tech Offer the Best Start
Top 7 Highest-Paying Roles for Freshers
* Fresh Talent in Demand: Roles in Medical Practice and AI top the charts for entry-level salaries, with up to 13.87 LPA and 12.54 LPA respectively.
* Diverse Opportunities in BFSI: Venture Capital Analysts earn up to 10.46 LPA, highlighting lucrative entry-level roles in finance.
Best-Paying Roles for Senior Professionals: Tech and Finance Rule
Top 7 Highest-Paying Roles for Senior Professionals
* Tech Dominates Senior Salaries: Computer & Network Security Experts lead the pack, with salaries up to 87 LPA.
* Infrastructure and Finance Shine: Mining Engineers and Investment Bankers earn up to 56.7 LPA and 51.25 LPA, highlighting sustained demand for expertise in these fields.
Roles with the Highest Salary Growth: Huge Pay Jumps for Specialists
Top 7 Roles with the Highest Salary Growth
* Specialised Roles Pay Off: Cybersecurity and AI professionals experience remarkable salary growth as they progress from entry-level to senior positions, reflecting the high demand for specialised expertise in these fields.
* Infrastructure Growth: Mining Engineers experience a significant salary increase with experience, making it one of the most rewarding traditional sectors in terms of career advancement.
Overall Hiring Trends: YoY Growth Remains Strong Despite MoM Slowdown
While there is a noticeable 5% slowdown in month-on-month hiring growth, the year-on-year statistics remain robust across various industries and functions.
Industry-wise Hiring Trends
Consumer Electronics saw the highest MoM growth at 5%, likely due to festive season sales and increased consumer spending.
Import & Export industry grew by 8% MoM, indicating a revival in global trade activities.
Textiles & Apparel experienced a 6% MoM growth, driven by increased domestic consumption and export orders.
Chemicals & Plastics decreased by -8% MoM, despite a YoY growth of 12%.
Telecommunications saw a -6% MoM drop and minimal YoY growth of 3%, indicating potential challenges in the sector.
Role-wise Hiring Trends
Medical Roles saw substantial YoY growth of 35%, highlighting ongoing demand for healthcare professionals.
Marketing & Communications roles grew by 22% YoY, indicating organisations are strengthening their efforts to enhance brand presence and drive customer engagement.
HR & Admin functions experienced a 5% MoM growth, possibly due to increased hiring and administrative needs.
Senior Management roles decreased by -7% MoM, suggesting possible saturation after previous hiring spurts.
IT roles saw a -2% MoM decrease, though YoY growth remains positive at 16%.
Location-wise Hiring Trends
Coimbatore is the biggest mover with an 8% MoM growth, suggesting increasing job opportunities.
Kochi remained stable with a 0% MoM change but shows a 15% YoY growth.
Bengaluru, Jaipur, Pune, and Chennai saw a -3% to -4% MoM decrease, possibly due to seasonal hiring fluctuations.
The data indicates that while certain sectors and functions have experienced slight MoM declines, the overall YoY growth remains positive. The green sectors, in particular, continue to show strong hiring trends, contributing significantly to the overall employment market.
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