Employees of the information technology (IT) sector continued to be the highest paid, being paid about 24% higher than the median salary for the entire Indian economy, according to a survey by Monster India. Yet only 57% of them were satisfied with their pay, the survey said.
The ‘Monster Salary Index’ (MSI) sectoral reports for the manufacturing, IT and BFSI (banking, financial services and insurance) sectors said that the employees in the IT sector continue to be the highest paid at R346.42 per hour, while the median salary for the entire Indian economy taken together stood at R279.7 per hour.
The BFSI sector came second with a median gross salary of R300.23 per hour. Only 52% employees in the BFSI sector were satisfied with their pay. The salaries in the manufacturing sector was R254.04 per hour. Interestingly, unlike in IT and BFSI, as much as 60% of them were satisfied with their salary.
Sanjay Modi, managing director (India/Middle East/Southeast Asia/Hong Kong) said, “If we look at the IT scenario, this sector, though the highest paid, has only about 57% employees satisfied with their salaries. Our report further brings out a similar trend in the BFSI space as well. On the other side of the spectrum, the manufacturing sector, despite being paid low, has 60% employees satisfied. This takes us back to the debate if salary is the most compelling tool for employee satisfaction.”
Therefore, it is important to assess the job satisfaction level of the employees. If salary is an important retention driver, then it’s critical to draw the impact of salary on individuals.
Modi said, “The government has embarked upon its ambitious mission of an India that’s even more digital and more inclusive financially. At the heart of these initiatives is the need for a strong talent pool that would eventually drive these initiatives. Therefore, it is important for companies to closely analyse the correlation between salaries and employee satisfaction.”
According to Monster, wholly foreign-owned manufacturing companies pay a median gross hourly salary of R319.5 as against R163.6 per hour paid by wholly-owned domestic manufacturing companies in India. In the BFSI space, smaller companies pay an hourly salary of R197.95, while large firms pay an hourly average salary of R324.51.