Known for working in plush offices and taking home fat pay cheques, Information Technology sector employees are envied for their sought-after job profiles. However, only 57 per cent IT employees seem to be satisfied with their salaries, according to a survey report by online job portal Monster.
The report highlights that employees in the IT sector continue to be the highest paid at '346.42/hr, which is about 24 per cent higher than the median salary for the entire Indian economy taken together, amounting to '79.7 per hour.
Banking, Financial service and Insurance sector is close second in terms of monetary gain for employees, with a median gross salary of Rs. 300.23/hr. However, only 52 per cent employees in the BFSI sector are satisfied with their pay.
In the BFSI space, small companies pay an hourly salary of Rs.197.95, while larger firms pay an hourly average salary of '324.51. In an interesting trend, salaries in manufacturing sector are as low as '254.04/hr. However, the satisfaction rate in terms of compensation is higher than IT and BFSI sectors, with over 60 per cent people employed in manufacturing sector indicating their satisfaction with the salaries they receive.
The average salaries of employees in manufacturing sector is about 9 per cent less than the median salary for the entire Indian economy taken together.
Also, wholly foreign owned manufacturing companies pay a median gross hourly salary of '319.5 as against '163.6 hourly salary paid by wholly owned domestic manufacturing companies in India.
According to consultancy McKinsey’s report, the realisation of Digital India initiative will help the country with over 20 per cent to 30 per cent incremental gross domestic product (GDP) by 2025.
However, for the initiative to succeed, the country needs to have the right talent pool.
It is important to assess the job satisfaction level of the employees. Comm-enting on the contradictory salary structure and payment satisfaction relationship highlighted in the report, Sanjay Modi, Managing Director, India, Monster said, “This takes us back to the debate if salary is the most compelling tool for employee satisfaction.”
