Salary growth for employees in India is likely to remain between 5 per cent and 14 per cent, but professionals with niche talent can expect increment in excess of 20 per cent this year, says a report.
According to staffing firm TeamLease Services, key talent in an organisation that possess select and rare skills may fetch themselves salary increments in excess of 20 per cent.
According to the report, power and energy sector has muscled its way to the top of the heap with a significantly higher salary growth rate (13.5 per cent) compared to IT and knowledge services, which comes in second at 12 per cent.
Moreover, a number of other industries too namely FMCD, FMCG, construction and real estate, media and entertainment and retail deliver salary growth rates upwards of 10 per cent.
Commenting on the report, Rituparna Chakraborty, Sr VP & Co-founder TeamLease Services, said, "this is an interesting period for India as the cautious optimism that we have been seeing for the past 24 months seems to be finally making way for a more buoyant outlook.
Salary and job growth will move upwards for the next 12 months at least before the actual effects of the new government are felt. The double-digit salary hike scenario doesn't exist in many sectors this fiscal, but the positive expectations from the new government in creating more jobs will surely balance the overall picture," she added.
Meanwhile, from the jobs perspective, India is likely to see 11.3 per cent growth this fiscal, the TeamLease Jobs and Salaries Primer said.
"IT industry meanwhile pays a premium to new skills and talent with the western, particularly the US, markets slowly getting back on their feet," the report said adding the IT industry seems set on a talent acquisition / retention drive.
A city wise analysis shows that Bangalore reclaimed its top spot from Mumbai and New Delhi on salary growth rates as the city tops the growth chart in seven of the 15 industries.
"Skills inventorying and the jobs of tomorrow is an area employers are actively investing in, in terms of strong pay actions," Teamlease said adding some forward looking employers in the services sector, in particular, are actively seeking out talent for tomorrow and paying handsomely.