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Professional services — including management consulting, strategy, accounting, and audit and legal — was the second-highest paid space with an average salary of Rs 9.4 lakh. This was due to the increase in demand for implementation and compliance specialists, following the roll-out of GST. FMCG, the highest paying industry in 2017, followed next with an average salary of Rs 9.2 lakh. In individual roles across experience, specialist doctors — with an average annual CTC of Rs 18.4 lakh — were the highest paid. Following that are a number of technology roles — solution architects got Rs 15.1 lakh, product engineering specialists got Rs 14.8 lakh, and blockchain technology experts got Rs 14.6 lakh.
Bengaluru was the highest paying city, giving an average annual CTC for talent across all levels and sectors at Rs 10.8 lakh. India’s Silicon Valley was followed by Pune at Rs 10.3 lakh, Delhi-NCR at Rs 9.9 lakh, Mumbai at Rs 9.2 lakh and Chennai at Rs 8 lakh. Bengaluru was the top paying city in 2017 too.
But there was a significant drop in salaries from last year, when the average CTC figures for all cities were upwards of Rs 13 lakh. Bengaluru was at Rs 14.6 lakh last year, followed by Mumbai at Rs 14.2 lakh, Hyderabad at Rs 13.6 lakh, and Delhi-NCR at Rs 13.5 lakh.
Randstad said this is due to two reasons: First, a decline in mid-level roles, which pay an average salary between Rs 6 lakh and Rs 12 lakh. Second, a 51% increase in entry-level roles this year, which usually pay between Rs 4 lakh and Rs 6 lakh.
In the latest survey, for a person with more than 15 years of work experience and for an entry-level executive (less than six years of experience), consultancy is the highest paying job function with an annual average salary of Rs 34 lakh and Rs 6.8 lakh respectively.
Randstad India CEO Paul Dupuis said, “A strong salary structure that strikes a balance between internal and external pay equity is important today for organisations as it’s often the key to bring top talent on board and keep them motivated. Building a successful organisation requires a number of key ingredients — a solid strategy, clear segmentation and go-tomarket proposition, demand for the service or product, and the ability to deliver.”