Economy
Metropolitan cities set to drive job creation: Survey
Metropolitan cities like Bengaluru, Delhi and Mumbai are set to drive job creation in urban centres, says a new survey by Teamlease Services. This will boost India’s gradual recovery from the second wave of COVID-19 pandemic. The survey collected data from 168 companies.
The survey said staffing, depending on business requirement, will grow but the pay disparity among permanent and skilled temporary jobs is narrowing. Rituparna Chakraborty, executive vice-president and co-founder, Teamlease, believes that cities like Bengaluru, Chandigarh, Chennai, Delhi, Hyderabad, Mumbai and Kolkata are going to be drivers of job creation as India comes out of the second wave. “This is because the reach of vaccination is high in these cities. So, revival will happen faster there.”
IT, e-commerce, healthcare and edtech, as per the annual jobs trend survey, were among the sectors that remained largely unaffected by the pandemic. Banking, finance and insurance, telecom, manufacturing and engineering were set to revive relatively quickly. In comparison, fast-moving consumer goods (FMCG) and fast-moving consumer durables will take a few more months before showing signs of revival. Chakraborty said retail, lifestyle and hospitality will take longer to recover.
The survey, which collected data from 618 companies, highlighted that while IT and sales profiles are in high demand, deep tech jobs with super specialization skills are commanding a salary premium in the market. “High expertise-based job profiles are steadily grown in criticality over the last 12 months and are seen by employers to be indispensable. These attract around 11% salary increment or more as compared with market averages ranging between 1.73% and 14.07% across sectors and cities.”
It said that in banking, financial services and insurance; healthcare and allied industries; and information technology (IT) and knowledge services remuneration growth was better than the others. The survey noted that the national capital recorded a good recovery in salary in health and pharma, while Bengaluru saw banking and financial services grow faster in terms of salary increments.
In regards to pay parity, Chakraborty said the variance between salaries for permanent and temporary job profiles is down to less than 5% in case of nearly 30% of all profiles across all sectors. “This is because companies are ready to pay for the work an expert does even though employed for a shorter duration.” Furthermore, almost all 17 sectors survey saw the addition of new job profiles – merchant relationship executive and team lead inside sales were new profiles across e-commerce and tech startups.
