According to a research by Randstad India, the IT Capital of India, Bengaluru is now the highest paying city in the country. The average annual cost-to-company (CTC) for talent across all levels and functions is at Rs 10.8 lakh.
This is the second consecutive year where Bengaluru topped the list in the salary trends report. Pune stands second at Rs. 10.3 lakh, followed by Delhi NCR and Mumbai with an average annual CTC figure of Rs 9.9 lakh and Rs 9.2 lakh respectively. Chennai at Rs 8 lakh, Hyderabad at Rs 7.9 lakh and Kolkata at Rs 7.2 lakh are the other three names in the list of Indian cities paying the highest average salaries for professionals.
The report further says that professionals from the pharma and healthcare industry are paid the highest in India with an average annual CTC of Rs 9.6 lakh. An increase in demand for specialist doctors and professionals with research and development skills were the primary reasons for the industry topping the charts this year.
The roll-out of GST saw a spike in demand for implementation and compliance specialists, thus making professional services the second highest paying sector in the country, with an average salary of Rs 9.4 lakh. The sector largely comprises management consulting, strategy, accounting, audit, and legal firms.
Banking financial services and insurance is the highest paying industry for junior and senior level talent across all levels and functions, while consulting and advisory is the highest paying job function in the country.
Fast-moving consumer goods (FMCG), which was the highest paying industry in 2017, came in third with an average CTC of Rs 9.2 lakh. The IT sector, offering an average annual CTC of Rs. 9.1 lakh and infrastructure, real estate and construction at Rs 9.0 lakh take the fourth and fifth position in the list as India's most lucrative industries for professionals.
Talking about the report, Paul Dupuis, MD and CEO of Randstad India in a press statement said,
"Building a successful organisation requires a number of key ingredients; a solid strategy, clear segmentation and go-to market proposition, demand for the service or product and the ability to deliver. Clearly, though, the most important trigger for success is to have the right people, enabled by the right tools to drive strategy and a competitive compensation structure."
He further added that, a strong salary structure that strikes a perfect balance between internal and external pay equity is imperative today for organisations as it is often the key to bring top talent on board and keep them motivated.