IT-Software & Services lead the market in terms of salary packages across different experience levels, including the entry-level professionals.
According to the latest hiring trends for July 2024 that were analysed by foundit (formerly Monster APAC & ME), freshers in the IT sector have highest salaries Rs 4.1 LPA to Rs 7.5 LPA, indicating a strong demand and value placed on IT skills right from the entry-level.
In the retail and telecommunications sectors have experienced a 15% and 14% on year salary hike respectively.
Freshers in the Retail industry receive an average minimum salary of Rs 3.3 lakh per annum ( LPA ) and an average maximum salary of Rs 5.2 LPA.
However on the other side, a few sectors such as Automotive, BFSI, and Travel & Tourism witnessed a decline in salary packages, reflecting the market challenges and industry adjustments.
Experienced professionals with 7+ years of work experience in the Advertising, Market Research & PR industry witnessed a 15% growth in salaries over the past year (2024 vs 2023), highlighting the industry’s focus on attracting top talent.
Experienced professionals in the Advertising, Market Research, & PR sector have salaries ranging from Rs 11 LPA to Rs 33 LPA.
Consumer Electronics sector experienced remarkable year-on-year growth in hiring, with a 45% increase. This surge is driven by technological advancements, AI developments, and innovative designs in consumer electronics devices such as smartphones, TVs, gadgets, smartwatches, etc.
The Manufacturing industry also saw a 43% yearly growth in hiring, reflecting the ripple effect of this boom, the report said.
It further revealed that the Real Estate and Construction & Engineering sector showed an impressive 32% and 29% increase respectively in hiring over the past year, spurred by budget reforms, sustainability, and green initiatives.
Roles in Marketing and Communications witnessed a notable 24% year-on-year increase, reflecing a heightened focus on brands establishing a strong digital presence and connecting with their audiences online, the report said.
Additionally, hiring for medical job roles has seen a spike, with a 22% yearly increase in hiring in the healthcare sector.
The report also highlighted some of the sectors that witnessed a decline in hiring.
Customer service roles experienced a sharp downturn (-25%). Sales and Business Development job roles also saw a notable decrease, with an 8% drop this year.
Other sectors that have experienced a sharper decline in hiring include Engineering/Production (-7%) and Finance and Accounting (-6%).