Bengaluru–Leading online job portal Monster.com on Monday said the information technology (IT) sector continues to be the highest paying in India among Banking Financial Services and Insurance (BFSI) and manufacturing sectors.
According to ‘Monster Salary Index’ (MSI), IT employees are being paid the highest at Rs.346.42 per hour, 24 percent higher than the median salary of the entire Indian economy taken together.
Next comes BFSI with a median gross salary of Rs.300.23 per hour while manufacturing sector pays the lowest among the three with a median gross salary of Rs.254.04 per hour.
Despite IT being the highest paying sector, only 57 percent of the surveyed employees are content with their remuneration. Similarly, only 52 percent BFSI employees are satisfied with their pay cheques.
Unlike IT and BFSI employees, as many as 60 percent of manufacturing sector employees are happy with their compensation.
“Manufacturing sector despite being paid low has 60 percent employees satisfied. This takes us back to the debate if salary is the most compelling tool for employee satisfaction,” said Monster.com managing director Sanjay Modi.
Interestingly, wholly foreign owned companies pay even higher salaries.
Wholly foreign owned manufacturing companies pay a median gross hourly salary of Rs.319.5, BFSI Rs.451.63 and IT Rs.536.6.
According to MSI, strong talent pool is crucial for the Indian government’s ambitious Digital India mission and others.
Modi added, “It is important for companies to closely analyse the correlation between salaries and employee satisfaction. The role of key talent becomes crucial.”
