Synopsis
A new report reveals that over 70% of Indian professionals expect salary growth, with 20% seeing no change. While dissatisfaction is prevalent, particularly among entry-level workers, some sectors report higher satisfaction levels. Awareness of salary benchmarks increases with experience.Key Takeaways
- 77% of Indian professionals expect salary growth.
- 20% anticipate no change in their pay.
- Only 3% foresee a decline in salaries.
- About 47% express dissatisfaction with salary increments.
- Awareness of salary benchmarks improves with experience.
Bengaluru, Feb 27 (NationPress) More than 70% (specifically 77%) of professionals in India foresee substantial salary increases within their sectors, while 20% predict no change and merely 3% anticipate a decrease, as per a report released on Thursday.
The employment landscape reveals a stark contrast in salary satisfaction, with a significant number of professionals expressing dissatisfaction regarding their compensation growth. In contrast, individuals in particular sectors report higher satisfaction levels.
As per the survey conducted by the jobs platform foundit (previously known as Monster APAC and ME), 47% of professionals are unhappy with their salary progress, attributing this to limited increments and unmet expectations. Additionally, 25% of participants remain neutral; they recognize the restricted salary growth but do not view it as a critical issue.
Only 46% of those surveyed believe their salary is above average, while 40% assess it as below industry standards.
Interestingly, 14% are unaware of salary benchmarks in their respective fields. The report indicates that as professionals accumulate experience, their awareness of salary expectations increases, resulting in a gradual decline in dissatisfaction. Among entry-level professionals (0-3 years), over half (51%) lack knowledge of salary benchmarks, which is the highest across all experience levels.
Approximately 31% feel underpaid, with dissatisfaction peaking in the BFSI sector (42%). For those at the mid-level (7-10 years), dissatisfaction further decreases to 18%, while 22% consider their pay above industry standards, particularly in IT-Software.
At the senior and executive levels (11+ years), 18% of senior professionals and 18% of executives believe their salaries surpass industry benchmarks, according to the report. Regarding appraisals, 35% of professionals expect only a minimal increase (0-10%), indicating conservative salary growth expectations across various sectors, while 29% foresee moderate growth (11-20%).
Entry-level professionals exhibit the most polarized views; while 20% expect a minimal increase (0-10%), a noteworthy 11% anticipate a significant appraisal (30% and above). This illustrates both the stagnation of early career pay and a strong sense of optimism among a select group.
