The retail industry has seen substantial salary growth, boasting an 8.4 per cent increase over the previous year, with roles like Store Manager and Sales Manager offering average salaries of Rs 32,200 and Rs 31,800 per month, respectively, as per a report. This trend was evident across major cities, with Delhi and Bangalore emerging as top locations offering premium pay in these roles.
India's job market continues to show moderate growth in the fiscal year 2023-24, with significant contributions from the retail and consumer durables sectors. The latest Jobs and Salaries Primer FY 2023-24 from TeamLease Services has shown trends in unified salaries, which combine both permanent and temporary hiring markets.
While overall salary increments remained in single digits across industries, retail emerged as the top performer, showing a strong year-on-year (YoY) salary growth of 8.4 per cent, followed by consumer durables and banking sectors.
Top Industries And Salary Growth
The retail industry led the charge in salary growth, boasting an 8.4 per cent increase over the previous year, with roles like Store Manager and Sales Manager offering average salaries of Rs 32,200 and Rs 31,800 per month, respectively. This trend was evident across major cities, with Delhi and Bangalore emerging as top locations offering premium pay in these roles.
The consumer durables sector saw a salary growth of 5.2 per cent, while the banking, financial services, insurance and fintech (BFSI) cluster recorded a 5.1 per cent YoY growth. Specific roles in BFSI, such as Training Executive (17.3 per cent salary growth) and Customer Relationship Executive (14.4 per cent), displayed substantial growth, reflecting increased demand for customer-facing and training positions. The Sales Manager role in the telecommunication industry also recorded a growth of 12.9 per cent.
Other sectors, such as automotive, offered one of the highest average salaries at Rs 30,800, followed by telecommunication (Rs 29,200) and manufacturing, engineering and infrastructure (Rs 28,200). However, despite the high average pay, these industries experienced more modest growth rates of 3.2 per cent and 2.9 per cent, respectively.
City-specific Trends
Among Indian cities, Bangalore remained the leader, offering an average monthly salary of Rs 29,500 and a 9.3 per cent salary growth. The city cemented its reputation as a high-paying hub for tech and finance-related roles.
Chennai and Delhi followed closely, with growth rates of 7.5 per cent and 7.3 per cent, respectively, while Mumbai (Rs 25,100) and Ahmedabad also exhibited steady salary increases.
In terms of premium pay, roles like Collection Officer in Bangalore commanded a monthly salary of Rs 45,000, while the Sales Executive in Hyderabad could earn as much as Rs 45,700, indicating strong demand for these positions in certain cities. Delhi, with a premium salary of Rs 53,700 for Store Managers, stood out as one of the most attractive locations for high-salary retail roles.
Premium Salaries And Roles In Demand
The report identifies a set of high-demand roles that receive premium salaries across industries. For instance, in the telecommunication sector, a Field Maintenance Engineer can earn a premium salary of Rs 42,000 in Ahmedabad, while in the automotive sector, Sales Executives in Delhi earn up to Rs 60,700—123 per cent over their average salary.
In the consumer durables cluster, the Sales Demonstrator role offers an average salary of Rs 22,100, but in Delhi, this figure rises to Rs 35,000, showing the growing demand for sales roles in the capital. Similarly, Field Engineers in Hyderabad can earn up to Rs 27,000, well above their average salary of Rs 20,100.
Salary Growth Consistency Over Five Years
The report also spotlights roles that have consistently seen salary growth over the past five years. The Trainee Associate role in the FMCG sector leads the pack with a compound annual growth rate (CAGR) of 9.5 per cent, followed by the Pilot Officer role, which has shown an 8 per cent growth.
In the BFSI sector, roles like HR Executive and Sales Manager have exhibited growth rates of 7.9 per cent and 6.2 per cent, respectively. Technical and managerial roles in the manufacturing, engineering and infrastructure sector, such as Field Engineer and Sales Manager, have also demonstrated steady growth over the same period.
Salary Variance Between Permanent And Temporary Roles
A key feature of the report is the analysis of salary variance between permanent and temporary roles across industries and cities. In industries like BFSI, telecommunication and consumer durables, permanent roles lead over temporary ones, with a variance of up to 12.5 per cent.
For instance, the salary variance in the BFSI sector between permanent and temporary roles is 11.3 per cent, while in the telecommunication industry, the gap is 9.6 per cent. This data highlights the increasing gap between job security and compensation offered to permanent employees compared to their temporary counterparts.
Unified Salaries And Industry Trends
The report provides a comprehensive analysis of unified salaries across multiple sectors. The highest-paying roles are concentrated in industries like automotive and telecommunication, where average salaries surpass Rs 30,000 per month. However, sectors like healthcare, logistics construction and real estate reported more modest salary growth, with increments ranging between 2 per cent and 5 per cent.
For example, the Field Engineer role in manufacturing, engineering and infrastructure offers an average salary of Rs 27,900, while in Mumbai, the premium salary for this role can reach up to Rs 45,000. Similarly, in the healthcare sector, roles like Technician in Hyderabad can command a salary of Rs 34,700, well above the industry average.
Outlook For Future
As the Indian economy continues its post-pandemic recovery, industries like retail, BFSI and FMCG are expected to maintain strong demand for specialised roles. While logistics, healthcare and real estate may require further investment and economic stimulus to boost salary growth, sectors like telecommunication and manufacturing are likely to see gradual increments due to their role in infrastructure development and digital transformation initiatives.
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