Bengaluru is the highest paying city in the country, while pharma and healthcare is the highest paying industry for talent in India, says a report.
According to Randstad Insights, the research and analysis division of Randstad India, the average annual cost to company (CTC) for talent across all levels and functions in Bengaluru stood at ₹10.8 lakh per annum.
Bengaluru is followed by Pune at ₹10.3 lakh, NCR and Mumbai ₹9.9 lakh and ₹9.2 lakh, respectively. Chennai (₹8 lakh), Hyderabad (₹ 7.9 lakh) and Kolkata (₹7.2 lakh) are the other three names on the list of Indian cities paying the highest average salaries for professionals.
The report further noted that professionals from the pharma and healthcare industries are paid the highest in India with an average annual CTC of ₹9.6 lakh across all levels and functions.
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 ₹9.4 lakh, it added.
FMCG, is the third highest paying industry with an average CTC of ₹9.2 lakh. The IT sector, offering an average annual CTC of ₹9.1 lakh and infrastructure, real estate and construction at ₹9 lakh take the fourth and fifth position in the list as India’s most lucrative industries for professionals.
Meanwhile, there are some roles where talent in 6-10 year experience bracket is paid relatively higher remuneration. Specialist doctors top the chart with an average annual CTC at ₹18.4 lakh, followed by solution architects at a CTC of ₹15.1 lakh, product engineering specialists at ₹14.8 lakh and blockchain technology experts at a CTC of ₹14.6 lakh.
“A strong salary structure that strikes a perfect balance between internal and external pay equity is an imperative today for the organisations as it’s often the key to bring top talent on board and keep them motivated,” Randstad India MD & CEO Paul Dupuis said.
Randstad Insights Salary Trends Report 2018 analysed 1,00,000 jobs across 20 industry verticals and 15 functions.