IT freshers get highest salaries: Know how much you can earn

As per the latest hiring trends for July 2024 conducted by India’s leading talent platform Foundit (formerly Monster APAC & ME), entry-level professionals in the retail and telecom sectors have experienced annual salary growth of 15% and 14%, respectively, even as IT-software and services still lead the salary packages.

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 lakh per annum. The IT-software and services industry continues to lead with the highest salary packages across different experience levels. Freshers in the IT sector receive the highest salaries ranging from Rs 4.1 lakh per annum to Rs 7.5 lakh per annum, indicating the strong demand and importance of IT skills right from the entry level.

Some sectors such as automotive, BFSI and travel & tourism witnessed a decline in salary packages, reflecting market challenges and industry adjustments.

Year-by-Year Salary Trends (2024 vs. 2023)

Experienced professionals with 7+ years of work experience in the advertising, market research and PR industry saw a 15% increase in salary last year (2024 vs 2023), highlighting the industry’s focus on attracting top talent. Salaries for experienced professionals in the advertising, market research and PR sector range from Rs 11 lakh per annum to Rs 33 lakh per annum.

The tracker revealed that the consumer electronics sector experienced a significant year-on-year increase in hiring, growing by 45%. 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% annual increase in hiring, reflecting the impact of this surge.

Even the automotive industry saw 18% annual growth in hiring.

The real estate and construction and engineering sectors have also shown impressive growth in hiring by 32% and 29% respectively compared to last year, driven by budget reforms, sustainability and green initiatives. On the other hand, the import/export sector faced several hiring challenges during the past year, with a significant decline of 32% in July 2024 compared to the previous year.

Hospitality sector emerges as employment hub

The hospitality and travel sector witnessed a 28 per cent increase in hiring (July 2024 vs July 2023).

Similarly, roles in marketing and communications saw a notable 24% year-on-year growth, reflecting the growing focus by brands on establishing a strong digital presence and engaging with their audiences online. Additionally, hiring for medical job roles has seen a surge, with hiring in the healthcare sector growing 22% year-on-year.

In contrast, some job roles saw a decline in hiring. Customer service roles saw a sharp decline (-25%), indicating a possible slowdown in demand or a change in hiring requirements driven by the rise of automation and AI technologies. Similarly, sales and business development job roles also saw a significant decrease, falling by 8% this year. Other sectors that have seen a sharp decline in hiring include engineering/production (-7%) and finance and accounting (-6%).

Coimbatore leads in job growth among Tier 2 cities in India

Coimbatore emerged as the leader in job growth among India’s tier 2 cities, with hiring growing at a remarkable 24%, followed by Jaipur which grew at 23%. Other cities showing strong growth include Delhi-NCR (18%), Chennai (14%) and Pune (12%). Month-on-month, Chennai and Kochi maintained a stable hiring environment with a growth of 5%, respectively. Bengaluru is also witnessing a surge in hiring, driven by the growth of the tech sector and urban development, which is now spilling over into tier 2 cities. However, some cities like Mumbai (-4%), Chandigarh (-4%) and Baroda (-4%) saw a slight decline in hiring.

“Exclusive Figures: Highest Salaries for Newbies – Know Your Worth

Here is the rewritten content:

Job Market Insights: July 2024

4-minute read

Last Updated: August 07, 2024 | 11:32 am

First Published: August 07, 2024 | 11:32 am

According to the latest hiring trends for July 2024, conducted by Foundit (formerly Monster APAC & ME), entry-level professionals in the retail and telecom sectors have experienced annual salary growth of 15% and 14%, respectively. The IT-software and services industry continues to lead with the highest salary packages across different experience levels.

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 lakh per annum. In contrast, the IT sector offers the highest salaries ranging from Rs 4.1 lakh per annum to Rs 7.5 lakh per annum, reflecting the strong demand and importance of IT skills.

Year-by-Year Salary Trends (2024 vs. 2023)

[Image: Year-by-Year Salary Trends]

Some sectors, such as automotive, BFSI, and travel & tourism, witnessed a decline in salary packages, reflecting market challenges and industry adjustments.

Key Findings:

• Experienced professionals with 7+ years of work experience in the advertising, market research, and PR industry saw a 15% increase in salary last year (2024 vs 2023).
• Salaries for experienced professionals in the advertising, market research, and PR sector range from Rs 11 lakh per annum to Rs 33 lakh per annum.
• The consumer electronics sector experienced a significant year-on-year increase in hiring, growing by 45%.
• The manufacturing industry also saw a 43% annual increase in hiring, reflecting the impact of technological advancements and innovations.
• The real estate and construction and engineering sectors have also shown impressive growth in hiring, driven by budget reforms, sustainability, and green initiatives.

Sector-wise Insights:

• Hospitality sector emerges as an employment hub, with a 28% increase in hiring (July 2024 vs July 2023).
• Roles in marketing and communications saw a notable 24% year-on-year growth, reflecting the growing focus by brands on establishing a strong digital presence and engaging with their audiences online.
• Hiring for medical job roles has seen a surge, with hiring in the healthcare sector growing 22% year-on-year.

Cities-wise Insights:

• Coimbatore emerged as the leader in job growth among India’s tier 2 cities, with hiring growing at a remarkable 24%.
• Other cities showing strong growth include Jaipur, Delhi-NCR, Chennai, and Pune.
• Month-on-month, Chennai and Kochi maintained a stable hiring environment with a growth of 5%, respectively.

Note: The article includes several images and charts that are not included in this rewritten content.