Business Wire Indiafoundit (formerly Monster APAC & ME), Asia’s leading jobs and talent platform, has released the latest edition of the foundit Insights Tracker (fit) for October 2024. The tracker unveils significant salary trends across various sectors and roles, highlighting industries offering the most lucrative pay packages for professionals at different experience levels.
According to the tracker, overall hiring activity has seen a 22% year-on-year increase (October 2023 vs. October 2024), with high-paying sectors like IT & ITeS and Healthcare leading the way. Despite a 5% month-on-month dip in growth due to seasonal factors, the job market remains robust, especially for roles commanding top salaries.
"Specialised roles are commanding a significant premium, particularly in tech and healthcare, where innovation and expertise are crucial," said a foundit official. "This trend highlights the growing emphasis on niche skills in the job market. Industries like IT & ITeS are leading this evolution, while traditional sectors such as Media & Entertainment face challenges in offering competitive salaries. These insights further underline the importance of continuous upskilling to stay ahead in the job market. We also see growth opportunities emerging in Tier-2 cities like Coimbatore, reflecting a more distributed hiring landscape."
High-Paying Industries: BFSI, IT & ITeS, and Healthcare Lead the Way
Average Salary Ranges by Industry
| Industry | Avg Starting Salary Range| (LPA) | Avg Senior Salary Range (LPA) |
| IT & ITeS | 2.3 – 12.5 | 35 – 87 |
| Healthcare | 2.8 – 13.9 | 26.75 – 50 |
| BFSI | 2.6 – 10.5 | 30.5 – 51.25 |
| Infrastructure | 2.6 – 9.3 | 29.9 – 56.7 |
| Service | 2.3 – 7.1 | 29.5 – 43.8 |
| Manufacturing | 2.5 – 6.6 | 24.5 – 50 |
| Media & Entertainment | 1.9 – 5.7 | 18 – 25 |
Top-Paying Sectors for Senior Professionals: Technology and Finance Lead
Top 10 Highest-Paying Sectors for Senior Professionals
| Rank | Sector | Average Maximum Salary (Senior Professionals) |
| 1 | Computer & Network Security | 87 LPA |
| 2 | Artificial Intelligence | 76.4 LPA |
| 3 | Mining & Metals | 56.7 LPA |
| 4 | Investment Banking | 51.25 LPA |
| 5 | Industrial Automation | 50 LPA |
| 6 | Medical Practice | 50 LPA |
| 7 | Investment Management | 47.5 LPA |
| 8 | Data Mining | 45 LPA |
| 9 | Management Consulting | 43.8 LPA |
| 10 | Pharmaceuticals | 41 LPA |
Highest-Paying Roles for Freshers: Healthcare and Tech Offer the Best Start
Top 7 Highest-Paying Roles for Freshers
| Rank | Role | Industry | Average Starting Salary Range (LPA) |
| 1 | Medical Practitioner | Healthcare | 9.96 – 13.87 |
| 2 | AI Engineer | IT & ITeS | 7.28 – 12.54 |
| 3 | Computer & Network Security Specialist | IT & ITeS | 6.44 – 9.02 |
| 4 | Venture Capital Analyst | BFSI | 5.91 – 10.46 |
| 5 | Data Scientist | IT & ITeS | 5.04 – 8.99 |
| 6 | Management Consultant | Service | 4.15 – 7.08 |
| 7 | Telecommunications Engineer | Infrastructure | 5.22 – 9.25 |
Best-Paying Roles for Senior Professionals: Tech and Finance Rule
Top 7 Highest-Paying Roles for Senior Professionals
| Rank | Role | Industry | Average Maximum Salary (Senior Professionals) |
| 1 | Computer & Network Security Expert | IT & ITeS | 87 LPA |
| 2 | AI Specialist | IT & ITeS | 76.4 LPA |
| 3 | Mining Engineer | Infrastructure | 56.7 LPA |
| 4 | Investment Banker | BFSI | 51.25 LPA |
| 5 | Industrial Automation Engineer | Manufacturing | 50 LPA |
| 6 | Medical Practitioner | Healthcare | 50 LPA |
| 7 | Data Mining Expert | IT & ITeS | 45 LPA |
Roles with the Highest Salary Growth: Huge Pay Jumps for Specialists
Top 7 Roles with the Highest Salary Growth
| Rank | Role | Industry | Entry-Level Avg Max Salary (LPA) | Senior-Level Avg Max Salary (LPA) |
| 1 | Computer & Network Security Specialist | IT & ITeS | 6.44 LPA | 87 LPA |
| 2 | AI Engineer | IT & ITeS | 12.54 LPA | 76.4 LPA |
| 3 | Data Mining Expert | IT & ITeS | 8.99 LPA | 45 LPA |
| 4 | Mining Engineer | Infrastructure | 7.08 LPA | 56.7 LPA |
| 5 | Management Consultant | Service | 7.08 LPA | 43.82 LPA |
| 6 | Investment Banker | BFSI | 6.46 LPA | 51.25 LPA |
| 7 | Industrial Automation Engineer | Manufacturing | 6.55 LPA | 50 LPA |
Overall Hiring Trends: YoY Growth Remains Strong Despite MoM Slowdown
While there is a noticeable 5% slowdown in month-on-month hiring growth, the year-on-year statistics remain robust across various industries and functions.
Industry-wise Hiring Trends
Consumer Electronics saw the highest MoM growth at 5%, likely due to festive season sales and increased consumer spending.
Import & Export industry grew by 8% MoM, indicating a revival in global trade activities.
Textiles & Apparel experienced a 6% MoM growth, driven by increased domestic consumption and export orders.
Chemicals & Plastics decreased by -8% MoM, despite a YoY growth of 12%.
Telecommunications saw a -6% MoM drop and minimal YoY growth of 3%, indicating potential challenges in the sector.
Role-wise Hiring Trends
Medical Roles saw substantial YoY growth of 35%, highlighting ongoing demand for healthcare professionals.
Marketing & Communications roles grew by 22% YoY, indicating organisations are strengthening their efforts to enhance brand presence and drive customer engagement.
HR & Admin functions experienced a 5% MoM growth, possibly due to increased hiring and administrative needs.
Senior Management roles decreased by -7% MoM, suggesting possible saturation after previous hiring spurts.
IT roles saw a -2% MoM decrease, though YoY growth remains positive at 16%.
Location-wise Hiring Trends
Coimbatore is the biggest mover with an 8% MoM growth, suggesting increasing job opportunities.
Kochi remained stable with a 0% MoM change but shows a 15% YoY growth.
Bengaluru, Jaipur, Pune, and Chennai saw a -3% to -4% MoM decrease, possibly due to seasonal hiring fluctuations.
The data indicates that while certain sectors and functions have experienced slight MoM declines, the overall YoY growth remains positive. The green sectors, in particular, continue to show strong hiring trends, contributing significantly to the overall employment market.
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