On the occasion of the upcoming anniversary of Make In India initiative, monster.com has released the Monster Salary Index (MSI) report for the Manufacturing sector. At Rs 230.9 per hour, Manufacturing is the only sector amongst the eight captured in MSI to see a notable increase (nine per cent) in median gross hourly salary. What’s also interesting to note is that the median gross salary in the manufacturing sector in 2017 at Rs 230.9 per hour is 5.2 per cent more than the overall median gross salary of India which is Rs 219.4 per hour.
In 2017, manufacturing has also been the second highest-earning sector in India and with the exception of the IT sector, manufacturing also remains the only other sector that paid a median gross salary of above Rs 200 per hour threshold.
The report observes that IT sector paid median wage at Rs 317.6 per hour, the highest among all monitored sectors, but 17.8 per cent less than the last year. This is one of the reasons why more than half (51 per cent) weren’t satisfied with their jobs. Some other aspects contributing to job dissatisfaction are commuting time, work-life balance, and working hours. Interestingly, employees in the IT sector are most satisfied with their relationships at work.
Sharing his views, Abhijeet Mukherjee, CEO, Monster.com, APAC and Gulf, said: “As Industry 4.0 continues to gain wider acceptance and reshapes the manufacturing industry, India is well positioned to become one of the largest manufacturing economies in the world. The momentum is mirrored by the increased median gross hourly wage recorded for the manufacturing sector in the Monster Salary Index. There are already clear signs of green shoots sprouting in pockets of local manufacturing in sectors as diverse as steel, auto, chemicals and energy and this is also reflected in the 60 per cent year-over-year growth in online hiring in the production and manufacturing sector till July 2018, as reported by Monster Employment Index.”
Mukherjee added, “The advent of automation and AI has brought about some uncertainty, but job creation is expected to continue with an impetus on upskilling and re-skilling the current workforce. The IT and BFSI sectors have shown a correction in wages and it isn’t surprising that pay satisfaction is low with only over 40 per cent of employees satisfied with their salaries. While these sectors have shown an upward trend in hiring activity as per Monster Employment Index, companies could consider relooking at salaries in these sectors to boost employee satisfaction.’’
Talking about the report, Prof Biju Varkkey of IIM-Ahmedabad said, “Given the reinvention jobs are undergoing, insights from MSI equips both employers and employees to anticipate changes in the job and salary scenario better.”
