INDIAN IT MARKET Indian IT industry is witnessing a high growth rate. The sector is recruiting more and more technical and professional people. The growth rate of recruitment in the sector has been observed as 14.5%. With the immense recruitments and high attrition rate, organizations focus on higher competitive packages. The average increase in the salary during 2006 was reported as 16%.
The compensation package for an employee is based on various factors such as his/her educational level, relevant experience in the industry, job’s position in the hierarchy, skills and attributes and job related technicality. Indian IT industry provides a lucrative compensation package provided for entry level jobs. Top players like TCS, Wipro, Infosys,, IBM, Accenture and other multinationals and locally owned organizations are providing most competitive packages to attract and retain talented human resource. Besides the pay packages, employees are also given certain monetary and non-monetary benefits such as allowances, accommodations, respective
Average Salary offered by Top Players inIndian IT Sector for Entry Level Jobs
Compensation Packages in BPO & KPO BPO and KPO units have entered the Indian markets with lucrative compensation packages and high incentives. Most of the organizations in the segment are foreign- owned. Few of the Indian organizations have also come with the BPO and KPO units. The organizations are attracting young talent by offering lucrative compensation packages. Despite the fact that KPO & BPO do not offer job securities, the recruitment rate in the segment is very high. Most of the job profiles are target based. High recruitment rate is due to high average salary
INSURANCE SECTOR Privatization has brought in lot of surprises for insurance sector. In India, insurance sector is at the booming stage as only 40% of the population is insured. Private organizations are striving hard and hard to develop the sector. Organizations are coming up with newer insurance plans to attract the market such as accidental insurance, medical insurance, medi-claims, family-health insurance, dental insurance, diabetes insurance, auto insurance, etc. Government is also supporting the insurance sector to increase the Gross Domestic Product ratio from the sector which is now about 1.4% only.
From the government jobs to private organizations openings, work environment, job profiles, pay packages and career growth options have been changed. From basic salary with small incentives, compensation systems have been grown to increased salaries, incentives, perks, allowances, accommodations, etc. The average salary
Following are the top players of the insurance sector offering most competitive packages to their employees:1. Life Insurance Corporation2. New York Life3. Prudential4. Met Life5. Birla Insurance6. Kotak Mahindra7. ICICI8. HDFC
•Indian insurance sector isgrowing at a fast pace andoffering lucrative career options.•Both private and publicorganizations offer part time andfull time employment in thesector.• Life Insurance Corporation ofIndia, Birla Insurance, Max NewYork Insurance, ICICI Prudential,and Met Life Insurance are someof the leading organizations inthe sector.•Educational institutes are alsocoming up with certificatecourses in insurancemanagement.•The course offers managerial
TELECOM SECTOR Indian telecommunication sector is witnessing a growth rate of more than 25%. With the upcoming of new upgraded technologies such as 3G, the sector will be experiencing a growth rate of more than 100%. Public players and private players are competing with each other and are developing themselves to produce more quality and deliver advanced technologies. Top players in the segment such as Bharti Airtel, Reliance Communications, Tata Teleservices, Idea Cellular, Hutchison, Essar, Nokia, Siemens, LG, Motorola, etc are investing in new projects to accommodate the 3G technology
With the business expansion and globalization of Indian organizations more and more recruitments are taking place in the sector. The sector has also provided jobs in marketing, installation and construction segments. Immense competition has led the organizations hire more and more skilled labour, be it for upgrading their technologies or marketing their products. Organizations are offering most competitive packages to attract and retain talented human resource.
The sector is offering openings in banking, insurance, capital market, venture capital, mutual funds, bonds, commodities markets, etc. Compensation provided to fresh management graduates is also very lucrative. The sector is open for CA, CS, accountants, MBA in finance and commerce graduates. Apart from pay packages marketing people also get high incentives and perks. The industry provides for special allowances such as annual bonus, house rent allowances, mobile allowances, transportations,
Telecommunication provides for excellent growth opportunities. Organizations need to offer most competitive packages and heavy perks to attract and retain the talented work force. Effective communication skills, good analytical skills and sound technical knowledge are must to have a respectable position in telecommunication sector. Organizations such as Idea Cellular, Tata Teleservices, Reliance Communications, Bharti Airtel, Nokia, Siemens, Ericson, Motorola, etc are advancing their technologies and providing most competitive compensation packages. People working in telecommunication sector are asked to work at stretch and in pressure. Also, the level of experience determines one’s level of compensation package and position in the industry.