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Pharma and healthcare highest paying industry for talent in India: Randstad CEO

Nandita Vijay, Bengaluru
Tuesday, April 17, 2018, 08:00 Hrs  [IST]

Pharma and healthcare sector professionals are paid the highest salaries in India. These cover R&D personnel and specialist doctors.
 
There is an increase in demand for specialist doctors and professionals with R&D skills. “We analyzed close to one lakh jobs which come in our placement mandate which are categorized on the basis of industry, function, experience and salary. We apply a certain methodology to deciding the average salary depending on the number of jobs, where is it located, kind of experience and the salary split up. These were analyzed from the job requirements that came to us from large pharma, niche clinical research organizations (CRO) and specialty hospitals,” Paul Dupuis, MD & CEO Randstad India said.
 
Particularly professionals from the pharma and healthcare industry are paid the highest in India with an average annual CTC of Rs. 9.6 lakh across all levels and functions.

Now Randstad India services ranges from staffing, search & selection to recruitment process outsourcing (RPO).
 
“In our analysis, what we understood was that the salary for specialist doctors across the experience chain where the numbers were not many of the total percentage of all the jobs that were analyzed, the average salaries that were offered to them were extremely high. From an R&D perspective, the salaries were high but the jobs were not voluminous. Therefore particularly pharma sector analysis against all the jobs would have crossed 5-6 per cent. But on a per capita basis they paid the highest. More over the average salaries were not restricted to any particular experience bracket. But in the overall experience bracket we found that pharma and healthcare were the highest,” he said.
 
The company’s Salary Trends Report 2018 analyzed jobs across 20 industry verticals and 15 functions. The ‘Hot Jobs for 2018’ showcases roles in strong demand in the current job market, across industries, where talent in 6-10 year experience bracket are paid relatively higher remuneration as much as 1.5 times higher when compared to other professionals in the same salary range. Specialist doctors top the chart with an average annual CTC at Rs. 18.4 lakh.

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 Rs. 9.4 lakh. The sector largely comprises of management consulting, strategy, accounting, audit and legal firms.
 
“Building a successful organization requires a number of key ingredients. These include a solid strategy, clear segmentation and go to market proposition, demand for the service or product and the ability to deliver. Clearly, though, the most important trigger for success is to have the right people, enabled by the right tools to drive strategy and a competitive compensation structure”, said the Randstad India chief.
 
“A strong salary structure that strikes a perfect balance between internal and external pay equity is an imperative today for the organizations as it’s often the key to bring top talent on board and keep them motivated. Our insights empower India Inc. with critical insights that help redesign a market-appropriate pay structure that augur well for the organizational strategy while also reflecting broader market forces,” he added.

 

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