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Indian pharma workforce is expected to get a salary increment of 10.95 per cent as the sector spurs robust growth prospects. Along with pharmaceuticals, healthcare is also expected to reward its talent pool.
The key reasons attributed to this are the promising growth prospects ensuing from pharma and healthcare. Companies are open to hire niche skills and profiles. The sector is also recognized for its highly qualified workforce. The growth in domestic sales would also depend on the ability of companies to align their product portfolio towards chronic therapies for cardiovascular, anti-diabetes, anti-depressants and anti-cancers.
Now the Indian pharma sector has been consistent in achieving around 9 percent growth. The last two years have been quite fruitful for this industry and considering the amount of hiring that has happened, companies will only look to retain this talent with a substantial hike. Moreover, going by the expansions in infrastructure, hanging on to qualified workforce to consolidate operations is the intent of the industry, Munira Loliwala, business head, manufacturing, pharma & consumer, TeamLease Services told Pharmabiz.
Largely it is the mid-management cadre which will attract about double digit hike, while the management cadre will attract around 8 to 9 per cent increase in salary. This sector will woo talent from the technology space as pharma is looking at the digital pathway where salaries will be rewarding. Marketing and research divisions will also see encouraging hike and hiring, added Loliwala.
Salaries grew by a minimum of 10.02 per cent and a maximum of 11.11 per cent in 8 sectors, stated TeamLease Services in its annual report ‘Jobs & Salaries Primer’ 2019. The report analyzed about 2,00,000 salary records across 17 sectors including healthcare and pharmaceuticals covering 9 cities.
Particularly healthcare and pharmaceuticals exhibited growth in excess of 10 per cent. Top paymasters in the two sectors showed a greater than 13 per cent salary growth. Further, as per the findings of the report the wage gap between temporary and permanent profiles are narrowing significantly. In fact, low levels of variance is less than 5 per cent in more than 25 per cent of the job profiles.
According to Rituparna Chakraborty, co-founder & executive vice president, TeamLease Services, the Indian job market is going through a transition phase in terms of job roles with the evolving market needs. Cutting edge job roles of today and tomorrow will be the focus of the employers in the coming years.
After a year of unparalleled increments across various sectors in 2018, the year ahead will focus on consolidation. While hot jobs will continue to attract handsome rewards, median salaries and increments are not looking good enough. All the 17 sectors have taken on new roles that are seeped in hi-tech and are the harbingers of tomorrow’s talent landscape. This transition is an indication of the brave new world of smart increments and hot jobs, she added.
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