Average salary offered in Indian it sector for management level position

IT industry offers lucrative growth prospective to its employees. Top players of the industry such as TCS, Wipro, Sasken, IBM, Infosys, Accenture, Oracle, HCL, Satyam, Sify and other organizations are providing heavy perks and handsome pay packages to retain their talented workforce. Apart from basic salary and special allowances, employees are given some other monetary and non-monetary benefits like club memberships, annual bonus, and other special allowances. Effective communication skills, good analytical skills and sound technical knowledge are must to have a respectable position in IT sector. People working in IT sector should be willing to work at stretch, they should be able to work in pressure and meet deadlines. Also, the level of experience determines ones level of compensation package and position in the industry.

Indian IT industry provides a lucrative compensation package provided for entry level jobs. Top players like TCS, Wipro, Infosys, Sasken, IBM, Accenture and other multinationals and locally owned organizations are providing most competitive packages to attract and retain talented human resource. Indian IT sector offers various job openings to fresh engineers or diploma holders. The candidate aspiring to join an IT organization should posses certain technical and non-technical skills and

attributes. Attainment of qualified degree or diploma certificate from a reputed institute/university would be an added advantage. The desired skills are:

Effective Communication Skill Sound Technical Knowledge Strong Commitment Level Strong Analytical Skills Ability to meet deadlines

Besides the pay packages, employees are also given certain monetary and non-monetary benefits such as allowances, accommodations, respective positions, perks, incentives, insurances, etc. These benefits differ from organization to organization.

Figure: Average Salary offered by Top Players in Indian IT Sector for Entry Level Jobs

BPO & KPO have come up with lots and lots of jobs for fresh graduates with handsome salary packages and incentives. They are attracting young talent. Outsourcing industry has come up with new job prospects for graduates. But it demands hard work and skilled labour. The desired skills for BPO & KPO services are: Effective Communication Skills

 Strong Commitment Level Strong Analytical Skills Ability to meet deadlines 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 being offered to fresh graduates also.

Figure: Average Salary offered by Top Players in Indian IT-Enabled Services for Entry Level Jobs

Employees need to work hard and achieve their targets in order to be in the lime light. High attrition rate has caused organizations offer high compensation package. Compensation plays an important part here. When the employees are provided with good packages they produce well and maintain their stability but if not they cause high attrition rate. KPO, BPO, software and hardware services offers handsome salary packages and high incentives to managerial level positions. The project managers and other top management employees enjoy monetary and non-monetary benefits from the organization. The organizations offer lucrative benefits to retain the talent in the competitive environment. With The software and hardware industry is in need of talented programmers, testers, developers and analysts to improve their productivity. Educational institutes are updating their syllabi every year to

deliver updated and skilled human resource. The organizations are also providing for educational programmes for their employees or their development to reduce the recruitment cost.

Figure: Average salary offered in BPO and KPO

Indian healthcare industry can be categorized in public and private sectors. The public enterprises offer job security and the private institutes provides for lucrative packages. The industry is creating opportunities in new areas to facilitate more health care services such as health and fitness, wellness, rehabilitation, home healthcare, nutrition. It is a challenge to the healthcare industry to restructure its compensation packages to attract the young talent. Young talent opts for performance based pay and incentives whereas old generation is still demanding the heavy benefits. Organizations need to formulate a balanced strategy to improve the organizational productivity and provide the most competitive pay-packages. Given below are the various openings the industry has for fresh medical professionals:

An individual should have a qualified degree from a reputed university to enter the healthcare sector. He/she should possess the desired skills to gain the most competitive packages:

Effective Communication Skills Sound Technical Knowledge Strong Commitment Level Strong Analytical Skills Willingness to Work at Stretch

Besides the pay packages, employees are also given certain monetary and non-monetary benefits such as allowances, accommodations, respective positions, perks, incentives, insurances, etc. These benefits differ from organization to organization.

Organizations understand that only compensation package will not help them retain their talented workforce but they need to provide excellent working atmosphere, growth opportunity, and space for experimentation. The individual satisfaction level must also be maintained. They should take measures to motivate employees. Like other industries in healthcare industry too, the non-technical staff such as marketing team are receiving lucrative packages. Top Management Compensation Structure The organizations are offering lucrative compensation packages to their senior management. They try to balance the packages provided to the technical professionals and non-technical professionals by offering annual bonuses and variable pay plans. Companies are becoming competitive when it comes to luring top executives with a mix of high basic salary, incentives, Employee Stock Ownership Plan and deferred pay. They are also looking at performance-based salaries, with variable pay as a percentage of salaries on the rise.

Figure: Compensation Package Offered to Senior Management in Indian Healthcare Industry

Significant increase has been in salary packages in the industry. The average increase in salary in the sector has been reported as 12% in the year 2006. Organizations have offered car and accommodation benefits to their senior and middle management employees. Given below is the average increase in the salary in the industry at various segments:

Figure: Average salary increase in the Indian Healthcare Sector The compensation in the industry also depends on the specialized area. Compensation is decided with respect to the individuals contribution to the organization.

Direct Compensation
Direct compensation refers to monetary benefits offered and provided to employees in return of the services they provide to the organization. The monetary benefits include basic salary, house rent allowance, conveyance, leave travel allowance, medical reimbursements, special allowances, bonus, Pf/Gratuity, etc. They are given at a regular interval at a definite time. Basic Salary

Salary is the amount received by the employee in lieu of the work done by him/her for a certain period say a day, a week, a month, etc. It is the money an employee receives from his/her employer by rendering his/her services. House Rent Allowance Organizations either provide accommodations to its employees who are from different state or country or they provide house rent allowances to its employees. This is done to provide them social security and motivate them to work. Conveyance Organizations provide for cab facilities to their employees. Few organizations also provide vehicles and petrol allowances to their employees to motivate them.

Leave Travel Allowance These allowances are provided to retain the best talent in the organization. The employees are given allowances to visit any place they wish with their families. The allowances are scaled as per the position of employee in the organization. Medical Reimbursement Organizations also look after the health conditions of their employees. The employees are provided with medi-claims for them and their family members. These medi-claims include health-insurances and treatment bills reimbursements. Bonus Bonus is paid to the employees during festive seasons to motivate them and provide them the social security. The bonus amount usually amounts to one months salary of the employee. Special Allowance Special allowance such as overtime, mobile allowances, meals, commissions, travel expenses, reduced interest loans; insurance, club memberships, etc are provided to employees to provide them social security and motivate them which improve the organizational productivity.

Indirect Compensation

Indirect compensation refers to non-monetary benefits offered and provided to employees in lieu of the services provided by them to the organization. They include Leave Policy, Overtime Policy, Car policy, Hospitalization, Insurance, Leave travel Assistance Limits, Retirement Benefits, Holiday Homes.

Leave

Policy

It is the right of employee to get adequate number of leave while working with the organization. The organizations provide for paid leaves such as, casual leaves, medical leaves (sick leave), and maternity leaves, statutory pay, etc.

Overtime Policy Employees should be provided with the adequate allowances and facilities during their overtime, if they happened to do so, such as transport facilities, overtime pay, etc. Hospitalization The employees should be provided allowances to get their regular check-ups, say at an interval of one year. Even their dependents should be eligible for the medi-claims that provide them emotional and social security.

Insurance Organizations also provide for accidental insurance and life insurance for employees. This gives them the emotional security and they feel themselves valued in the organization. Leave Travel

The employees are provided with leaves and travel allowances to go for holiday with their families. Some organizations arrange for a tour for the employees of the organization. This is usually done to make the employees stress free. Retirement Benefits

Organizations provide for pension plans and other benefits for their employees which benefits them after they retire from the organization at the prescribed age.

Holiday

Homes

Organizations provide for holiday homes and guest house for their employees at different locations. These holiday homes are usually located in hill station and other most wanted holiday spots. The organizations make sure that the employees do not face any kind of difficulties during their stay in the guest house. Flexible Timings

Organizations provide for flexible timings to the employees who cannot come to work during normal shifts due to their personal problems and valid reasons.