Bangalore home to highest average pay scale: Report
Bangalore continues to rule the roost in terms of highest pay scale, followed by Chennai, Pune and NCR, a recent study by management research and consultancy firm, Zinnov, has revealed.
India Inc. lauds Union Budget 2008-09 but expected "more"According to the report titled, "Compensation and Benefit Study 2008," the expected average increment in salary in 2008 is about 15 percent (one percent more than last year), with a few organizations planning to offer almost 30 percent hike to its top performers and rare or special skill holders.
Pune saw average salary hike of almost 1520 percent since last year. The report suggests that this increase could be attributed to the growing demand for talent pool in the city due to a number of companies setting up its operations in Pune.
However, average salary for engineering positions across product development companies in India have come down by 3 percent. "About 40 percent of the average talent pool among the participating companies are with 0-4 years experience," said Shammi T., director (human capital consulting), Zinnov, suggesting that the reason for the dip in salary is the increased hiring at junior levels.
According to Zinnov, the dip in average salary could indicate stabilization. However, it could also mean that organizations, which are increasingly offering cash-based incentives such as retention bonus, are also trying to keep the salary levels under control.
Indian software product development companies are also facing a dearth of product managers and technical architects, Zinnov said.
There are around 800 product managers and 2,500 technical architects in India though the demand for the same is three times more, it said, adding that the supply-demand gap has led to sudden hike in their salaries.
The average salaries of product managers rose by 25 to 30 percent, Shammi said.
The typical job profile of a product manager was to interact with clients, understand their needs and translate it into a product while the profile of a technical architect was to conceptualise the product and ensure solutions that would reach the masses, she explained, adding, "The demand for these two categories have gone up, with a lot of product development happening in India."
Zinnov also suggested that Indian engineering product offshoring could look forward to a compounded annual growth rate (CAGR) of 23 percent by 2012.
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