According to the ‘Jobs & Salaries Primer Report 2020’, published by TeamLease, the pandemic has not only altered the hiring scenario but also disrupted the way companies reward their top talent.
As per the analysis, the profiles that will see an increment in their salaries this year are Hadoop developer in BFSI, animators working in educational services, collection officer in industrial manufacturing and allied and digital marketing, head of information technology and knowledge services.
Similarly, the profiles that will not witness any salary growth this year are that of fitters in automobile and allied industries, customer-care executives in BPOs, crane operators in construction and real estate, tour operators in hospitality and relationship therapists in healthcare.
The report implies that businesses will continue with their conservative salary increments. They will continue to reward specialised skills. The pandemic has only highlighted the significance of “skilled profiles”. It has forced companies to focus on the link between skills, performance and rewards. That is precisely why the report reveals that companies are willing to offer 15 per cent increment to specialised profiles.
Employers are being extra careful when it comes to giving out salaries to the employees. While salary growth may range from marginally positive to stagnant or even negative, the increment for some of the “super-specialised” profiles can even go beyond 15 per cent.
With more and more organisations opting for an asset light and debt-free model, the trend of rewarding talent on the basis of their skills, performance and results will continue for sure.
Rewards and appreciation for desired results will be the highlight of the post-COVID world. Therefore, professionals will have to focus on reskilling and upskilling themselves to stay relevant and be able to earn better.