India’s job market experienced slower salary growth in 2022-23, as overall pay increments decreased to 9% from 10% in the previous financial year mainly due to sectors including agriculture and agrochemicals, automobile and allied, BFSI (banking, financial services and insurance) among others, according to a report from Teamlease published by the Press Trust of India.

The report, 'Jobs and Salary Primer Report’ for 2022-2023, covered 403 employers and 357 employees across 9 hub cities and 17 industries.

Teamlease also found a range of salary growth between 3.20% and 10.19% across various industries, which is slightly slower compared to the previous year.

TeamLease Services Chief Executive Officer, Staffing, Kartik Narayan said that due to socio economic factors like global layoffs and funding winter, median salary growth has been slightly lower than last year.

However, it found that despite a dip in overall salary growth this year, over 41% of job profiles in various industries have a 5% pay difference between permanent and temporary roles.

TeamLease Services Chief Executive Officer, Staffing Kartik Narayan said, "An interesting aspect to note is that a staggering 41% of all profiles have less than a 5% pay difference between compensation structures for permanent and temporary roles, indicating the growing parity of temporary employment.”

The report noted that, as organisations continued to focus on growth and digital transformation, the demand for sales and IT roles has remained high.

On the contrary, the BFSI segment witnessed a sharp decline in average salaries in FY23, after two years of steady growth.