Information Technology (IT) sector is growing very fast in India that’s why IT sector employees are getting the highest salary. According to an analysis by Monster India, Information Technology (IT) sector employees continued to be getting the highest salaried. They get 24% higher than the average salary of the complete Indian financial system. But, there are only 57% workers or employees satisfied with their salary, according to the survey. The MSI (Monster Salary Index) reports for the IT, manufacturing and BFSI (Banking, Financial Services and Insurance) sectors said that the employees of Information Technology sector are getting the highest pay in India approximate an hourly salary is Rs 346.42, although the average earnings of the whole Indian economy is getting Rs 279.7 per hour.
In addition, the BFSI segment median salary is Rs 300.23 per hour but there are only 52% BFSI sector employees satisfied with their salary. The salary in the manufacturing sector is Rs 254.04 per hour. Interestingly, there is completely 60% of the both Information Technology and BFSI sector employee happy with their pay. According to managing director of Monster India Sanjay Modi said that IT and BFSI sectors have always highly paid in India but it is very amazing that over 50% of both sector employees are only satisfied with their paid. Thus, it is vital to review the job satisfaction level of the employees. If salary is an essential thing then it is also essential to make an impact of payment on individuals. Sanjay Modi said that” It is important for companies to closely analyze the correlation between salaries and employee satisfaction.””
According to survey, the foreign-owned manufacturing companies give a median gross hourly pay of Rs 319.5 but Rs 163.6 per hour paid by completely owned domestic Indian manufacturing companies. In the BFSI space, smaller companies paid an hourly salary of Rs 197.95 and large firms pay Rs 324.51 an hourly salary. Although, bonuses are more general in the IT sector as compared to BFSI and manufacturing. Moreover, the salary is one of the major key factors that attract and keep the employees longer. So, it is essential for companies to evaluate the connection between employee satisfaction and salaries.