November 10, 2023
Sectors such as Infrastructure and Facility Management & Information Technology (IFM&IT) have witnessed a 30% salary upswing
Retail and Quick Service Restaurants (QSR) have seen a salary hike of 7%
Salaries in e-commerce and logistics & mobility have decreased by 8% and 16.7%, respectively
The festive season offers a tremendous opportunity for frontline workers to enhance their earning potential
An increase in festival sales is expected to create 2.5 million jobs during October, November, and December 2023, according to a report by BetterPlace.
With mega sales surpassing the previous year’s figures, the demand surge is expected to escalate by 72% this year. Average industry salaries have experienced a modest increase of 3.25% from the festive season of FY22.
Sectors such as Infrastructure and Facility Management & Information Technology (IFM&IT) have witnessed a 30% salary upswing during the festive season of FY23. Meanwhile, retail and Quick Service Restaurants (QSR) have seen a salary hike of 7%, attributed to heightened demand for customer care services and a shift in consumer preferences towards offline shopping.
Salaries in e-commerce and logistics & mobility have decreased by 8% and 16.7%, respectively, primarily due to the abundance of workers in these sectors during the season. Logistics & mobility and manufacturing sectors experienced the highest attrition levels during the season. Low festive season salaries in logistics & mobility and manufacturing contributed to a substantial growth in attrition, reaching 107% and 100%, respectively.
Conversely, high salaries offered by sectors like Banking, Financial Services, and Insurance (BFSI) and IFM&IT resulted in a decline in attrition by 23% and 58%, respectively. Experts said the festive season offers a tremendous opportunity for frontline workers to enhance their earning potential. Sectors like IFM&IT have witnessed salary hikes exceeding 30%.
Source: Economic Times