2. INDIAN IT MARKET
Indian IT industry is witnessing a high growth
rate.
The sector is recruiting more and more technical
and professional people.
The growth rate of recruitment in the sector has
been observed as 14.5%.
With the immense recruitments and high attrition
rate, organizations focus on higher competitive
packages.
The average increase in the salary during 2006
was reported as 16%.
3. The compensation package for an employee is
based on various factors such as his/her
educational level, relevant experience in the
industry, job’s position in the hierarchy, skills and
attributes and job related technicality.
Indian IT industry provides a lucrative
compensation package provided for entry level
jobs. Top players like TCS, Wipro, Infosys,, IBM,
Accenture and other multinationals and locally
owned organizations are providing most
competitive packages to attract and retain talented
human resource.
Besides the pay packages, employees are also
given certain monetary and non-monetary benefits
such as allowances, accommodations, respective
6. Compensation Packages in BPO & KPO
BPO and KPO units have entered the Indian markets
with lucrative compensation packages and high
incentives.
Most of the organizations in the segment are foreign-
owned.
Few of the Indian organizations have also come with
the BPO and KPO units.
The organizations are attracting young talent by
offering lucrative compensation packages.
Despite the fact that KPO & BPO do not offer job
securities, the recruitment rate in the segment is very
high.
Most of the job profiles are target based.
High recruitment rate is due to high average salary
9. INSURANCE SECTOR
Privatization has brought in lot of surprises for insurance
sector.
In India, insurance sector is at the booming stage as only
40% of the population is insured.
Private organizations are striving hard and hard to
develop the sector.
Organizations are coming up with newer insurance plans
to attract the market such as accidental insurance,
medical insurance, medi-claims, family-health insurance,
dental insurance, diabetes insurance, auto insurance, etc.
Government is also supporting the insurance sector to
increase the Gross Domestic Product ratio from the sector
which is now about 1.4% only.
10. From the government jobs
to private organizations
openings, work
environment, job profiles,
pay packages and career
growth options have been
changed.
From basic salary with
small incentives,
compensation systems
have been grown to
increased salaries,
incentives, perks,
allowances,
accommodations, etc.
The average salary
11. Following are the top
players of the
insurance sector
offering most
competitive packages
to their employees:
1. Life Insurance
Corporation
2. New York Life
3. Prudential
4. Met Life
5. Birla Insurance
6. Kotak Mahindra
7. ICICI
8. HDFC
12. •Indian insurance sector is
growing at a fast pace and
offering lucrative career options.
•Both private and public
organizations offer part time and
full time employment in the
sector.
• Life Insurance Corporation of
India, Birla Insurance, Max New
York Insurance, ICICI Prudential,
and Met Life Insurance are some
of the leading organizations in
the sector.
•Educational institutes are also
coming up with certificate
courses in insurance
management.
•The course offers managerial
13. TELECOM SECTOR
Indian telecommunication sector is witnessing a growth
rate of more than 25%.
With the upcoming of new upgraded technologies such
as 3G, the sector will be experiencing a growth rate of
more than 100%.
Public players and private players are competing with
each other and are developing themselves to produce
more quality and deliver advanced technologies.
Top players in the segment such as Bharti Airtel,
Reliance Communications, Tata Teleservices, Idea
Cellular, Hutchison, Essar, Nokia, Siemens, LG,
Motorola, etc are investing in new projects to
accommodate the 3G technology
14. With the business
expansion and globalization
of Indian organizations
more and more
recruitments are taking
place in the sector.
The sector has also
provided jobs in marketing,
installation and construction
segments. Immense
competition has led the
organizations hire more and
more skilled labour, be it for
upgrading their
technologies or marketing
their products.
Organizations are offering
most competitive packages
to attract and retain talented
human resource.
15. The sector is offering
openings in banking,
insurance, capital market,
venture capital, mutual funds,
bonds, commodities markets,
etc.
Compensation provided to
fresh management graduates
is also very lucrative.
The sector is open for CA,
CS, accountants, MBA in
finance and commerce
graduates.
Apart from pay packages
marketing people also get
high incentives and perks.
The industry provides for
special allowances such as
annual bonus, house rent
allowances, mobile
allowances, transportations,
16. Telecommunication provides for excellent growth
opportunities.
Organizations need to offer most competitive packages
and heavy perks to attract and retain the talented work
force.
Effective communication skills, good analytical skills and
sound technical knowledge are must to have a
respectable position in telecommunication sector.
Organizations such as Idea Cellular, Tata Teleservices,
Reliance Communications, Bharti Airtel, Nokia, Siemens,
Ericson, Motorola, etc are advancing their technologies
and providing most competitive compensation packages.
People working in telecommunication sector are asked to
work at stretch and in pressure.
Also, the level of experience determines one’s level of
compensation package and position in the industry.
