Monster India, one of the leading online career and recruitment solutions providers in the country, launched the ‘Monster Salary Index India IT Sector Report 2014’ at the NASSCOM HR Summit 2014 held in Chennai on 23rd July 2014. Monster Salary Index (MSI) is an initiative by Monster India in collaboration with Paycheck.in (managed by WageIndicator Foundation) and IIM-Ahmedabad as a research partner. MSI has successfully empowered jobseekers with a benchmarking to compare their salaries with other anonymous profiles across a broad spectrum of industry domains, experience, functional groups both in India and other global markets.
One of the most astounding findings of the report is that the gender pay gap in the IT industry is as high as 29 per cent. As per the Monster Salary Index, the male IT worker receives gross salary of 359.25 per hour while female receives 254.04 per hour. This disparity possibly emerges from the fact that men get promoted to supervisory position more often than women. Sharing his perspective on the findings, Mr. Sanjay Modi, Managing Director, Monster.com (India/Middle East/ Southeast Asia/Hong Kong) said, “We are delighted to release the Monster Salary Index India IT Report 2014.Amongst many other aspects that the report has highlighted the revelation is the enormous gender gap which employs only 30% women. It is surprising to see that the most modern sector of India is not only predisposed to a certain gender but is also paying lesser to women employees than their male counterparts with a grave pay gap of 29 per cent.”Further adding to this Mr. Modi said, “In India, marital status can be cited as a reason for lack of opportunities and growth avenues for a gender. Also with the socio-cultural mindset, women often prefer or are compelled to take up part-time jobs because it is expected that they fulfill primary responsibility of taking care of household activities and children.
I am hopeful that we, along with the industry can play an instrumental role in changing the existing dynamics to make it a far more egalitarian ecosystem. Commenting on the salary trends, Pauline Osse, Director WageIndicator Foundation said, “The MSI-IT report is a perfect illustration of how a methodical research and distribution approach on salaries is aiding many people who seek a good benchmark to take a sagacious decision. This collaboration with Monster has improved our data intake and enabled robust output, in terms of salary related information and profound insights in the employment market trends. I hope it will encourage women employees and their employers to improve employment scenario for women in IT sector.” Sharing his views, Mr. R. Chandrasekhar, President, NASSCOM said, “The growth of the IT sector has tremendously contributed to the growth of the Indian economy, enabling GDP growth, exports and employment. ”Giving his opinion, Prof. BijuVarkkey of IIM-Ahmedabad expressed that Monster Salary Index has created a standard for the industry.
The report highlights different aspects of compensation in the IT sector that is leading to the dynamic employment scenario in India. Another interesting insight of this report is that male workers with permanent contracts get paid better than those employed for a limited time. The other influencing factors are company size and ownership. It is observed that wholly owned foreign companies pay higher salaries. In India about 65% of workforce in IT sector works in large to mid-sized companies with more than 5,000 employees.
For employers, MSI has an online Salary Survey that aims to provide employers with practical information and helps them make informed decisions by analyzing the salary market and optimizing employee remuneration. Today, with operations in more than 40 countries, Monster provides the widest and most sophisticated job seeking, career management, recruitment and talent management capabilities globally. In 2014, Monster mPower Search was voted Product of the Year under the ‘Online Job Portals category’ in a survey of over 18000 people. For details about Monster India visit www.monsterindia.com.