Shocking trend of Average Salary in India | Service vs Product Job | Tech vs Finance vs Civil Eng.

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In this video, I have compared the salaries of folks across the Technology Construction, and Finance Industries. These salary comparisons will help you understand where you stand within your industry and the wider market. These numbers will be concentrated around the average salary in India and not abroad. If we talk first about the Tech sector, you will notice that it can be divided into technology contracting or IT services companies like TCS and Infosys. The second is the Product companies like Amazon, Meta, and so on. In tech contracting or IT services companies, the average salary in India is between 22 to 36 Lacks but the salaries for similar roles in Product companies is between 40 to 80 Lacks. This difference is staggering.

In a contracting role, the time of the employee is sold. On the other hand, the product companies are not selling the time of their employees. They can keep profiteering from the sales of their products even while all their employees sleep. Because of this, the overall profits of the product company will be greater since there is no cap on the total sales unlike when you’re selling time. Salaries are also higher in the product companies. Next, we talk about salary jumps. Starting with 10 lacks salary you can expect your salary to increase up to 80 Lacks in the next 10 years. You can get a salary jump only if you go from one company to another. But jumping from one job to the next in a year very frequently will not look good on your resume.

The solution is that you should aim for your salary to double every 3-4 years. If this is not happening then it will be difficult for your salary to grow at a consistent pace. If you’re in your current company then aim for the salary hike to be at least 15% year on year. This report comes from Michael Page, a reputed name in the recruitment space. Also, you should know that I’m confident about these numbers because my wife got a similar offer recently from a service contractor company and the salary for a similar role in a product company was almost double. You should try to move from a service to a product company.

In the construction space, the salary starts with 8 to 10 lacks per year. Somebody with more than 25 years in the construction industry is earning between 35 to 40 Lacks. If you are in an industry that traditionally pays low compared to tech, then it is very unlikely that you will reach the same number as technology folks. However, there is a silver lining that in the 25-year mark the max salary is in the 3-4 Cr bracket for the top performers. But if you are in a position to switch, then my strong recommendation would be that you switch to the tech aspect of your industry.

Talking about the financial services industry we can see a very nice trend emerging here. If you are an actuarial practitioner then your salary will be between 5 to 10 lacks, if you are a private banking professional in domestic Indian banks then your salary will be 10-15 Lacks, if you work for an MNC then the salary will be between 10-20 Lacks and if you work for auditing companies like Delloite then your salary will be between 20-30 Lacks. For private equity and venture capital domestic firms, you can expect 20-30 lacks if it is a small firm. If these are big international funds then they will pay you a lot more, somewhere around 60 Lacks. You can do your best but a lot of what you can achieve will depend on your industry so choose wisely.

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About Me

I publish meaningful and valuable content on this channel. My aim is to make business news more accessible and easy to grasp. If you find my videos informative and insightful then make sure to subscribe and leave a comment. I’ll see you in the next video

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Chapters

0:00 - Intro
0:45 - Technology Salary
2:13 - Salary Jumps
3:26 - Construction Salary
4:58 - Financial Services
6:03 - Outro