New Delhi: Pay transparency and salary details have increased significantly with job postings in India in recent months to attract the best talent, a report showed Monday.
About 46 per cent of all India job postings on Indeed website now include employer-provided salary information, an increase of 64 per cent in the last one year and 11 per cent in the last three years, the job portal said.
Cities like Delhi (208 per cent), Mumbai (71 per cent), Bangalore (63 per cent) saw the highest increase in jobs that offered salary data to potential jobseekers.
However, tier 2 and 3 cities are a long way away from pay transparency, and cities like Nashik and Surat are seeing a de-growth in job postings with pay details.
“Employers in India are adapting to changing demographics by adopting new strategies to attract the latest generation of talent. High attrition rates and intense competition for skilled workers necessitate a shift towards pay transparency,” said Sashi Kumar, Head of Sales, Indeed India.
Going forward, we see the market being more conducive for pay transparency, he added.
In India, there is no legislation that mandates pay transparency. However, the workplace has experienced a shift since the pandemic with GenZ coming into work, who are embracing pay transparency.
Other cities like Ahmedabad, Vadodara and Mohali saw only a marginal increase of 2 per cent, 15 per cent and 18 per cent, respectively, on pay transparency.
Remote job postings also saw a 76 per cent increase in pay information, showcasing how important remote jobs still are in the Indian landscape, with more employers choosing transparency to attract the right talent, the report noted.
Pay transparency has grown the fastest in high-wage occupations like finance, engineering and mathematics.