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Director/VP level professionals receive annual pay package of Rs 40-60 Lakh in BFSI sector

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Employees at the level of Director/VP, in the BFSI industry, often consider salary as the best feature. When compared to candidates belonging to other functional levels, these senior level employees tend to appreciate the sector’s payouts more.

According to data, 41 per cent of the entire Director/VP level candidate base, in BFSI sector, rated salary to be the best feature. They are followed by Senior Manager to General Manager level candidates, with highest ratings from 23 per cent of them. Executive to Assistant level candidates are the least satisfied with the salary offered, however.

“BFSI is one of the highest paying industries globally, with the compensation and benefits benchmark falling among the top 5 paying industries. This sector is considered as one of the most polished professional services,” stated Sunil Goel, managing director, GlobalHunt.

According to Jaya Jacob Alexander, chief human resource, Geojit BNP Paribas Financial Services Ltd, the average salary offered to these professionals during 2013, in their organisation, was around Rs 50 Lakh per annum, plus the bonuses. Goel also averred that the offered compensation is around Rs 40-60 Lakh per annum and largely offered in cash and not in other forms.

Alexander also added that apart from the offered salary, Director/VP professionals also receive other perks such as a chauffeur driven car and club memberships for recreational purposes.

Goel predicts that 2014 would be a good year for these senior level positions. With new retail banking licenses coming up there will be a lot of opportunities in the market. He also believes that at this level, professionals can get a raise of 10-12 per cent over their current compensation within the organization and 20-30 per cent while switching jobs.

Alexander is also hopeful that 2014 would be a good year, not just for Director/VP level professionals, but also for other employees across the board.