Based on a mountain of internal platform data (Deel manages over 300,000 worker contracts and operates in over 150 countries worldwide), the report provides insight into what people are being paid around the world, so that companies and their teams can be better informed and more fairly paid.
Key global and India takeaways Include:
⦁ The U.S. has bounced back: Median U.S. compensation levels dipped a year ago (likely aftermath of mass layoffs), but they have now surpassed levels from 18 months ago. This is especially pronounced for engineering and data roles.
⦁ India’s workers' real earnings are taking a hit, as its 3% salary growth is falling short against higher inflation numbers. The data shows that in real terms, salaries are back -2.5 per cent YoY.
⦁ Compensation leaders are clear: Canada, US, and Great Britain lead in compensation across all job types.
⦁ The gender pay gap persists, but is narrowing for certain roles and countries: While the gender gap widens in the U.S., the pay gap is relatively narrow for technical roles in countries like India and Great Britain. For product and design roles, female representation is on the rise
⦁ Equity compensation is meaningful for technical roles: Software engineers get 75-150 per cent of their salary as equity grants, which tend to vest over a 4-year period.
⦁ Full-Time Employment vs. Independent Contractors: In India, the job market for product and design roles is characterized by a notable trend: 44 per cent of these positions are held by full-time employees (FTEs), while a significant 56 per cent are occupied by independent contractors (ICs). This distribution underscores the growing dependence on flexible work arrangements within the local tech industry.
"India's compensation landscape is a complex one, with nominal salaries increasing by 3 per cent but real earnings declining due to inflation," comments Sumit Sabharwal, Deel's Country Leader for India, in response to the report.
“Deel's data also shows that men and women still get paid differently around the world. For example, in India in engineering and data roles, men earn a median salary of $35K compared to $26K for women. While India's gender pay gap is smaller than other markets like the US and Canada, it highlights discrepancies that still exist despite progress in certain industries. These disparities not only affect individual workers but also have implications for the overall economic stability and growth of India.”
