Salary hike in senior level job roles is expected to reach an average of 20% this year, as nurturing talent and fostering innovation remains a key focus area for companies amid the country's buoyant economic conditions, says a report.
According to the Michael Page India Salary Guide 2024, there is a resurgence in hiring within traditional industries, particularly evident in the continued high demand for manufacturing and operations roles.
Additionally, there's a notable surge in the need for professionals skilled in data analytics, generative AI, and machine learning across various sectors.
The annual guidance report covers the key sectors of BFSI, engineering & manufacturing, finance & accounting, healthcare & lifesciences, human resources, legal, compliance, procurement & supply chain, property & construction, sales & marketing, and technology.
According to the report, India's 6% GDP growth coupled with significant domestic investments and independence from external factors, positions India uniquely in the region, even amidst global challenges.
"With India's economy displaying such resilience and optimism, and surpassing its pre-COVID performance, the focus is now on harnessing this potential. Nurturing talent and fostering innovation thus remains a key," said Ankit Agarwala, Managing Director at PageGroup.
Agarwala further noted that the IT services industry, a cornerstone of the Indian economy, is witnessing a phase of recalibration. Companies are moderating their approach to salary increments, with expected hikes around 8%-10%.
"Industries like consumer, renewables, finance, and healthcare are flourishing, bolstered by investments from local and domestic companies," Agarwala said.
Sector-wise analysis showed that in IT & Technology, the hike range varies from 35-45% for junior employees, 30-40% for mid-level executives, and 20-30% increment for senior management.
The property and construction sector is offering 20-40% hike to juniors, 25-45% hike to middle-level executives and a 20-40% salary appraisal to seniors.
"As we delve deeper into 2024, the employment narrative in India is about more than just salaries. Flexibility, work culture, and professional growth opportunities are increasingly pivotal in job transitions, reflecting a maturing and holistic employment ecosystem," said Anshul Lodha, Managing Director at Page Group.
Michael Page is a leading global recruitment firm specialising in permanent, contract, and temporary recruitment. Michael Page operates in 37 countries worldwide and has a strong presence in India.