Salary Hikes In Senior Level Job Moves, Expected To Reach Average 20%: Survey
In the latest release of the annual salary guidance, the Michael Page India Salary Guide 2024 offers salary references across various industries and job functions, equipping employers with the data needed to confidently navigate India’s hiring landscape. The annual intelligence 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.
Key highlights of the current landscape indicates 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 real estate sector is experiencing a significant upturn, with senior-level remuneration escalating by up to 40%. Projections for 2024 foresee an uptick in demand for compliance and sustainability experts. Furthermore, Global Capability Centres (GCCs) are witnessing a marked uptrend in talent requisition, with a particular emphasis this year on the renewables, electric vehicles (EV), and automotive sectors.
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 . 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 progressing, bolstered by investments from local and domestic companies,” mentioned Ankit Agarwala, Managing Director at Michael Page India.
Brief Sectoral highlights –
IT & Technology
The sector is seeing a major demand in C-Suite across various areas like technology, data, AI/ML, product, security, etc., along with Digital Transformation & IoT and Generative AI & Data. Financial Services (Incl Fintech), consumer/Consumer Tech, and GBS/SSC are the top employers of this industry The hike range varies between 35-45% for junior employees, 30-40% hike for mid-level executives, and 20-30% increment for senior management.
Property and construction sector
The industry is looking at roles like Leasing, Business/P&L Head and Real Estate Strategy. The top companies majorly looking to hire in this sector are Commercial Real Estate, Residential Real Estate and Industrial & Warehousing. Interestingly, unlike other sectors, the market is projecting a good scope of growth and offering 20-40% hike to juniors, 25-45% hike to middle experiencers and a 20-40% salary appraisal to seniors.
Law, CS & Compliance Sector
From the salary perspective on law, CS and compliance sector, the report mentioned that while the law firms are currently offering high premiums for talent attraction and retention, lawyers are getting attacked by the flexibility in benefits. With skills like data privacy, IPO and Listing, the hike in the sector continues to be average with the same ranging between 20-30% for juniors, 25-45% for middle experiencers, and 10-15% appraisal for seniors.
Procurement & Supply Chain
The procurement and supply chain sector is offering higher than the average salary hike of 30-35% for junior executives, 24-30% for mid-level executives and 18-25% for senior executives and is also giving joining bonuses and Long-Term incentive plan (LTIPs). The demand for skill sets like procurement, procurement logistics and quality are high, organisations are looking for professionals to fill in positions for strategic sourcing/ procurement and contract leads, logistics and distribution and Head of Supply Chain.
Sales & Marketing
With offering an average salary hike between 25-40% across job levels, the sector is looking for talents for positions like Digital Marketing, Growth manager/ Leader, and Growth Head / Business Head and lucrative for professionals having expertise in Digital / Paid Marketing, Demand / Lead Generation and Branding.
“As we advance 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. Amidst this, understanding and adapting to India’s unique employment landscape will be vital for businesses seeking to thrive in this vibrant market, observes Anshul Lodha, Managing Director at Michael Page India.
Encapsulating a broad analysis of job advertisements, successful job placements, market intel in 2023, and salary projections for 2024, the curated resource has used a robust methodology of reviewing the data.
