Senior-level job positions are anticipated to witness a substantial average salary increase of 20 per cent this year, underscoring companies’ commitment to nurturing talent and driving innovation amidst the favourable economic landscape in the country, as per Michael Page India Salary Guide 2024. The report also indicates a notable resurgence in hiring activities across traditional sectors. This trend is particularly evident in the sustained high demand for roles in manufacturing and operations, reflecting the evolving dynamics of the job market.
Job Surge In Tech
There is a significant increase in demand for professionals proficient in data analytics, generative AI, and machine learning across diverse industries. According to the report, India’s 6 per cent GDP growth, along with substantial domestic investments and autonomy from external influences, places India in a unique position within the region despite facing 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,” highlighted Ankit Agarwala, Managing Director at PageGroup.
Agarwala further observed that the IT services industry, which plays a crucial role in the Indian economy, is currently undergoing a period of adjustment. Companies are adjusting their strategies regarding salary increases, with anticipated raises ranging from 8 per cent to 10 per cent.”Industries like consumer, renewables, finance, and healthcare are flourishing, bolstered by investments from local and domestic companies,” he added.
Industry Wise Salary Hike
Sector-wise analysis indicates that in the IT and Technology sector, junior employees are receiving hikes ranging from 35-45 per cent, mid-level executives are seeing increases of 30-40 per cent, and senior management is experiencing increments of 20-30 per cent. Similarly, in the property and construction sector, juniors are receiving hikes of 20-40 per cent, middle-level executives are getting increases of 25-45 per cent, and seniors are receiving salary appraisals ranging from 20-40 per cent.
“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,” opined Anshul Lodha, Managing Director at Page Group.
Also Read: TCS Planning 7-8% Average Salary Hike For Offsite Staff: Report
