The IT sector is witnessing demand in areas such as technology, data, AI/ML, product and security, as well as digital transformation and Internet of Things (IoT) and generative AI. Junior employees receive 35-45% salary increases while changing jobs, with middle and senior managers getting raises of 30 to 40 percent and 20 to 30 percent, respectively, according to Michael Page’s annual salary guide.
There is also a resurgence in hiring within traditional sectors, particularly evident in the continued strong demand for manufacturing and operations positions.
The Indian real estate sector is also witnessing a major recovery. Projections for 2024 predict an increase in demand for compliance and sustainability experts, according to the report.
Additionally, global capability centers (GCCs) of multinational companies are seeing a marked increase in demand for talent, with a particular focus this year on the renewable energy, electric vehicle (EV) and automotive sectors.
“As the Indian economy demonstrates resilience and optimism and exceeds its pre-Covid performance, the focus is now on harnessing this potential. Developing talent and fostering innovation therefore remain essential,” said Ankit Agarwala, Managing Director, PageGroup. “The IT services sector, the cornerstone of the Indian economy, is undergoing a recalibration phase. Companies moderate their salary approach incrementswith expected increases of around 8 to 10%. » Sectors such as consumer spending, renewable energy, finance and healthcare are thriving, supported by investments from local and national companies, he added. salary increases that had reached high levels a few years ago, and now only those with specialized skills can expect high increases when changing jobs.
In procurement and supply chain, there is demand for skills such as sourcing, logistics and purchasing quality, with organizations seeking professionals in roles such as strategic sourcing/l procurement and contract managers, logistics and distribution and supply chain manager.
“As we look deeper into 2024, the job conversation in India is about more than just wages. Flexibility, work culture and professional growth opportunities are increasingly essential to career transitions, reflecting a mature and holistic employment ecosystem,” said Anshul Lodha, Managing Director, PageGroup.
