Senior job roles in New Delhi are expected to see an average hike of 20% this year, according to a report by Michael Page. The buoyant sentiment in the country’s economy has led to companies focusing on nurturing talent and fostering innovation, driving the increase in salaries for senior positions.
The India Salary Guide 2024 highlights a resurgence in hiring within traditional industries, with a particular demand for professionals skilled in data analytics, generative AI, and machine learning across sectors. The report covers key sectors such as BFSI, engineering & manufacturing, finance & accounting, healthcare & lifesciences, human resources, legal, compliance, procurement & supply chain, property & construction, sales & marketing, and technology.
India’s 6% GDP growth, coupled with significant domestic investments, positions the country uniquely in the region, even amidst global challenges. The Managing Director at PageGroup emphasized the importance of harnessing India’s potential by focusing on talent development and innovation.
While the IT services industry is adjusting its approach to salary increments, other sectors like consumer, renewables, finance, and healthcare are experiencing growth due to investments from local and domestic companies. In the IT & Technology sector, junior employees can expect a hike range of 35-45%, mid-level executives 30-40%, and senior management 20-30%.
Similarly, the property and construction sector offers growth opportunities with 20-40% salary hikes for juniors, 25-45% for middle-level executives, and a 20-40% increment for seniors. As the year progresses, the employment landscape in India is evolving to focus not only on salaries but also on factors like flexibility, work culture, and professional growth opportunities, reflecting a mature and holistic employment ecosystem.
Michael Page, a global recruitment firm, anticipates these trends in the Indian job market, providing valuable insights for professionals and companies alike.
