While salary remains a top concern, a report reveals a fascinating data point: around 40 per cent of Indian job seekers expect salary increases exceeding 20 per cent when switching employers, significantly higher than their APAC counterparts. This finding highlights the intensifying competition for skilled professionals in the Indian job market and underscores the need for organisations to adjust their pay strategies to attract and retain top talent.
The Salary Guide 2024 by Adecco, goes beyond just salary expectations, revealing a shift in priorities among Indian professionals. Compensation and benefits emerge as the foremost influencers of talent movement, cited by 67 per cent of respondents, underscoring the significance of competitive packages in talent retention.
While competitive compensation remains crucial, factors like meaningful work (52 per cent weightage), career growth opportunities (48 per cent), positive company culture (45 per cent), and a healthy work-life balance (42 per cent) are gaining significant importance. This changing landscape necessitates a holistic approach to talent management, requiring organisations to create a positive and enriching work environment alongside offering competitive pay packages.
The report also identifies a growing demand for individuals with specialised skills critical in the digital age. Areas such as analytics, automation, cybersecurity, and digital marketing are experiencing a surge in demand, reflecting the increasing integration of technology into the workplace. Sectors such as AI, digital technology, finance, and human resources are expected to witness the most significant salary hikes, with professionals possessing these in-demand skillsets poised to benefit the most. Looking ahead, the anticipation of significant salary hikes ranging from 15 per cent to 40 per cent in sectors like Manufacturing, Electric Vehicles (EV), Engineering, and GCC underscores the buoyancy in the job market.
The report offers insights into the composition and trends within the Indian workforce. While a strong majority (69 per cent) hold full-time positions, indicating continued stability, the report also identifies a growing contract economy with 22.3 per cent employed in temporary or contract roles. This trend highlights the increasing flexibility desired by both employers and employees. Interestingly, the report also finds that 1.7 per cent of respondents are currently pursuing further studies or upskilling opportunities, demonstrating a proactive approach to career development among Indian professionals. The survey is based on insights from 600 professionals both – employers and employees in January.
