This year, senior-level job roles are poised for an average salary increase of 20 per cent. This reflects a strong emphasis on nurturing talent and driving innovation amid robust economic conditions in the country, according to the latest findings from the Michael Page India Salary Guide 2024.
The survey highlights a resurgence in hiring across traditional industries, notably in manufacturing and operations roles.
Additionally, there’s a growing demand for professionals proficient in data analytics, generative AI, and machine learning across various sectors.
The report covers key sectors such as BFSI, engineering and manufacturing, finance and accounting, healthcare and life sciences, human resources, legal, compliance, procurement and supply chain, property and construction, sales and marketing, and technology. It underscores India’s robust economic growth of six per cent GDP, coupled with substantial domestic investments and resilience against global challenges.
The report further highlights that in the IT services industry, salary increments are expected to be moderate, with projected hikes around 8-10 per cent. Conversely, industries such as consumer, renewables, finance and healthcare are experiencing growth, supported by investments from local and domestic companies.
Sector-specific analyses reveal varied salary hike ranges, with information technology and technology offering 35-45 per cent for junior employees, 30-40 per cent for mid-level executives, and 20-30 per cent for senior management. Furthermore, in the property and construction sector, juniors can anticipate a 20-40 per cent increase, mid-level executives 25-45 per cent, and seniors 20-40 per cent.
Michael Page is a global recruitment firm, operating in 37 countries, including India.