Thursday, April 25, 2024

Ads by Google

Ads by Google

MP Board 12th Toppers List 2024: Check Science, Commerce and Arts Top Rankers Here

The Madhya Pradesh Board of Secondary Education (MPBSE) has declared the results for the Class 10th and 12th examinations held earlier this year.For the...
HomeNewsSenior-level jobs to see average 20% pay hike on buoyant economic sentiments:...

Senior-level jobs to see average 20% pay hike on buoyant economic sentiments: Report

Apr 04, 2024 07:10 PM IST

As per Michael Page India Salary Guide 2024, there is a resurgence within hiring in traditional industries, particularly in manufacturing and operations roles.

Salary hike in senior-level job roles is expected to reach an average of 20 per cent this year, as nurturing talent and fostering innovation remains a key focus area for companies amid the country’s buoyant economic conditions, says a report.

Additionally, there's a notable surge in the need for professionals skilled in data analytics, generative AI, and machine learning across various sectors. (HT/File)
Additionally, there’s a notable surge in the need for professionals skilled in data analytics, generative AI, and machine learning across various sectors. (HT/File)

According to the Michael Page India Salary Guide 2024, there is a resurgence in hiring within traditional industries, particularly evident in the continued high demand for manufacturing and operations roles.

Hindustan Times – your fastest source for breaking news! Read now.

Additionally, there’s a notable surge in the need for professionals skilled in data analytics, generative AI, and machine learning across various sectors.

The annual guidance report covers the key sectors of BFSI, engineering & manufacturing, finance & accounting, healthcare & lifesciences, human resources, legal, compliance, procurement & supply chain, property & construction, sales & marketing, and technology.

Read Here: Working in IT services companies? You could expect this much salary hike in 2024

According to the report, India’s 6 per cent GDP growth coupled with significant domestic investments and independence from external factors, positions India uniquely in the region, even amidst 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,” said Ankit Agarwala, Managing Director at PageGroup.

Agarwala further noted that the IT services industry, a cornerstone of the Indian economy, is witnessing a phase of recalibration. Companies are moderating their approach to salary increments, with expected hikes around 8 per cent-10 per cent.

“Industries like consumer, renewables, finance, and healthcare are flourishing, bolstered by investments from local and domestic companies,” Agarwala said.

Sector-wise analysis showed that in IT & Technology, the hike range varies from 35-45 per cent for junior employees, 30-40 per cent hike for mid-level executives, and 20-30 per cent increment for senior management.

Read Here: This sector will see highest salary growth in 2024 while job cuts will be in…

The property and construction sector is offering 20-40 per cent hike to juniors, 25-45 per cent hike to middle-level executives and a 20-40 per cent salary appraisal to seniors.

“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,” said Anshul Lodha, Managing Director at Page Group.

Michael Page is a leading global recruitment firm specialising in permanent, contract, and temporary recruitment. Michael Page operates in 37 countries worldwide and has a strong presence in India.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it’s all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs