The IT services industry is experiencing a recalibration phase, with companies moderating salary increments to around 8%-10% when switching jobs.
Demand is high for C-Suite positions in technology, data, AI/ML, product, security, and Gen AI, as reported by global recruitment firm Michael Page.
The latest annual salary guidance highlights Gen AI technology as a focal point in the tech sector. Financial services and consumer/consumer tech lead as top employers. Salary Hike ranges from 35-45% for juniors, 30-40% for mid-level, and 20-30% for senior management salary increase when switching jobs.
Ankit Agarwala, Managing Director at Michael Page India, highlighted India’s resilient economy, surpassing pre-COVID performance. Emphasizing talent nurturing and innovation.
He noted industries like consumer, renewables, finance, and healthcare are advancing with investments from local and domestic companies. Harnessing this potential becomes crucial amidst the country’s optimism and economic strength.
The report predicts increased demand for compliance and sustainability experts in 2024. Global Capability Centres (GCCs) are notably seeking talent, particularly in renewables, electric vehicles (EV), and automotive sectors.
This trend reflects a growing emphasis on environmental and regulatory concerns within the industry.
In the property and construction sector, roles such as Leasing, Business/P&L Head, and Real Estate Strategy are in demand. Unlike other sectors, this industry anticipates significant growth, offering hikes ranging from 20-40% for juniors, 25-45% for middle-level professionals, and 20-40% salary rise for seniors.
Sales and marketing roles offer an average salary hike ranging from 25-40% across various job levels.
The sector seeks talents for positions such as digital marketing, growth manager/leader, and growth head/business head, reflecting the emphasis on digital strategies and business expansion.
Moving into 2024, the employment landscape in India transcends mere salaries. Flexibility, work culture, and avenues for professional growth hold paramount importance in job transitions, indicating a maturing and comprehensive employment ecosystem,” remarked Anshul Lodha, MD at Michael Page India.
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