new financial With the beginning of the year, job opportunities have started emerging in different sectors. According to the Michael Page India Salary Guide 2024, hiring is again on the rise in traditional industries reflecting continued high demand for manufacturing and operations roles in particular. Additionally, there has been a significant increase in the need for professionals skilled in data analytics, generative AI, and machine learning across various sectors. The report covers key sectors of BFSI, Engineering & Manufacturing, Finance & Accounting, Healthcare & Life Sciences, Human Resources, Legal, Compliance, Procurement & Supply Chain, Property & Construction, Sales & Marketing and Technology.
Salary increase expected to reach 20% on average
This year, salary increases in senior positions are expected to reach an average of 20 percent. According to sector-wise analysis, in IT and technology, the hike has been capped at 35-45 per cent for junior employees, 30-40 per cent for mid-level executives and 20-30 per cent for senior management. In the property and manufacturing sector, it is estimated that there will be a salary increase of 20-40 percent for juniors, 25-45 percent for middle level officers and 20-40 percent for seniors.
Big change happening in job market in India
According to the report, India’s six percent GDP growth puts India at a unique position in the region even amid global challenges. The report said the focus is on harnessing the potential of India’s economy after demonstrating such resilience and optimism and surpassing its pre-pandemic performance. “Thus, it remains important to enable talent to flourish and foster innovation.” Anshul Lodha, Managing Director, Page Group, said, “As we move into 2024, the employment story in India is not just about salaries. Is not limited to. “Flexibility, working style and opportunities for professional growth are becoming increasingly important in changing jobs, reflecting a maturing and holistic employment environment.”
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