In the latest release of the annual salary guidance, the Michael Page India Salary Guide 2024 offers salary references across various industries and job functions, equipping employers with the data needed to confidently navigate India’s hiring landscape. The annual intelligence 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.
Key highlights of the current landscape indicates a resurgence in hiring within traditional industries, particularly evident in the continued high demand for manufacturing and operations roles. Additionally, there’s a notable surge in the need for professionals skilled in data analytics, generative AI, and machine learning across various sectors. The real estate sector is experiencing a significant upturn, with senior-level remuneration escalating by up to 40%. Projections for 2024 foresee an uptick in demand for compliance and sustainability experts. Furthermore, Global Capability Centres (GCCs) are witnessing a marked uptrend in talent requisition, with a particular emphasis this year on the renewables, electric vehicles (EV), and automotive sectors.
According to the report, India’s 6% 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 . 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%-10%. Industries like consumer, renewables, finance, and healthcare are progressing, bolstered by investments from local and domestic companies
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