Average salary for senior positions will rise by 20% in a booming economy, report says

Average salary increases for senior positions are expected to reach 20% this year

New Delhi:

A report said that under China’s booming economic situation, cultivating talents and promoting innovation remain key areas of focus for companies, and the average salary increase for senior positions is expected to reach 20% this year.

According to Michael Page’s India Salary Guide 2024, there has been a resurgence in hiring within traditional industries, particularly continued high demand for manufacturing and operations roles.

Additionally, the demand for professionals in data analysis, generative artificial intelligence, and machine learning has increased significantly in various fields.

The annual guidance report covers key areas such as BFSI, Engineering & Manufacturing, Finance & Accounting, Healthcare & Life Sciences, Human Resources, Legal, Compliance, Procurement & Supply Chain, Real Estate & Construction, Sales & Marketing, and Technology.

India’s 6% GDP growth, coupled with substantial domestic investment and independence from external factors, puts India in a unique position in the region, even in the face of global challenges, the report said.

Ankit Agarwala, Managing Director, PageGroup, said: “The Indian economy has shown such resilience and optimism and surpassed its pre-Covid performance, the focus now is on harnessing this potential. So , cultivating talent and promoting innovation remain key.”

Mr. Agarwala further pointed out that the IT services industry, which is the cornerstone of the Indian economy, is going through a phase of readjustment. The company is slowing down its approach to salary increases, with salary increases expected to be around 8% to 10%.

“Sectors such as consumer, renewable energy, financials and healthcare are booming, driven by investment from local and domestic companies,” Mr Agarwala said.

Analysis by industry shows that in the IT and technology field, junior employees will receive a salary increase of 35-45%, middle managers will receive a 30-40% salary increase, and senior managers will receive a salary increase of 20-30%.

The real estate and construction industry is offering salary increases of 20-40% for junior managers, 25-45% for middle managers and 20-40% for senior managers.

“As we delve deeper into 2024, India’s employment narrative is about more than just salary. Flexibility, work culture and career development opportunities are becoming increasingly critical in the transformation of work, reflecting a mature and comprehensive employment ecosystem, ” said Anshul Lodha, Administrator. Director of Page Group.

Michael Page is a leading global recruitment company specializing in permanent, contract and temporary recruitment. Michael Page operates in 37 countries around the world and has a strong presence in India.

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