According to recruitment firm Michael Page, professionals skilled in data analytics, generative AI, and machine learning are highly coveted across various sectors in India. The IT industry is witnessing a surge in demand for expertise in technology, data, AI/ML, product development, security, digital transformation, IoT, and generative AI. Junior employees switching jobs are receiving significant salary hikes of 35-45%, while mid-level and senior management are seeing increases of 30-40% and 20-30%, respectively, as per Michael Page’s annual Salary Guide.
Moreover, there’s a resurgence in hiring across traditional industries, notably in manufacturing and operations roles. India’s real estate sector is experiencing a substantial upturn, with projections for 2024 indicating increased demand for compliance and sustainability experts.
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Global capability centers (GCCs) of multinational corporations are also witnessing heightened talent requisition, particularly in renewable energy, electric vehicles (EV), and automotive sectors.
Ankit Agarwala, managing director at PageGroup, highlighted India’s resilient economy, surpassing pre-Covid performance, and emphasized the importance of talent nurturing and innovation. While the IT services industry is undergoing recalibration, with moderate salary increments of around 8%-10%, other sectors like consumer, renewables, finance, and healthcare are thriving, fueled by investments from local and domestic companies.
However, Agarwala noted a rationalization in salary hikes compared to previous years, with specialized skill sets commanding high increments during job switches. In the procurement and supply chain space, organizations are seeking professionals proficient in procurement, procurement logistics, quality management, strategic sourcing/procurement, contract leads, logistics, distribution, and supply chain management.
Anshul Lodha, managing director at PageGroup, emphasized the evolving job market narrative, where factors like flexibility, work culture, and professional growth opportunities are becoming pivotal in job transitions, reflecting a mature and holistic employment ecosystem.