BENGALURU: The IT services industry is witnessing a phase of recalibration as companies are moderating the approach to salary increments, with hikes expected to be around 8%-10%. The sector is seeing a major demand in C-Suite across various areas such as technology, data, AI/ML, product, security and Gen AI, among others, according to global recruitment firm Michael Page.
In its latest release of the annual salary guidance, it says in the tech sector, roles in emergent fields like Gen AI technology are drawing significant attention. It adds that financial services and consumer/consumer tech, among others, are the top employers of the IT industry. The hike range varies between 35-45% for junior employees, 30-40% hike for mid-level executives, and 20-30% increment for senior management, it adds.
“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. Industries like consumer, renewables, finance, and healthcare are progressing, bolstered by investments from local and domestic companies,” said Ankit Agarwala, Managing Director at Michael Page India.
As per the report, projections for 2024 foresee an uptick in demand for compliance and sustainability experts. 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.
As far as the property and construction sector is concerned, the industry is looking at roles like Leasing, Business/P&L Head and Real Estate Strategy. Interestingly, unlike other sectors, the market is projecting a good scope of growth and offering 20-40% hike to juniors, 25-45% hike to middle experiencers and a 20-40% salary appraisal to seniors.
Sales and marketing offers an average salary hike between 25-40% across job levels and the sector is looking for talents for positions like digital marketing, growth manager/leader and growth head/business head.
“As we advance into 2024, the employment narrative in India is about more than just salaries. Flexibility, work culture, and professional growth opportunities are pivotal in job transitions, reflecting a maturing and holistic employment ecosystem,” said Anshul Lodha, MD at Michael Page India.