Traditional industries are driving hiring activity and senior-level job shifts are happening with 15-25% salary increases, according to Michael Page’s Salary Guide 2024 for India.
The report that was released recently reports 7-12% annual salary increases within current jobs. Manufacturing and operations roles are in demand, so are talents for data, generative AI and machine learning roles. Sustainability and compliance skills have become hot topics in hiring. Renewables, electric vehicles (EVs) and the auto sector are expected to be in focus. Global capability centres (GCCs) are seeing a talent increase, it says.
Senior-level hiring and salary insights
In banking and financial services, some of the senior-level roles in demand include chief technology officer (CTO), head of engineering and VP-engineering. This shows the importance of technology integration in the sector. Vice president roles are also in demand in PE/VC funds.
Banks and insurance companies have the highest hiring requirements in this sector. The average salary increases while switching jobs at a senior level is 20-25% in the banking and financial services segment.
In engineering and manufacturing, some of the skills in demand are around chemical, mechanical, electrical, mechatronics engineering and plant operations. The top hiring has happened from renewables, automobiles and automotive. Some of the senior level roles are head of R&D, technology heads and design heads. The salary increases while switching jobs here at a senior level is 20-25%.
In finance and accounting, the skills in demand are around IPO, fundraising and business finance. Controllers and CFOs with IPO experience are one specific requirement. The top hiring industries are across sectors — clean energy, internet companies and industrial/automotive companies. At the senior level, the salary increase shows 22%, says Michael Page’s report.
Healthcare and life sciences reports skills requirements in strategy, market access and marketing. Digital transformation and commercial excellence and strategy are senior roles in demand. Top hiring companies are medical devices firms, pharma/API companies and healthcare consulting companies. The average salary increases while switching is 20-25%.
In human resources, head of HR role was one senior role in demand. Expertise in diversity and inclusion and in employee engagement is also in demand. The top hiring industries include consumer and retail, ecommerce, technology as well as IT services and consulting ones. Salary increase during a job shift is 10-22% at a senior level.
Legal saw roles in demand for commercial counsel, M&A, fundraise experts and head of legal positions. These are across infrastructure/real estate companies, FMCG and pharma firms as well from engineering and automation companies. Some of the skills in demand are compliance, IPO listing experience, data privacy, contract negotiation, etc. The salary increase during a job switch is 15-25%.
In procurement and supply chain, some of the senior roles include head of supply chain. The hiring in this domain was in FMCG, automotive as well as renewables companies. The salary increase has been 18-25%.
P&L heads are a requirement in property and construction with salary increase at senior levels being between 20 and 40%.
In sales and marketing, growth head and business head roles are needed. The hiring across levels has been from a broad range of industries. The salary increase when it comes to switching jobs at senior levels is 20-30%.
In technology, C-suite roles are being looked at for overall tech, data, AI, machine learning, product and security roles. There is also demand for talent in digital transformation, IoT and generative AI. The demand is from financial services, consumer tech and GBS firms. The salary increase has been 20-30%, adds the report.
