India Inc. may raise wages by an average of 9 per cent this year, especially in view of a more positive investment outlook on manufacturing and infrastructure development, a report said.
According to the Michael Page Salary Report 2022, the general salary increase in 2022 is set to be 9 percent as against 7 percent in the pre-epidemic year 2019.
Startups and new-age corporations, along with Unicorn, are ready to lead the trend, which typically grows by approximately 12 percent, it added.
Growth sectors include banking and financial services industries, property and construction, as well as manufacturing, the report said.
With the growth of other sectors through e-commerce and digital transformation, senior-level professionals with a computer science background will be in a better position to negotiate for some of the highest paid jobs in India, he added.
Information scientists (especially those familiar with machine learning), web developers and cloud architects will be in high demand, especially if they have a bachelor’s degree or a master’s degree from a top university, the report said.
The average salary of technicians is expected to be higher than that of professionals with similar educational qualifications in other job functions, it added.
The Michael Page Salary Report 2022 is based on data and information obtained from India-owned data and networks, including job advertisements for 2021 and salary estimates for 2022.
The report further states that companies are now looking at an array of offers to retain top performers, including short-quarterly or half-yearly appraisal cycles, promotions, variable pay-outs, stock incentives, retention bonuses and medium-term increases.
Employers expect no further significant impact of the epidemic on the market and are enthusiastic about future business plans, the report observes.
High-performing individuals and highly skilled employees can expect average growth (20-25 percent or more on a case-by-case basis) as most companies have become flexible in retaining their top talent, he added.
“The overall mood is positive because there is a general feeling that the epidemic is behind us. There has been an impressive return to the recruitment market, with companies competing against each other to attract the best talent and recruit.”
“Mega Boost is the result of growing discomfort, a huge talent shortage and a shortage of on-demand skills that are mainly increasing salaries,” said Michael Ankit Agarwala, managing director of Page India.
Professionals with special skills will face higher salaries due to the huge shortage of such talent in the market, he noted.
“Remuneration may be important, but it’s not everything a talent corporation will focus on, starting with leadership communication, mental well-being and flexible opportunities, and first people will win the battle of talents,” he added.
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