Bengaluru
In 2022, India Inc. could grant pay rises averaging 9%, compared to the 7% in 2019, the pre-COVID era, said Michael Page, a UK-based specialist recruitment group.
Startups and new-age companies, along with unicorns, are leading the trend, with certain companies increasing salaries by as much as 12%, the company said.
“The recruitment market has seen an impressive recovery, with companies competing to attract and hire the best talent,” said Ankit Agarwala, MD, Michael Page India. “Increasing turnover, an enormous shortage of talent and a lack of skills that are in demand are driving salaries in particular. Professionals with niche skills get bigger raises.”
According to Michael Page, growth sectors include banking and financial services, real estate and construction, and manufacturing. With the growth of e-commerce and other sectors turning to digital transformation, senior professionals with computer science backgrounds will be in a particularly good position to negotiate for some of the highest paying jobs in the country.
Data scientists with machine learning expertise, web developers and cloud architects will be in high demand, especially if they have a bachelor’s or master’s degree from a top university. According to the Salary Outlook, the average salary of technologists is expected to be higher than that of professionals with similar educational qualifications in other job roles.
For top performers/employees with niche skills, pay increases can be as high as 25%.
However, the recovery may not be uniform across industries and as such job seekers, particularly those considering a change of industry with their transferable skills, should keep that in mind, the recruitment firm warned.
