Bengaluru
In 2022, India Inc. may give out salary hikes at an average of 9% compared with the 7% it did in 2019, the preCOVID era, said Michael Page, an U.K.-based specialist recruitment group.
Start-ups and new-age corporations, together with unicorns would lead this trend with certain firms increasing salaries by up to 12%, the firm said.
“The hiring market has seen an impressive rebound, with companies competing against one another to attract and hire the best talent,” Ankit Agarwala, MD, Michael Page India, said. “Rising attrition, a huge talent shortage, and a dearth of in-demand skills are predominantly driving the salaries higher. Professionals with niche skills will get higher salary hikes.’‘
According to Michael Page, growth sectors include the banking and financial services industry, property and construction and manufacturing. Senior-level professionals with computer science backgrounds will be in an especially good position to negotiate for some of the highest paying jobs in the country on account of the growth of e-commerce and other sectors embracing digital transformation.
Data scientists with machine learning expertise, 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-rated university. The average salary of technologists is expected to be higher than professionals with similar educational qualifications in other job functions, as per the salary outlook.
In the case of high-performing individuals/employees with niche skills, salary increments can go up to 25%.
However, the recovery may not be even across all industries and therefore job seekers, especially those who are considering switching sectors with their transferable skills, should keep this in mind, cautioned the recruitment firm.
