Mumbai: According to a report, due to a more positive investment outlook, especially in manufacturing and infrastructure development, the Indian industry is likely to give an average increase of 9 per cent in salaries this year. According to the Michael Page Salary Report 2022, the typical wage increase in 2022 is going to be 9 percent against 7 percent in the pre-pandemic year of 2019. Startups and new-age corporations teamed up with Unicorn to say it’s leading the trend, with typically projected growth of 12 percent. The report noted that growth sectors include the banking and financial services industries, property and construction as well as manufacturing.
Senior level professionals with computer science background will be in a good position to negotiate for some of the highest paying jobs in India due to the development of e-commerce and other sectors undergoing digital transformation. Data 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 master’s degree from a top-rated university, the report said. It states that the average salary of technologists is expected to be higher than that of professionals with similar educational qualifications in other job functions.
Michael Page Salary Report 2022 is based on information and facts derived from its proprietary data and network in India, including job advertisements and placements made in 2021, including salary projections for 2022. The report further said that companies are now looking to retain top performers. Short – quarterly or semi-annual – valuation cycles, with an array of offers including promotions, variable pay-outs, stock incentives, retention bonuses, and mid-term growth. The report said that employers do not expect any further significant impact of the pandemic on the market and are excited about future business plans.
It added that high-performing individuals and employees with specific skills can expect above-average salary increases (20-25 percent or even higher on a case-by-case basis) as most organizations retain their top talent. Agile to keep. “The overall mood is positive as there is a general feeling that the pandemic is behind us. The hiring market has seen an impressive rebound, with companies competing against each other to attract and hire the best talent. The mega boost is the result of increasing job losses, acute shortage of talent and in-demand skills shortages which are mainly driving up salaries,” said Michael Page Managing Director Bharat Ankit Agarwal.
He said that professionals with niche skills will get higher salary increase due to the acute shortage of such talent in the market. “Remuneration may be important, but it is not everything in talent attraction corporations that will focus on people-first strategy from leadership communication, mental well-being and flexible opportunities will ultimately win the talent battle,” he said.