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Sunday, February 5, 2023

Record Appraisal For Indians This Year! 8-12% Salary Hike Expected

India’s industrial sector will probably give an average hike of 9 percent, as the investment scenario is looking more favorable.

An improvement has been noted in the manufacturing and infrastructure development sectors, according to the report.

Indian Employees To Get 9 Percent Hike

All these insights have been shared by the Michael Page Salary Report 2022, which also states that the standard salary enhancement in 2022 will be 9 percent, as compared to the 7 percent that was recorded in the pre-pandemic period of 2019.

The unicorns, startups, and new-age corporations will be the leaders of this trend with a commonly estimated hike of 12 percent. As per the report, the growth sector will include the banking and financial services industry, property and construction, and manufacturing.

He also stated that employees with rare skills will be given pay hikes as there is a shortage of such talent in the market.

As per the report, senior-level professionals with a background in science backgrounds have the privilege of bargaining for the highest paying jobs. This can be attributed to the growth of e-commerce and other sectors and their adoption of digital transformation.

Top Skills In Demand

Some of the top-demand professions are data scientists (especially those familiar with machine learning), web developers, and cloud architects. It would be an additional benefit if the candidates have a bachelor’s degree or a master’s degree from a top-rated university.

Ankit Agarwala, Managing Director of Michael Page has said, “The hiring market has seen an impressive rebound, with companies competing against one another to attract and hire the best talent. The mega boost results from rising attrition, a huge talent shortage and a dearth of in-demand skills that predominantly drive the salaries higher.”

Companies are also trying to retain their top performers with various offers which include shorter – quarterly or half-yearly – appraisal cycles, promotions, variable pay-outs, stock incentives, retention bonuses, and mid-term increments.

Salary reports are based on information obtained from proprietary resources in India, including job advertisements and placements made in 2021, as well as salary projections for 2022.

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