Salary Hike: Employees will get the gift of 20% salary increase

Salary Hike: As soon as March ends, salary increment is being discussed everywhere. If you are also worried about your salary increase in the year 2024, then there is a very good news for you. It is being told that this year the salary increase in senior positions is expected to reach an average of 20 percent. According to the Michael Page India Salary Guide 2024, hiring is again on the rise in traditional industries, particularly evident from the continued high demand for manufacturing and operational roles. Additionally, there is an increase in the need for professionals skilled in data analytics, generative AI and machine learning in various sectors. The annual guidance report covers key areas of BFSI, engineering and manufacturing, finance and accounting, healthcare and life sciences, human resources, legal, compliance, procurement and supply chain, property and construction, sales and marketing and technology.

Know the focus of the companies

According to the report, India’s six percent GDP growth places India at a unique position in the region even amidst global challenges. Ankit Agarwal, Managing Director, PageGroup, said the focus is on harnessing the potential of India’s economy as it displays such resilience and optimism and surpasses its pre-pandemic performance. Thus, it remains important to allow talent to flourish and encourage innovation. According to sector-wise analysis, in IT and technology, the increase has been capped at 35-45 per cent for junior employees, 30-40 per cent for mid-level executives and 20-30 per cent for senior management. In property and manufacturing sector, salary increase of 20-40 percent for juniors, 25-45 percent for middle level officers and 20-40 percent for seniors is expected.

Also Read: Big news about Indian economy, growth of service sector broke 13 year record

What do experts say

Anshul Lodha, Managing Director, Page Group, said that as we move ahead in 2024, the story of employment in India is not limited to just salaries. Flexibility, working style and opportunities for professional growth are becoming important in changing jobs, reflecting a mature and inclusive employment environment.

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