Recruitment activity is set to see an upsurge in India on the back of robust economic growth, says recruitment firm Michael Page’s India Salary Benchmark 2018 report, shared exclusively with ET.
The main factors behind the projected increase in hiring include the government’s Make in India initiative that has sharpened focus on public infrastructure projects, more overseas companies recruiting to build their teams in India, enhanced activity in the renewable energy sector and increasing role of technology.
“Overall, 2017 saw an upward trend in talent acquisition across many sectors. Michael Page anticipates this to further increase in 2018. Proactive initiatives by the government of India will boost various industry sectors, resulting in economic growth of the country,” said Nicolas Dumoulin, managing director, Michael Page India.
The report, based on Michael Page’s internal data as well as conversations with leading companies, sheds light on the likely new job trends and positions this year, along with the level of increments employees can expect while switching jobs.
SALES & MARKETING
Sales professionals with good leadership skills are likely to be in demand across industries while in marketing, professionals with experience in consumer, digital and sales-enablement segments will be highly sought after, as per the report.
Top recruiters are likely to include ecommerce and Internet, energy professional services and chemicals companies while roles in demand will be head of sales, regional or area sales managers and digital marketing heads.
The report has projected 21-25% average salary increase while moving jobs.
FINANCE & ACCOUNTING
With investments in 2018 pouring in from private equity firms in infrastructure, energy and ecommerce sectors, there is likely to be greater demand for finance candidates in these sectors, with a strong focus on fundraising and investor relations experience.
Healthcare, FMCG manufacturing or industrial, ecommerce, infrastructure and renewable energy will be the top industries hiring chief finance officer or controller, corporate finance (fundraising) and head of taxation with goods and services tax, or GST, implementation experience will be among the roles in demand, with 21-30% average salary increases while moving jobs, the report said.
High demand is projected for HR professionals who are analytical and execution-focused, along with those experienced in performance management, leadership and high volume hiring.
Ecommerce, insurance, retail and manufacturing companies are expected to figure among leading recruiters and look for roles with experience in compensation and benefits, HR business partners in sales and talent management, and diversity inclusion, among others.
There will be a continuation of high demand for in-house legal roles, litigation specialists in consumer industries and roles in compliance, according to the report, with banking, financial services and insurance or BFSI firms, along with pharmaceuticals, FMCG, engineering, infrastructure and energy companies hiring in good numbers.
Compliance specialists, litigation specialists and legal and company secretaries with dual qualifications are projected to be in demand, with 26-30% average salary increases while moving jobs.
With technology such as machine learning, AI and predictive analytics reshaping the business landscape, software product, aggregators, fintech and ecommerce will drive the demand for technology professionals with relevant skills such as digital transformation, data security and cybersecurity, the report said.
Engineering (cloud, full stack, machine learning, AI, UI/UX), data and cybersecurity and CTOs are the roles in demand, with a projected 26-30% average salary increase while moving jobs.
DIGITAL & ANALYTICS
Demand for digital and analytics candidates will continue to increase in 2018, as per the report, as organisations delve into data science, machine learning and Internet of Things (IoT). Demand is expanding to new industries as big data and analytics become essential to most businesses.
Top industries hiring will include consulting, banking and financial services, ecommerce and media with data scientists and professionals in big data, machine learning and risk analytics expected to be in demand, with 31-35% average salary increase while moving jobs, the report said.
ENGINEERING & MANUFACTURING
Companies are looking to expand their manufacturing operations and thus, the engineering and manufacturing job market is expected to have an uptick throughout the year, according to the Michael Page report.
It said that the top industries hiring this year will be chemicals, paints, engineering, FMCG and retail, with average salary jumps of 23% to as high as 45% while moving jobs.