New Delhi: Salary hike between 8 per cent and 10 per cent is more likely to be given by India Inc this year due to a more favourable investment outlook, especially in manufacturing and infrastructure development, reported by the PTI.
According the Michael Page Salary Report 2022, the standard salary hike in 2022 is going to be 9 per cent against 7 per cent in the pre-pandemic year of 2019. The unicorns, start-ups, and new-age corporations together are set to lead this trend with a commonly estimated hike of 12 per cent, it added.
By mentioning growth sector, the report defined banking and financial services industry, property and construction, and manufacturing.
Senior-level professionals, with computer science backgrounds, would be in an excellent position to negotiate for some of the highest paying jobs in the country due to the growth of e-commerce and other sectors undergoing digital transformation, according to the report.
The jobs that would be high demand are data scientists, web developers, and Cloud architects. The average salary of technologists is expected to be higher than professionals, with similar educational qualifications in other job functions.
Ankit Agarwala, managing director, Michael Page India, said, "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 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."
The survey is based on information and facts derived from its proprietary data and network in India, including job advertisements and placements made in 2021, incorporating salary projections for 2022.
It said that companies are now looking at retaining top performers with various offers, including shorter - quarterly or half-yearly - appraisal cycles, promotions, variable pay-outs, stock incentives, retention bonuses, and mid-term increments. The report observed that employers do not expect any further significant impact of the pandemic on the market and are buoyant about future business plans.