Mumbai, 01 April 2020: Michael Page, a leading professional recruitment consultancy has released its India Salary Benchmark 2020 report today. Leveraging data from Michael Page’s proprietary data and network, the report provides precious insights to hiring trends and market sentiments in India.The report outlines an overview of the trends that could be referred by hiring managers along with job seekers to make informed employment decisions within the ever-changing Indian employment markets. The report includes a detailed research on various sectors such as Banking & Financial Services, Digital & Analytics, Engineering & Manufacturing, Healthcare & Life Sciences as well as Human Resources. Beside medium wages, the report also emphasizes the challenges millennial and generation X professionals in India encounter while working. The research captures a valuable insight on why employees resign, factors of employee retention, and what do job seekers consider before accepting a new job offer.Michael Page India’s Salary Benchmark Report 2020 also project reasonable talent cost based on hiring forecast and discovers top reason for resignation that would help hiring managers. Whereas job seeker could gain a insights on potential roles to up skill, cite informed salary expectations when switching jobs and trending skills for the respective job function. Commenting on the rationale on the report, Nicolas Dumoulin, Managing Director at Michael Page India highlights, “We are currently in unprecedented challenging times with the COVID-19 global pandemic. While companies which were previously under pressure will face more uphill tasks, we do see bright spots of recruitment in some sectors. Quality professionals are still able to secure employment in the areas of digital, technology and analytics. As of right now, it is the most important time for management teams to remain agile to the dynamic economic situations and lead their companies by stellar example.”Key sector highlights from the report include: Banking & Financial Services: 2020 will witness a higher demand for talents in Sales, Finance and Technology. Candidates with strong experience in mid-market segments and SME’s with relevant skills of fund raising, risk management and distressed asset management will see a high demand in hiring. BFSI companies are offering an average salary rise of 20 -25%. Digital & Analytics: E-commerce/Consumer Tech, Fintech & Enterprise/ SaaS are predicted to be the most active hiring industries in 2020. Emerging technologies in traditional manufacturing sectors see increasing demand for analytics talent. Companies are focused on attracting talent with expertise in Machine learning, data science, UI/UX, Natural language processing (NLP) and Speech analytics. Machine learning, Deep Learning, data Engineer, Credit Risk Analyst and Digital & Market Analyst are the roles in demand for this year. The average salary hike offered ranges between 25 – 35%. Engineering & Manufacturing: Infrastructural advances such as smart city, road and metro projects in tier two areas have increased hiring activity in engineering functions. Companies in core industries are keen in investing emerging technologies such as AI, robotics, IOT and analytics. Chemical, cement, FMCG and construction industries are few who are actively hiring talent. Roles like Project Head, Head of Safety, head of operations, R&D Manager are in demand with an average hike ranging from 22-25%. Healthcare & Life Sciences: As pharmaceutical and medical device companies ramp up their consumer strategies, demand in talent with business to consumer (B2C) experience will increase. Firms are interested to develop biologics and are in search of professionals with related skills and experience. The industry offers average hike of 20-25%. Property & Construction: Luxury real estate, co-living, co-working firms are demanding talent with luxury hotel experience. Whereas, Demand is high for talent with engineering backgrounds and who possess a certification from tier-1 MBA education across all functions. The industry offers average of 20 – 30% hike. Technology: Demand for CPO, CTO and Head of engineering positions continue to grow in 2020. Corporates are leveraging digital transformation related roles and offering 20 – 30% remuneration hike. Recently the COVID-19 pandemic has created a slowdown in the global economy. To combat the current unfortunate situation and remain agile in the Indian economy, Michael Page has also spoken to 500 companies around Asia and compiled some best practices contingency strategy that various industry stalwarts have implemented. Flexible work Arrangements: Giving paramount importance to employee’s health, companies are offering non-peak hour travel schedules, work from home facilities, curbing number of employees in the office at any one time to provide comfortable work environment and more. Business Continuity: Companies which are not equipped with adequate infrastructure to support work from home facility are looking to adapt business continuity plan. Organizing webinars, video conferencing, continuous connection with employees through WhatsApp, messages and call along with standby IT team to support employees are few adaptive measures. Employee Benefits: Increasing number of annual leaves, educating on health safety measurements, distributing care packages for their health and well-being, offering nutritional support are some of the initiative’s that companies have started adapting. Hiring & Interviewing: Most interviews are done via phone or video calls, with exceptions given to final rounds or executive level hires. Many companies are comfortable hiring people without meeting the candidate personally. Whereas the companies who are intending to meet the candidates, adapting precautionary measures such as sanitation before entering the floor, providing masks, logging details of their travel and health. On boarding & Training: Companies are adjusting on-boarding processes. The new employees are called to office for collecting necessary particulars such as employee passes, laptops etc. Many of the companies are adapting remote on-boarding system. Employee training is conducted via video calls. Few have started implementing virtual technologies to provide office experience to the new employees. Editor’s Notes: The Michael Page India Salary Benchmark Report 2020 covers market and recruitment insights. Compiled with employment figures from our database in the last 12 months, the report contains in-depth analysis and projections in key sectors such as banking, financial services, accounting, sales, marketing, human resources, legal, procurement and supply chain.****END****
