Insights Revealed: Junior Professionals Lead the Way in Salary Increments Amid Shifting Job Market Dynamics
Randstad India’s latest report predicts a notable uptick in corporate salary increments across India, ranging from 8 to 11% in 2024. This forecast, shared exclusively with Business Standard, illuminates the changing landscape of the Indian job market, particularly spotlighting a trend where junior professionals are expected to witness higher salary hikes compared to their senior counterparts.
Viswanath PS, the Managing Director and Chief Executive Officer at Randstad India, underscores the evolving compensation structures, noting a transition towards skill- and outcome-based remuneration. With specialized skill sets gaining prominence, professionals equipped with niche expertise are anticipated to command higher salaries, highlighting the importance of continuous learning and professional growth.
The report underscores a strategic shift in hiring practices, with companies showing a preference for recruiting junior-level talent and investing in their development to meet organizational needs effectively. This approach has proven successful across industries, signaling a move towards talent nurturing and retention strategies.
However, for senior professionals with over 15 years of experience, the projected salary hikes are comparatively modest, ranging between 8 and 9%. This trend suggests a concerted effort towards investing in emerging talent pools, possibly driven by the need for fresh perspectives and adaptability in a fast-paced business environment.
Sector-wise analysis reveals that industries such as internet/e-commerce, manufacturing, and BFSI are poised to witness the highest increments, ranging between 10-12% in 2024.
In the e-commerce sector, the shift towards value-added services fuels demand for experienced managers capable of driving growth initiatives. Meanwhile, advancements in technology and innovation in manufacturing drive the need for skilled professionals. Similarly, the BFSI sector sees a surge in demand for highly skilled talent to navigate regulatory complexities and market trends.
The Randstad report offers valuable insights into salary trends and hiring strategies shaping the Indian job market for the year ahead. With a focus on skill development, talent retention, and strategic recruitment, companies are primed to navigate the challenges and opportunities presented by an evolving business landscape.
