RGF Salary Watch 2024 India
Introduction
- 2023 Overview: A challenging year with modest growth in non-IT sectors compared to the IT sector, which was significantly impacted.
- 2024 Outlook: Cautious yet optimistic growth anticipated, with increases in salaries and opportunities in non-tech industries like Renewable and Manufacturing sectors.
Key Trends and Data
Industrial Manufacturing
- GDP Contribution: 17% of India's GDP.
- Recent Growth: Robust growth since August 2023 due to increased FDI.
- Key Industries: Renewable energy, electric vehicles (EVs), and automobiles.
- Demand: Increased demand for skilled professionals in Manufacturing, Production, and Operations.
- Talent Gap: Notable gaps in Battery Energy Storage, Green Hydrogen (R&D), and Electric Vehicle (R&D) roles.
- Sustainability: Growing importance of ESG considerations, influencing hiring decisions.
Key Salary Figures:
- Senior Management: +12% average salary increase.
- Manufacturing, Production & Operations: +11% average salary increase.
- Application Engineering: +12% average salary increase.
Demand for Skills:
- R&D: Analytical Skills, Legal Expertise, Problem Solving.
- Manufacturing, Production & Operations: Technical Skills, Financial Acumen, Problem Solving.
- Application Engineering: Technical Knowledge, Project Management, Development Skills.
Consumer Goods
- Market Growth: Expected to become the world's third-largest consumer market by 2027.
- Key Trends: Strong household spending driving e-commerce growth.
- Digitalization: Increased demand for talents with skills in data analytics and data science.
Key Salary Figures:
- Project Management: +9% average salary increase.
- Sales & Marketing: +10% average salary increase.
Demand for Skills:
- Project Management: Budget Creation, Risk Management, Analytical Skills.
- Sales & Marketing: Business Acumen, Negotiation Skills, Communication Skills.
Conclusion
- Cautious Hiring: Due to political elections, businesses are focusing on leadership and management positions.
- Post-Elections: Anticipated increase in hiring activities in the second half of 2024.
- Overall Outlook: Positive indicators with opportunities in emerging sectors like Renewable and Manufacturing, driven by technological advancements and sustainability.
This report provides detailed insights into the salary trends and data across various industries in India, helping organizations make informed hiring and employment decisions.