The average salary hike in year 2022 is going to be 9 per cent against 7 per cent in the pre-pandemic year of 2019, according to the Michael Page Salary Report 2022.
The hike this year will be due to a more positive investment outlook, especially in manufacturing and infrastructure development.
Startups and new-age corporations, together with the unicorns, are set to lead this trend with a commonly estimated hike of 12 per cent, it added.
The report noted, Growth sectors include the banking and financial services industry, property and construction, as well as manufacturing.
Senior-level professionals with computer science backgrounds will be in a good position to negotiate for some of the highest paying jobs in India, due to the growth of e-commerce and other sectors undergoing digital transformation, it added.
Data scientists, web developers and cloud architects will be in high demand, especially if they have a bachelor’s degree or a master’s degree from a top-rated university, the report said.
The average salary of technologists is expected to be higher than professionals with similar educational qualifications in other job functions, it added.
The Michael Page Salary Report 2022 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.
The report further stated that companies are now looking at retaining top performers with an array of offers, including shorter – quarterly or half-yearly – appraisal cycles, promotions, variable pay-outs, stock incentives, retention bonuses, and mid-term increments.
Employers do not expect any further significant impact of the pandemic on the market and are buoyant about future business plans, the report observed.
High performing individuals and employees with niche skills can expect above-average increments (20-25 per cent or even more on a case-by-case basis) as most organisations have become nimble when it comes to retaining their top talent, the report added.