Senior level job roles to see average 20% pay hike on buoyant economic sentiments: Report

According to the report, India's 6 per cent GDP growth coupled with significant domestic investments and independence from external factors, positions India uniquely in the region, even amidst global challenges.

"With India's economy displaying such resilience and optimism, and surpassing its pre-COVID performance, the focus is now on harnessing this potential. Nurturing talent and fostering innovation thus remains a key," said Ankit Agarwala, Managing Director at PageGroup.

Agarwala further noted that the IT services industry, a cornerstone of the Indian economy, is witnessing a phase of recalibration. Companies are moderating their approach to salary increments, with expected hikes around 8 per cent-10 per cent.

"Industries like consumer, renewables, finance, and healthcare are flourishing, bolstered by investments from local and domestic companies," Agarwala said.

Sector-wise analysis showed that in IT & Technology, the hike range varies from 35-45 per cent for junior employees, 30-40 per cent hike for mid-level executives, and 20-30 per cent increment for senior management.

The property and construction sector is offering 20-40 per cent hike to juniors, 25-45 per cent hike to middle-level executives and a 20-40 per cent salary appraisal to seniors.

"As we delve deeper into 2024, the employment narrative in India is about more than just salaries. Flexibility, work culture, and professional growth opportunities are increasingly pivotal in job transitions, reflecting a maturing and holistic employment ecosystem," said Anshul Lodha, Managing Director at Page Group.

Michael Page is a leading global recruitment firm specialising in permanent, contract, and temporary recruitment. Michael Page operates in 37 countries worldwide and has a strong presence in India.