IT and Real Estate salary growth: What to expect in 2024

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New Delhi: People engaged in senior job roles in India are likely to get an average salary hike of 20 per cent this year, a report stated. The report, ‘Michael Page India Salary Guide 2024’, stated that the companies are expected to approve a decent salary hike for senior level job roles as they are focusing on nurturing talent and fostering innovation.

The Michael Page India Salary Guide 2024 report mentioned that companies are looking to hire for manufacturing and operations roles. It further stated that there is a big scope in terms of job opportunities for people with expertise in data analytics, generative AI, and machine learning across various sectors.

The report was prepared after studying the key sectors of BFSI, engineering & manufacturing, finance & accounting, healthcare & lifesciences, human resources, legal, compliance, procurement & supply chain, property & construction, sales & marketing, and technology.

Highlighting India’s growth story, the report stated the country registered GDP 6 per cent despite several global economies facing financial challenges. India’s GDP growth coupled with significant domestic investments and independence from external factors, positions India uniquely in the region, it stated.

“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.

‘IT industry witnessing a phase of recalibration’

Agarwala, said the IT industry, which acts as the cornerstone of the Indian economy, is expected to approve salary increments of 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.

The report said that companies offering IT & Technology services generally give a salary hike of 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 firms in property and construction business are 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.

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