Key survey findings:
(Source: 2013-14 Michael Page Salary & Employment Forecast, India)
- 57% of women and 61% of men anticipate lack of career growth to be the prime consideration for leaving an organisation.
- FDI in retail is likely to drive up job opportunities, average annual increase in salary will be between 12-18% in the sector.
- Bonuses in the range of 0-10% were widely observed in the human resources sector, with close to 30% of the employees surveyed receiving bonuses in this range.
- In order to enhance their skill set, 37% candidates prefer to take company sponsored professional courses closely followed by leadership skills training.
Mumbai, June 2013: The employment market in India has rebounded in the aftermath of the global economic downturn. Job growth is occurring across most sectors and the employment outlook for 2013- 2014 is encouraging. Most financial services firms have adopted a cautious and watchful outlook for 2013 while continuing to make measured investments into their India business, according to the Michael Page India Salary and Employment Forecast 2013-14.
“With the continued entry of new foreign players into India along with the growth of existing organisations and experienced professionals across all functions, skills will continue to be in demand. Middle to senior level professionals can expect salary increases between 10% to 20% while bonuses up to 20% are likely. The requirement for specialist skill sets and an increasing shortage of supply of professionals with both the technical expertise as well as the cultural fit is the need of the hour,” says Sebastian Hampartzoumian, Senior Managing Director, Michael Page (India).
As talent attraction and retention are largely the areas of focus for employers, the survey reveals that there is little difference from a diversity perspective on the reasons why middle to senior level professionals change jobs. 57% of women and 61% of men anticipate lack of career growth to be the prime consideration for leaving an organisation. 18% of women professionals anticipate work-life balance to be an important consideration unlike male professionals, who anticipate lack of support from management to be the next important consideration. 58% of employers anticipate an increase in staff numbers over the next 12 months. 36% believe their staffing levels will remain stable while only 6% anticipate a reduction in headcount.
Finance and Accounting
According to the survey findings, the pharmaceutical and consumer goods sectors have remained buoyant with strong hiring, primarily because these sectors are less cyclical in nature. The manufacturing sector mostly saw replacement hiring and some new headcount creation at a corporate level within Financial Planning & Analysis teams. The demand for talented finance professionals in taxation, corporate finance and working capital management has seen an upward trend. Survey findings reveal that 37% of employers feel that these are the areas in which they are likely to face skill shortages. Chartered accountants who are rank holders remain highly sought after within large employer brands.
Sales and Marketing
With foreign direct investment opening in the retail sector, there is an increase in demand which is likely to drive up salaries. Consequently, the average annual increase in salary will be between 12-18% in the retail sector. Employers in the healthcare and consumer goods sectors have stated that they shall focus on a number of factors including prior industry experience as an essential while hiring. The most important skills sought after by healthcare employers are product knowledge, technical skills and industry exposure. Consumer goods companies are increasingly saying that they expect international exposure and channel management skills.
HR is now increasingly perceived as a business critical function and has assumed a business partnering role with the senior leadership of most organisations in India. Recruitment activity within the human resources sector is forecasted to remain positive over the next 12 months; with 44% of HR directors surveyed looking to increase their headcount. The strongest hiring activity is expected within middle management. Survey findings reveal bonuses in the range of 0-10% were widely observed in the sector, with close to 30% of the employees surveyed receiving bonuses in this range.
Banking and Financial Services
The Indian banking and financial services sector presented a number of contradictions in 2012-2013, both in terms of outlook and a shift in focus during the course of the year. The survey findings demonstrate a stable picture for the year ahead after the turmoil of the latter half of 2012. Hiring within Investment Banking, Private Equity and Venture Capital was focused on the junior end with a lot of temporary role opportunities. For a majority of the organisations, the average salary increment was 13% whereas the median salary increment was around 11%. 47% respondents received increments in the range of 0% to 10%, and around 41% received increments in the range of 10% to 15%.
The Michael Page annual Salary & Employment Forecast covers a range of trends relevant to today’s corporate sector. Positive outlook in recruitment has been driven by global companies looking at India as a core growth market given the ongoing uncertainties in the US and European economies. India is regarded as a logical business hub with a well qualified young workforce and the required infrastructure to support international business activities.
About the Salary & Employment Forecast 2013-14
Michael Page’s Salary & Employment Forecast report provides employers and jobseekers with useful insights into the hiring expectations, recruitment challenges and wage forecasts of hiring managers over the coming year. It covers four areas of specialisation: Finance & Accounting, Sales & Marketing, Human Resources and Banking & Financial Services.The survey combines both quantitative and qualitative research derived from the national survey of employers and an extensive involvement in the professional labor market. This year, the survey was completed by 420 employers and 1600 middle and senior level job seekers within Michael Page’s specialist disciplines.
About Michael Page:
As part of PageGroup, Michael Page is a leading professional recruitment consultancy specialising in the recruitment of permanent, contract and temporary positions on behalf of the world’s top employers.
Michael Page launched operations in India in January 2011, in line with its commitment to growing their footprint in the Asia Region. Today, the business in India has grown organically and is now made up of more than 75 people working across three offices in Mumbai and Delhi (NCR). Within the India business, Michael Page’s experienced consultants specialise in the recruitment of middle to senior level professionals across Banking & Financial Services, Finance & Accounting, Sales & Marketing and Human Resources.
In India, Michael Page works with clients ranging from large multinationals and Indian conglomerates to mid-size domestic and multinational companies. The company is committed to evolving the recruitment market in India and is focused on continuing to grow its India presence over time, both in terms of increasing the span of specialist disciplines as well as its geographical reach.