Technology, ecommerce, digital, fintech, consumer, IT and manufacturing are among the sectors leading the charge, offering enticing hikes of 30-40% for in-demand talent, around half a dozen headhunters and recruitment firms told ET.
As for skills and roles, cybersecurity experts, cloud architects, data scientists, new market entry/city heads, AI experts, blockchain professionals, CFOs and general counsels are among those most in demand, where switching jobs will fetch one 40-50% hike, they said. Those who are not in any of these sectors can expect 12-20% hikes in general.
“This year, the increase in hiring is fuelled by startups, fintech, newly funded consumer internet firms and IT captives,” said Kamal Karanth, co-founder of specialist staffing firm Xpheno.
According to him, in IT, roles such as full-stack developers, cybersecurity, cloud architects and data scientists are getting hikes in the 30-50% range. In the consumer Internet space, growth hackers, new market entry/city heads, and product managers are all getting upwards of 30% while switching jobs, Karanth said.
ADVANTAGE MID-LEVEL MANAGERS
“The hikes on job switches are much more at the middle manager level, which are professionals in the 4-10 years’ experience bracket,” Aditya Narayan Mishra, director at CIEL HR Services, said.
According to him, sectors that give the maximum hikes for job switches include IT, outsourcing, consumer and services (hospitality, entertainment, supply chain companies, etc.) which will give 20-30% more increases than the other sectors because of socio-economic factors as well as techenabling of many of the businesses. Hikes will be lower in power, infrastructure and BFSI, Mishra said.
Talent availability is a major concern for companies leading to increase in compensation. Average hike at the middle manager level is 15-30% and could go up to 50%. These are for roles such as project manager, customer services manager, operations manager, supply chain and delivery managers. While the overall hike on job switch is likely to be around 10-20%, for specialised skills it can be upwards of 25%, said B Thammaiah, managing director at Kelly Services, India. Some of these areas include robotic process automation (RPA), big data, analytics, artificial intelligence, and blockchain. “People with 3-5 years’ experience will be much in demand in IT seeking different roles other than coding,” he said.
According to Rituparna Chakraborty, co-founder of TeamLease Services, the top five sectors giving the biggest hikes are ecommerce and tech startups, FMCD/FMCG, healthcare professionals and IT. Job roles most in demand include finance controllers, chief planning officers and digital marketing heads, she said.
CXOS COMMAND A PREMIUM
R Suresh, founder of INSIST Consulting, said sectors such as manufacturing and pharma are also giving significant pay bumps. “In pharma, talent is often very research-oriented, and we often have to bring in professionals from overseas. That gets them a premium of 30-40% average,” he said.
Atul Vohra, managing partner at Transearch India, said demand for talent at senior levels remains robust, but among them it’s the areas where the demand-supply mismatch is more glaring that get the highest raises.
So, 45-50% jumps during job switches would be fairly common for senior talent in the digital/ecommerce space, as also in analytics and AI. CFOs, general counsels, data science professionals and pharma R&D experts are among those getting a premium, he said.