Hiring is also growing again within traditional industries, with manufacturing and operations roles in particular remaining in high demand.
The Indian real estate industry is also experiencing a major upswing, with the report predicting that demand for compliance and sustainability professionals will rise by 2024.
Additionally, multinational companies’ Global Competence Centers (GCCs) have seen a notable increase in hiring this year, with a particular focus on renewable energy, electric vehicles (EVs) and the automotive sector.
“The Indian economy has shown resilience and optimism, outperforming its pre-COVID performance and the focus is now on harnessing this potential. Hence, nurturing talent and fostering innovation remains crucial,” said Ankit Agarwala, managing director, Page Group. “The IT services industry, which is the linchpin of the Indian economy, is in a phase of recalibration. Companies have relaxed their approach towards salary hikes, with increases expected to be around 8-10 per cent.”
He added that industries such as consumer goods, renewable energy, finance and healthcare are thriving, supported by investment from local and national companies.
However, Agarwala pointed out that the salary hikes that hit high levels a few years ago have been rationalised and now only those with specialised skills can expect a significant salary hike when switching jobs.
Within the procurement and supply chain sector, there is demand for skill sets such as sourcing, procurement logistics and quality, with organisations seeking professionals to fill roles such as strategic sourcing/sourcing, contracts leaders, logistics and delivery and supply chain heads.
“Digging deeper towards 2024, the employment story in India will be about much more than just salary. Flexibility, work culture and professional growth opportunities will become increasingly important in job changes, reflecting a maturing and holistic employment ecosystem,” said Anshul Lodha, managing director, Page Group.
