Mid to senior level employees can expect 10-20% salary hike: Study

57% women and 61% men said lack of career growth to be the prime consideration for leaving an organisation

With the employment market in India rebounding in the aftermath of the global economic downturn, mid to senior professionals can expect salary hikes of 10 to 20%, a study by specialist recruitment firm Michael Page study said.

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 alongicip 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," said Gary James, Regional Managing Director, PageGroup, Asia Pacific.

The study said that about 57% of women and 61% of men said lack of career growth to be the prime consideration for leaving an organisation. Further, 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.

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 demand for talented finance professionals in taxation, corporate finance and working capital management has seen an upward trend. The survey findings revealed that 37% of employers feel that these are the areas in which they are likely to face skill shortages.

With foreign direct investment opening in the retail sector, there is an increase in demand which is likely to drive up salaries. The study said that consequently, the average annual increase in salary will be between 12-18% in the retail sector.



In the HR industry, 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.

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.

It said that 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 organisations, the average salary increment was 13% whereas the median salary increment was around 11%.

The survey, this year, was completed by 420 employers and 1,600 middle and senior level job-seekers within Michael Page's specialist disciplines.