Race for talent: Salaries go up in turbulent year – Times of India

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MUMBAI: Consultants took home the highest average pay in 2023, beating AI specialists, cloud engineers, and marketing gurus.
Professional services emerged as the top-paying industry at the senior level (over 15 years of experience), with an average cost to company of a little over Rs 39 lakh per annum, followed by internet & e-commerce sectors (Rs 38 lakh) and IT-enabled services (Rs 33 lakh), a report by recruitment company Randstad India, shared exclusively with TOI, showed.
The year 2023 has been a game-changing one for India’s employment landscape, as the job market navigated the impact of various macroeconomic and geopolitical waves, said Randstad India MD & CEO Viswanath P S.
However, it sustained momentum from the previous year with a majority of sectors across India Inc displaying strong hiring intent, he said. “Moreover, we have also observed a steady growth in compensation as well as other intangible benefits being offered to the talent community, which is also a testimony to how the Indian job market is gradually becoming extremely talent-driven,” Viswanath said.

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According to Randstad’s annual salary trends report, energy & utilities and retail, FMCG & FMCD (fast-moving consumer durables) are two industries that have made a strong entry at the senior level with an average CTC of Rs 31 lakh and about Rs 30 lakh, respectively. Strong demand for professionals with expertise in areas like taxation, business consulting, risk advisory, deal advisory, technology services, and environmental, social, and corporate governance (ESG) services, has made salaries in these sectors more attractive.
The merging of business and technology across industries — especially manufacturing, healthcare, retail and e-commerce, telecom and energy — has raised the demand for strategic functions like IT. At the same time, net zero carbon emissions commitments have galvanised the energy industry to develop strategic renewable energy initiatives, which calls for senior professionals.
With the retail, FMCG & FMCD industries focusing on customer experience, the need for senior professionals with domain and technology expertise has grown, and is visible in the competitive salaries offered. At the middle level, internet and e-commerce pay the highest salary (about Rs 23 lakh), followed by professional services (around Rs 21 lakh).
Advertising, market research and public relations, which is the third-highest paymaster (Rs 17 lakh) at the middle level, is in the top spot at junior level, with an average CTC of over Rs 7 lakh per annum. At the senior level, this sector is ranked fourth (over Rs 32 lakh).
Bengaluru tops the charts in salary pay-scales across junior, mid- and senior-levels with an average CTC of Rs 7.2 lakh, Rs 20.4 lakh and Rs 37.2 lakh, respectively.
With an average CTC of Rs 19.3 lakh and Rs 36.6 lakh for the middle and senior levels, respectively, Mumbai ranks second at these levels. Bengaluru has overtaken Mumbai in terms of senior-level salaries for the first time since 2021.
“Despite some macroeconomic turbulence, the average CTC across all levels of experience has displayed a reasonable uptick as compared to 2022.Going into 2024, we have an optimistic yet pragmatic outlook towards the job market and expect salary trends to continue its growth trajectory,” said Viswanath.


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