2023 has been a challenging year both domestically in India and on a global scale. In India, we observed modest growth in hiring within non-IT sectors in 2023 as compared to the IT sector. While there were some movement within Indian IT companies, overall, the whole IT sector continued to be significantly impacted pulling the overall employment index down.
Looking ahead to 2024, we anticipate a year marked by cautious yet optimistic growth. Salaries are expected to increase year on year and opportunities for growth can be witnessed in the non-tech industries, especially the Renewable and Manufacturing sectors. This shift in hiring trend underscores the changing dynamics of our economic landscape, highlighting opportunities for growth beyond traditional IT domains.
With the increase in adoption of renewable energy and as India’s Manufacturing sector embraces AI technologies and IoT-driven processes, there has been a heightened demand for skilled professionals leading to an increase in salaries for such talent. With the gradual recovery of the Indian economy and the rise of mobile commerce, there has also been an upward trend for talent in the Consumer industry. Similarly, the ongoing digitalisation of businesses, talent with skills in data analytics and Data Science have increased in demand, driving salaries up.
Despite these positive indicators, hiring remaining cautious. With the upcoming political elections, businesses have adopted a prudent approach as they are uncertain of the potential ramifications on economic policies and market sentiments. Consequently, hiring efforts are primarily focused on leadership and management positions rather than expanding the workforce at large. We anticipate hiring activities to increase in the 2nd half of 2024, post-elections.
In this report, we will do a deep-dive into these trends and more in India’s salary landscape, examining developments in Industrial Manufacturing; Consumer Goods; Healthcare; Corporate Services; and Technology. We hope the insights will help steer you towards better hiring and employment decisions, and an overall more meaningful professional life this year.
Yours Sincerely,
Sachin Kulshrestha
Managing Director
RGF Professional Recruitment India
Sachin Kulshrestha
Managing Director
RGF Professional Recruitment India
