Economy expected to bounce back
Demand for technology talent with niche skill sets in eCommerce, artificial intelligence (AI) and other emerging industries continues to stay strong despite the economic setback India is experiencing from the COVID-19 pandemic.
Business leaders and experts are also predicting the Indian economy and recruitment landscape to bounce back in the near future, according to RGF International Recruitment’s latest Salary Watch: India report.
The report aims to better understand salary trends across all industries and job levels in India based on targeted research of more than 207,000 candidates.
In terms of salary data for jobs in the technology industry, Cybersecurity Directors at global MNCs are able to command up to Rs.9,000,000 per year.
Meanwhile, AI & Data Science Architects and Mobile Development Architects can earn up to Rs.10,000,000 and Rs.7,000,000, respectively.
As eCommerce has gained popularity across India, the need for qualified talent to support these on-demand services, websites and applications are on the rise. Ecommerce directors at a global MNC command up to Rs.35,000,000 per year, while Digitalization and CRM Managers can earn up to Rs.6,000,000 and Rs.4,000,000 per year, respectively.
Paving the way for future growth, India’s smart manufacturing sector also has a strong demand for qualified talent, including highly-experienced Production Directors and who can command up to Rs.10,000,000 per year at an MNC, while R&D Managers and Quality Management Supervisors at similar firms with comparatively fewer years of experience can earn up to Rs.2,400,000 and Rs.2,500,000, respectively.
“The COVID-19 outbreak has certainly impacted the Indian economy with hiring freezes, salary cuts and layoffs in some of the more affected sectors,” said Sanjay R. Shastry, Managing Director, RGF Executive Search India.
However, the sheer size and diversity of the Indian job market should allow it to make a swift and strong recovery from this dip. Technology-driven industries remain relatively unaffected as the demand for digital services in AI, big data, cybersecurity, and eCommerce continues to rise amidst the global pandemic, he said.
“In volatile times like this, businesses need strong leaders who have the agility and prudence to quickly pivot their business strategy and work towards making organisations crisis-ready. Recruiters looking to hire at this time must seek out candidates with the necessary leadership skills and forward-thinking perspective to drive business growth, both during and after the pandemic,” said Sachin Kulshrestha, Managing Director, RGF Professional Recruitment India.
A global leader in IT services, India has seen a widening skill gap in recent years as artificial intelligence, machine learning, blockchain and other advanced software rises to prominence.
The World Economic Forum forecasted that half of India’s workforce will need reskilling by 2022. Although fresh graduates can help to plug some of this gap, there is an urgent need for businesses to enhance training and development exercises to ensure that their workforce’s skills remain sharp and relevant.
RGF also found that 38% of professionals in India across all industries expect a salary increase when they change employers. Additionally, job candidates in India are also motivated by career advancement and development opportunities, with 68% saying they would be interested in joining or staying at a company that allows them to expand their knowledge and skills, with another 65% factor in the title and responsibilities of the role.
RGF’s Salary Watch: India report has been conducted with the aim of better understanding the salary trends and data across all industries and job levels in India. fiinews.com
