Salary Increment in India: Healthcare and Tech Roles to See Highest Pay Hikes

July 14, 20216:14 pm598 views
Salary Increment in India: Healthcare and Tech Roles to See Highest Pay Hikes
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As the Covid-19 health crisis persists, the healthcare, tech, and manufacturing sectors will lead the hiring demands in India. Technological and digital innovation is expected to navigate the ongoing crisis, helping the nation to the path of recovery in 2021. Functions in these sectors are also projected to draw higher average salary increments, a new survey by RGF International Recruitment shows.

According to the report, the boost in demand for healthcare services and pharmaceutical production has spurred a rise in compensation for talent with experience in regulatory and medical areas. Senior personnel and R&D talent across industries also saw higher increments, corresponding with the urgent need for experience and skills to provide overall professional direction and guidance.

Here the top 10 promising roles that will see the highest salary hikes this year.

Additionally, the report further revealed the ‘hot’ jobs, their projected increment, as well as skills in demand, across five key industries.

See also: 2021 Salary Projection: 1 in 4 Firms in Singapore Plan to Implement Salary Freezes, Salary Increment Projected to Soften

Industrial And Manufacturing

Industry 4.0, driven by artificial intelligence and the Internet of Things, has been deployed in sectors such as supply chain management, construction, and shipping. As new technologies unlock greater efficiencies in the manufacturing sector, there has been a corresponding demand for talent with smart manufacturing and tech expertise. Engineers and managers in roles such as research and development, application engineering, manufacturing, and project management have experienced a considerably higher demand as compared to other functions, seeing year-on-year increment growth of 7% — in line with India’s increased appetite for tech-driven manufacturing.

Technology & Digital

More businesses across sectors consider digital strategies to cope with challenging conditions during the pandemic. From fintech to health tech and e-commerce, companies of all sizes continue to undergo digital transformation to bring much-needed services to customers in need, such as payments, medicines, and groceries. Areas including artificial intelligence, big data, robotics, 5G and IoT — key components of Industry 4.0 — will continue to drive hiring demand and growth as they elevate operational and cost efficiencies to cater to changing stakeholder needs.

With this in mind, tech talent employed in roles like software development, artificial intelligence, robotics and data science commanded some of the highest salaries in the region, averaging between 50 and 80 lakh INR per annum.

Healthcare & Life Sciences

Given the nature of recent global events, the demand for healthcare products and services in the form of vaccines and health programs is at an all-time high — this is reflected in the steep growth in salaries commanded by medical professionals in various roles.

Consumer Goods & Retail

With lockdowns enforced across the entire subcontinent and people’s mobility greatly reduced, the consumer goods and retail sector was significantly impacted by the first months of the pandemic. However, as people turned to digital channels to fulfill their grocery and household needs, the industry saw a gradual revival. And while e-commerce and digitalization played a pivotal role in accelerating the recovery of the sector, driving demand for skilled tech workers, professionals in the sector still experienced salary dips. Those employed in senior positions saw the steepest decline in salary as companies moved to ensure cost-efficiency amidst economic uncertainty.

Corporate Services

The detrimental effects of COVID-19 were strongly felt by the corporate sector in India, where executives across functions such as human resources, finance, and admin saw a steep decline in salaries. With more companies prioritising cost-efficiency, senior staff members experienced the highest pay cuts in 2020 while those in junior-mid level roles like supervisor or specialist saw their salaries levels plateau. However, critical corporate skill sets like contract management, regulatory expertise, fundraising, and procurement remain highly sought after.

Read also: 2021 Salary Guide for APAC Employers