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1 Salary Watch 2020: India2 RGF Salary Watch: India About this Report RGFs 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. This report is based on the RGF-owned candidate pool covering more than 200,000 candidates (collected from February 2019 to February 2020) in our India database. The definition of annual basic salary used throughout this report does not include allowance, stock, bonus or any other additional benefits, and the salary exchange rate used is USD1 = INR72. Due to the real-time nature of some of this data, RGF encourages readers to use its insights at their discretion.3 RGF Salary Watch: India 16 Table of Contents About the Report Table of Contents IndiaOverviewKey TrendsJob Market Trends Salary Data References About RGF 2 3 5 8 9 13 26 274 RGF Salary Watch: India Overview of India5 RGF Salary Watch: India Recovery Expected Despite Slowing Economy LABOR MARKET SIZE 673 MILLION 1 GDP USD2.94 TRILLION 2 PMI 52.7 4 FDI USD49 BILLION 3 (2019 Key Index) Once considered the fastest growing economy, India began experiencing a slowdown in the last half of 2019 that has extended into 2020. This slowdown has impacted not just gross domestic product, but the job market as well, which began experiencing a slump in late 2019 5 . As the COVID-19 pandemic hit India in early 2020, the country went into lockdown and the government announced a series of fiscal stimulus packages amounting to $266 billion 6(as of the middle of May 2020) in order to assist people who were unable to work during the lockdown period, low-income households 7 , small businesses and the domestic manufacturing sector 8 . It is hoped the stimulus packages will be a positive impact, both to fight a further economic slowdown in the short term, and to promote growth in the long term. Because the impact of COVID-19 has brought blows to the economy and job market, both employers and employees are even more cautious when planning for new hires or changing roles. 6 RGF Salary Watch: India The COVID-19 pandemic has thrown a spanner in the works for everyone. Due to uncertainty in the global economy, salaries across wide swaths of Indias job market will be severely impacted, especially as several organizations are cutting salaries at the CXO level, varying from 10% to as high as 50%. It is expected that the industries that will be most affected by salary cuts are the aviation, automobile, oil & gas, hospitality, tourism, real estate, and manufacturing sectors. That said, this is not occurring across all industries. Sectors where work from home has not greatly impacted business relative to the above sectors such as new technology, agricultural chemicals and pharmaceuticals will perhaps be able to provide increases in salary for employees, but at modest levels. In the event that companies are able to offer increases, it is likely that the average compensation hike will be 5% to 7% and perhaps only for high performers.For companies who are moving ahead in hiring senior and executive leaders, the pandemic has disrupted both the recruitment process and the negotiating table. Though recruiting leadership has been always been a complex process of ensuring the candidate not only has the right experience, leadership style and performance track record, as well as feeling confident that they are the right culture fit, have the desired soft skills and forward-thinking perspective to move the company toward its goals, the process is even more difficult now. Considering the uncertainty in the global and local economy, businesses will need leaders who are able to drive sales, potentially pivot the company and, once things are stable, spearhead future-proofing efforts, such as building an internal talent pipeline and assessing leadership inside the organization annually. Companies will need to be prepared to not only offer an excellent compensation package, but provide stellar benefits, including flexible working options, health care, and financial benefits such as performance-based earn-out models, stock options or profit sharing. Executive Salaries to be Impacted by COVID-19, But Not In All Sectors ” ” Sanjay R. Shastry Managing Director, RGF Executive Search India7 RGF Salary Watch: India The outbreak of COVID-19 has impacted the global economy, and the local Indian economy is experiencing a deepened sense of VUCA (volatility, uncertainty, complexity, and ambiguity) as business leaders and experts predict U-shaped and V-shaped recovery. These uncertainties have pushed some companies to take a wary approach towards new plans, leading to hiring freeze, salary cuts or, in some cases, layoffs.That said, the Indian mid-tier and specialist market is colossal and so diverse that the impact of COVID-19 on hiring is expected to be limited and short term. This is largely thanks to the Indian governments $266 billion in stimulus relief, which is expected to have positive effects on the overall economy, which in turn should boost hiring sentiments in medium term to long term.Overall, the Indian growth story seems intact, and it is expected that recruitment trends will also bounce back in the near future. We are already seeing demand in specialty and niche sectors, and the overall growth in sectors such as by technology, agriculture, consumer, power, animal feed, chemical, packaging, outsourcing and healthcare is projected to remain intact.In last few years, we have seen strong demand for skills like AI, big data, cloud computing, cybersecurity, and R&D across sectors, and companies are paying adjusting salaries to pay a premium in order to attract these sought-after candidates. Despite the economic setbacks from the global pandemic, this trend is expected to continue. For the jobs that are not top demand, we expect that a return to hiring will be slower because the economic rebound will drive recruitment trends, and that disruption and change in recruitment strategies is the likely scenario for most industries.When receiving offers, jobseekers should be prepared to focus on more than just salary. It is important to consider the complete 360-degree analysis of the opportunity, including the possibility of growth and the value proposition, as well as the organizations culture and ability to withstand unexpected shocks in the near term. Demand Remains Strong for Tech Skills Across All Industries in India ” ” Sachin Kulshrestha Managing Director, RGF Professional Recruitment India8 RGF Salary Watch: India Tech Companies Courting Talent with AI Skills Tech companies of all stripes are big business in India, especially as they scale and grow their workforces. Despite new measures that may limit some foreign direct investment 12and the recent downward trend of both the job market and hiring sentiment, it is expected that tech companies will still need talent especially talent adept in artificial intelligence. Because many of these companies need candidates skilled in new, sophisticated technology, its expected that they will be looking to hire fresh graduates as well as mid-career and senior- level professionals with on-the-pulse skill sets and leadership experience. To help prepare the labor force for these new advances in technology, the Ministry of Electronics and Information Technology has partnered with the National Association of Software and Services Companies to provide free online courses in AI for anyone interested 13 . These professionals will be recruited not only for their technical knowledge but because they are better prepared to work in fast-paced workplaces that thrive on agility and flexibility. Additional Benefits Employees Look for Compensation is not just about salary talent in India are more likely to look for companies that offer the following benefits 11 : PROFIT-SHARING SCHEME SUCH AS STAFF EQUITYPERFORMANCE- BASED BONUSES GUARANTEED REMUNERATION, SUCH AS A FIXED BONUS AND ALLOWANCE Employees Salary Increment Expectations when they change employers 10 . 38% 67% 41% 64% Employers Annual Salary Increment Range 15% 9 Key Trends (Data given was collected by RGF before February 2020)9 RGF Salary Watch: India Job Market Trends10 RGF Salary Watch: India Talent Trends Though salary is one of the top three factors talent in India consider when weighing a new job role, it is sharply less important to candidates than the opportunity to expand their knowledge and skills as well as the roles title and responsibilities 14 . These are signs that the workforce is more motivated by career advancement and development opportunities than the amount of money they take home, and will be more interested in joining and likely staying with a company that invests in employees. Job Market Trends Ecommerce driving digital and delivery employment boom As ecommerce has gained popularity across India and more options for how to order goods ranging from food to clothing to groceries have emerged, the need for more employees who deliver goods ordered online has risen 15 . In the same vein, online businesses that provide on- demand services such as home repair or beauty have also become a new way for these types of tradespeople to find work, creating a new type of gig economy in India. To support these on- demand services, websites and applications must be fully functional and able to scale, which necessitates a higher need for tech talent, digital marketers, and customer support staff. 68% 65% 47% TITLE AND RESPONSIBILITIES SALARY INCREMENT EXPAND KNOWLEDGE & SKILLS Ecommerce Directors with 1520 years of experience earn up to USD486,000 annually at global MNCs Mobile Development Architects with 1015 years of experience earn up to USD97,000 annually at global MNCs CRM Managers with 1015 years of experience earn up to USD56,000 annually at global MNCs Marketing and Branding Managers with 10-15 years of experience earn up to USD111,000 annually at global MNCs11 RGF Salary Watch: India Manufacturing Production & Operations Directors with 1520 years of experience can earn up to USD139,000 annually at an MNC Quality Management Engineers with 35 years of experience can earn up to USD17,000 annually at an MNC R&D Managers with 1015 years of experience can earn up to USD33,000 annually at an MNC Combatting the Talent Crunch As a global leader in IT, it is imperative for Indias workforce to evolve so that more people have skill sets specific to Industry 4.0 capabilities. The country has seen a widening skill gap for several years as artificial intelligence, Internet of Things, machine learning, blockchain and other advanced software rise to prominence, so much so that the World Economic Forum forecast that half of Indias workforce will need reskilling by 2022 19 . Though fresh graduates with these skills can help to fill the talent gap, the current industry revolution is occurring at the same time as an economic slowdown and contraction in hiring. To counter this, many businesses are shifting focus to workforce development efforts that span an employees entire career in order to ensure skills are sharp and relevant, and the government has launched a platform to assist with these endeavors 20 . The World Economic Forum encourages this sort of partnership between businesses, governments, and even education institutions so as to create more robust and revelation employee education and training as more companies and roles evolve due to digital transformation. In addition to these measures, employers can consider bringing in freelancers or contract workers that can provide niche skills or knowledge for specific projects, as well as take another look at their recruitment strategies, candidate experience and onboarding processes in order to ensure they are modern, streamlined, and efficient. What employers are looking for in talent: RELEVANT KNOWLEDGE AND EXPERIENCE 21 CULTURE FIT 22 Consumer goods manufacturing to resume A pillar of Indias manufacturing sector, consumer goods manufacturing expanded in 2019 and remained strong in early 2020, especially thanks to international demand 16 . Though this global demand has slowed sharply due to COVID-19, there is still optimism looking forward due to how well the manufacturing fared in February and March 2020 17 . Once the pandemic eases and global economies begin to recover, the World Trade Organization estimated in April 2020 that rebounds for the sector could be between 21%24% 18 . When the demand for consumer goods resumes, so, too, will hiring. AGILITY12 RGF Salary Watch: India Hot Jobs AI and Data Science Analytics Big Data & Business Intelligence Cybersecurity Front-End & Back-End Engineering Senior Management Software & Hardware Development Finance & Accounting HR Legal & Compliance Supply Chain Fixed Income Sales Fixed Income Trading Relationship Management Transaction Banking Sales Industrial Technology, Internet & Telecommunications Corporate Services Financial Services Smart Manufacturing Application Engineering Energy Storage Manufacturing, Production & Operations Quality Management R&D Sales & Marketing Senior Management Medical R&D Production & Operations Quality Regulatory Affairs Healthcare & Life Science Business Strategy & Commercial CRM & Account Management Digitalization Ecommerce Marketing & Branding Sales & Business Development Senior Management Consumer Goods & Retail13 RGF Salary Watch: India Though roles in the Financial Services and Healthcare and Life Sciences industries still command the highest average salaries, the demand for talent in the Technology industry is strong for example, experienced Data Science Managers as well as Cybersecurity Directors can earn above USD100,000 at large local companies. Key Finding India Salary Data14 RGF Salary Watch: India Industrial - Smart Manufacturing FUNCTION POSITION YEARS OF EXPERIENCE COMPANY TYPE ANNUAL SALARY RANGE (UNIT: 1,000 IN USD) ANNUAL SALARY RANGE (UNIT: 1,000 IN INR) MIN MAX MIN MAX Senior Management CEO/President 20+ Global MNC 278 417 20,000 30,000 Large Local/Global MNC HQ 139 278 10,000 20,000 SME 111 208 8,000 15,000 GM 15-20 Global MNC 111 278 8,000 20,000 Large Local/Global MNC HQ 97 208 7,000 15,000 SME 97 208 7,000 15,000 VP 15-20 Global MNC 83 250 6,000 18,000 Large Local/Global MNC HQ 83 208 6,000 15,000 SME 63 139 4,500 10,000 R&D Director 15-20 Global MNC 63 118 4,500 8,500 Large Local/Global MNC HQ 56 107 4,000 7,700 SME 44 72 3,200 5,200 Manager 10-15 Global MNC 19 33 1,400 2,400 Large Local/Global MNC HQ 15 28 1,100 2,000 SME 17 29 1,200 2,100 Supervisor 5-10 Global MNC 19 28 1,400 2,000 Large Local/Global MNC HQ 17 25 1,200 1,800 SME 13 22 900 1,550 Engineer 3-5 Global MNC 8 15 550 1,100 Large Loca
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