Corporate India is witnessing an increased demand for senior executives familiar with business and stakeholder experience, said the India Salary Benchmark 2019 report released by global professional recruitment consultancy, Michael Page.
Nicolas Dumoulin, Managing Director at Michael Page India said, ``Movement among senior level professionals can be attributed to the growth of India’s industries and the availability of talent. This explains the key employment activity within the mid and large manufacturing organisations specialising in chemicals, building materials as well as domestic consumer companies.”
“The entrance of new funds within the private equity sector has also led to senior level hiring. Furthermore the rise of India’s Ecommerce and fintech businesses have increased opportunities for senior talent to move in from established industries such as the FMCG and banking spaces,” he added.
In the technology front, recruitment activities are expected to grow significantly with new CTO and CIO roles. Rapid advancement in the digital space has led to a surge in demand for professionals skilled in Big Data, machine learning and data science, the report said.
“In addition to the prerequisite technical abilities depending on job title, this new breed of business leaders in India also have to display agility, flexibility, a strategic and commercial mindset as well as mentorship qualities,’’ said the report released by London-based firm.
As Indian businesses focus their efforts on professionalising their operations, Michael Page India foresees increased demand for talent in business partnering functions such as human resources, finance and legal.
Dumoulin further added, “India has a strong pool of senior leaders on par with business standards in developed markets. However due to the increased pace of market growth, this has given rise to an acute shortage of available talent at this level. The limited candidate pool has driven up the cost for senior talent over the years. Professionals moving jobs at this management level can expect 20 to 25% increases on their compensation package.”