While the COVID-19 pandemic continues to impact hiring and recruitment trends across India, the pandemic has accelerated demand for skilled talent, according to a report by RGF Professional Recruitment, a Gurgaon based human resource consulting firm.
A report titled, ‘RGF International Recruitment’s Salary Watch 2021: India’ said: “The detrimental effects of COVID-19 were strongly felt by the corporate sector in India.”
The report presents a comprehensive analysis of salary data collected on more than 19,000 candidates in India and provides projections and benchmarking to help employers and employees make informed decisions on compensation.
These are important key points:
- The detrimental effects of COVID-19 were strongly felt by the corporate sector in India, where executives across functions such as resources, finance, and admin saw a steep decline in salaries.
- 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 Affairs (increments up to 8%), Medical Areas (7%), and Production & Operations (7%).
- Senior personnel and R&D talent across industries are also expected to see higher increments (7%), corresponding with the urgent need for experienced professionals with the skills to provide overall direction in this time of change.
- The pandemic has also led businesses across sectors to consider digital strategies to cope with challenging conditions. 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.
- Tech talent employed in roles like software development, artificial intelligence, robotics, and data science is expected to command some of the highest salaries in the region, averaging between Rs 50 and 80 lakh per annum and salary increments up to 40% when changing jobs.
- “Hiring the right talent will play a crucial role in India’s ability to not only tackle the current challenges of the pandemic but also recover from them for the longer term,” said Sachin Kulshrestha, Managing director, RGF Professional Recruitment India.