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This is the latest Michael Page India Salary & Employment Forecast Report - Have a look at this!
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SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5
1
human resources
Human Resources
F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E -F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H UM A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S& M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E FI N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H UM A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S& M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E FI N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H UM A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S& M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E FI N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H UM A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S& M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E FI N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H UM A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S& M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E FI N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H UM A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S& M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E FI N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H UM A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S& M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E FI N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H UM A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S& M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E FI N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H UM A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S& M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E FI N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H UM A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S& M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E FI N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H UM A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S& M A R K E T I N G
SALARY & EMPLOYMENTFORECAST
I N D I A 2 0 1 4 / 1 5
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5
2
WELCOME
WELCOME TO THE MICHAEL PAGE SALARY & EMPLOYMENT FORECAST FOR 2014/15Michael Page is a worldwide leader in specialist recruitment. Through our belief in organic growth, rather than by mergers or acquisitions, we have built a truly global business with over 5,000 people in 155 offices across 36 countries worldwide. We have evolved to become one of the best known and most respected recruitment consultancies in the world and are proud to set the standard within our profession for delivering a specialist service with a personal touch. Coming from all major industry sectors, our clients range from
market leading multinationals to small and medium sized enterprises.
The Michael Page Salary & Employment Forecast combines both quantitative and qualitative research derived from our national survey of employers and our extensive involvement in the professional labour market. This year, our survey comprises 288 employers and thousands of conversations with clients across our specialist disciplines.
Our annual forecast covers a range of issues and trends relevant to today’s corporate sector and establishes the Salary & Employment Forecast as a highly reputable report, based on in–depth national research.
The Salary & Employment Forecast provides employers and job seekers with useful insights into the hiring expectations, recruitment challenges
and wage forecasts of hiring managers over the coming year, and covers four areas of specialisation as detailed below:
• Finance & Accounting
• Sales & Marketing
• Human Resources
• Banking & Financial Services
I wish to thank everyone who contributed to this year’s Salary & Employment Forecast and trust you will find the new report helpful and informative. We welcome your feedback and encourage you to contact us for further information or market specific advice at www.michaelpage.co.in/contact–us.
Best regards,
Sebastien Hampartzoumian Senior Managing Director, India
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5
3
market overview
India’s business market is currently primed for expansion, with the recruitment market being driven by significant industry sectors such as FMCG, retail, healthcare, manufacturing and real estate. The next few years are expected to prove critical to India’s ability to establish itself as a key player in terms of global productivity, and leverage its unique benifit of a large percentage of native English speakers in an emerging economy. With the right conditions and support from both the newly elected government and industry leaders, India is well positioned to become a leading player in the global employment market.
The Modi government has brought optimism to the local employment market, with clear goals in place to make India an attractive business destination. The quick decision to relax regulations around Foreign Direct Investment (FDI) and push infrastructure investment has created positive forecasts for India’s manufacturing industry and services sector. As a result, business leaders are expressing optimism in these early stages, with high hopes for increased transparency under his leadership.
The local employment market is showing signs of growing maturity, with diversity and staff retention remaining a key focus. In the past few years, employers have made strong headway when it comes to corporate responsibility, including implementing solid diversity policies in order to provide equal opportunity to candidates from all backgrounds and genders. Some 79% of employers surveyed for the 2014/15 Michael Page India Salary & Employment Forecast indicate that women in their organisation are provided the same opportunity to progress to executive level roles as men.
Managing turnover will continue to provide a major challenge for employers in the next 12 months, with 51% of surveyed employers expecting staff to leave their business in the coming year. There is currently significant support from senior level executives and Human Resources teams to implement retention strategies with a focus on non-financial gains such as work/life balance and career development opportunities as companies recognise the value of developing employees’ skills and offering internal career opportunities. Business leaders who understand the importance of strong retention policies will ensure consistency within an organisation, which is vital for business growth.
Results of the 2014/15 Michael Page India Salary & Employment Forecast support predictions for high levels of growth in India’s employment market. Some 70% of surveyed employers plan to expand their team in the coming year. As company headcount grows, the challenge lies in hiring the right people and those with the ambition to grow within a company will be highly sought after. In addition, many employers are currently seeking highly competent professionals at the mid to senior management level, with 45% of surveyed employers indicating mid-level professionals will be in highest demand in the coming year. There is currently a shortage of leaders at this level who are able to motivate their direct reports and instill strong team culture within an organisation. Managers with these leadership skills are essential for both operational purposes and to achieve growth into the future.
India’s domestic business market has seen broader geographical diversity over the past 12 months, with organisations looking outside the major cities when establishing additional office locations. Pune, Chennai and Jaipur have emerged as key destinations for this activity. Pune is attracting more investment from industrial companies while Jaipur and Chennai are popular locations for Shared Service Centres due to lower operating costs.
A number of key industry sectors are well positioned for growth over the next 12 months, due to a combination of rising consumer confidence and government policies encouraging increased activity. India’s banking sector has seen the introduction of new licences in 2014, which has led to greater hiring activity as new businesses are established locally. The larger volume of job opportunities has created increased competition in the market, driving employers to place a stronger focus on retention strategies for existing workers.
The retail and FMCG sectors are benefitting from improved local economic conditions, which is increasing consumer activity in these areas. As consumer confidence grows over the next 12 months, business confidence is likely to further increase, creating ample career opportunities for professionals in these fields.
In terms of hiring strategies, social media is growing in popularity in India. Employers are increasingly aware that digital assets present an opportunity to attract new candidates to their company and are investing in these channels. Some 68% of surveyed employers use social media as part of the recruitment process, with LinkedIn the favoured platform for 94% of those.
The overarching sentiment in India’s employment market is one of growth, with business leaders looking to become competitive on an international scale. Employers and government are making positive changes towards that goal, creating an optimistic outlook for the coming 12 months in India’s recruitment market.
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5
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market overviewRECRUITMENT ACTIVITY
Strength of current hiring activity compared to the last 12 months
Expectation of a professional skills shortage in the next 12 months
Stronger (21%)
Slightly stronger (26%)
Steady (35%)
Slightly weaker (11%)
Weaker (7%)
39%
Yes Unsure
14%
No
47%
Note: All infographics in this report are based on the views of survey participants. The accompanying market commentary is based on the experience and observations of the Michael Page team.
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5
5
market overviewRECRUITMENT ACTIVITY
Skills shortage placing upwards pressure on salaries
Workplace offers same opportunity for women to progress to senior/executive level positions as men
Impact of skills shortage on businesses in India over the next 12 months
Evidence of equal opportunity to progress to senior/ executive roles’*
Yes, it will cause salaries to rise above the inflation rate (71%)
Yes, salaries will increase but only at the rate of inflation (23%)
No, the skills shortage will not impact salary levels (6%)
None Other** Source talent from
overseas
5% 3% 2%
It will be difficult to maintain
headcount
10%
80%
Need to develop more
targeted attraction strategies
0
20
40
60
80
100
** training, career frameworks, high-potential mangement, etc.
29%
15%
YES
NO
Unsure
56%
79%YES
13%MAYBE
8%UNSURE
52%
36%
42%
35%
39%
10%
Based on number of women in senior/executive positions
Range of flexible working arrangements offerredto accommodate parents in the workplace
Formal diversity policy with targets for increasing the number of women in senior/executive positions
Engaged CEO focused on the diversity agenda
Range and availability of leadership training provided to employees
Other***
*** equal opportunity policy, anti-discriminatory culture, etc.
* more than one option could be selected.
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5
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market overviewRECRUITMENT ACTIVITY
Companies using social media to source talent
Companies expecting to increase headcount over the next 12 months
Preferred social media platforms used to source talent
Experience level expected to be in highest demand
Google+
4%
94%
2%
0 20 40 60 80 100
Entry level (10%)
Mid-level (45%)
Management (19%)
Senior management (9%)
Specialists (17%)
68%
32%
0
20
40
60
80
100
29%
15%
YES
NO
Unsure
56%
70%YES
23%NO
7%UNSURE
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5
7
market overviewSALARY AND REMUNERATION
Salary increases over the next 12 months Average percentage salary increase over the next 12 months
All my employees will receive the same percentage increase
2%
All my employees will receive an increase, but it will vary according to performance
91%
Only my best performing employees will receive an increase
6%
No one in my team will receive an increase
1%
0 20 40 60 80 100
1% - 5%
6% - 10%
11% - 15%
16% - 20%
6%
38%
7%
48%
21% - 30%
16% or above 74%
1%
0 20 40 60 80 100
Average percentage salary increase for the best performers
1% - 5%
6% - 10%
11% - 15%
21% - 30%
2%
35%
15%
10%
31% - 40%
Above 40% 3%
2%
16% - 20%
41% - 50%
34%
1%
60% and above 1%
0 20 40 60 80 100
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5
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market overviewSALARY AND REMUNERATION
Average salary increase to hire new staff
Factor most likely to impact salary levels in the next 12 months*
Flexible salary packaging or fringe benefits offered to employees
10%
3%
61%
48%
44%
40%
69%
37%
11%
6%
3%
72%
42%
42%
42%
72%
0 20 40 60 80 100
Individual, team orcompany performance
Domestic economic conditions
Competition with other companies
Global economic conditions
Inflation
Elections
Other**
2% Don’t expect any factors to impact salaries
1% Not sure
** job market, business profit, etc.
1% - 5%
6% - 10%
11% - 15%
16% - 20%
13%
20%
25%
18%
21% - 30%
16% or above 74%
23%
31% - 40% 1%
0 20 40 60 80 100
15%
Unsure
66%YES
34%NO
* more than one option could be selected.
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5
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market overviewSALARY AND REMUNERATION
Companies providing bonus as part of the remuneration package
Basis for bonuses over the next 12 months
Average percentage bonus of gross salary
88%
12%
0
20
40
60
80
100
Other**
Team performance
12%
Company performance
12%
Individual performance
11%
9%
5%
4%
4%
8%
69%
Team performance
Other*
Combination of all
* Fixed component of salary.1% - 5%
6% - 10%
11% - 15%
16% - 20%
8%
30%
20%
24%
21% - 30%
31% - 40%
41% - 50%
2%
1%
51% - 63% 2%
60% and above 5%
16% or above 74%
8%
0 20 40 60 80 100
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5
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market overviewATTRACTION AND RETENTION
Employer expectations for staff turnover in the next 12 months
Key reason employees are likely to leave*
0
20
40
60
80
100
Better training
and develop-
ment
Improve salary
Gain more seniority
Broaden experience/opportunity
to learn
** seek growth opportunities, working for MNC, etc.
Overseas opportuni-
ties
Other**
10%
22%
78%
27%
55%
43%
12%
Achieve better
work/life balance
₹
Strategy to attract returning Indian talent
29%
15%
YES
NO
Unsure
56%
51%YES
24%NO
25%UNSURE
29%
15%
YES
NO
Unsure
56%
34%YES
43%NO
23%UNSURE
* more than one option could be selected.
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5
11
market overviewATTRACTION AND RETENTION
Strategies used to attract returning Indian talent* Channels used to source returning Indian talent*
Attractive employee value proposition
57%
Attractive business proposition
82%
Regional/global remit
38%
Relocation allowance
29%
Other^
2%
0 20 40 60 80 100
^ broader role.
Attractive employee value proposition
57%
Attractive business proposition
82%
Regional/global remit
38%
Relocation allowance
29%
Other**
2%
** broader role.
* more than one option could be selected.
Recruitment consultants
Social media platforms
Job boards
Other****
72%
65%
55%
17%
Other (innovation opportunities, etc.) 2%
Local Newspaper 11%
**** internal referrals, networks, etc.
Most popular options offered to support employees’ work/life balance*
Other***
Increased maternity / paternity leave
Sabbatical leave
Alternative leave options (e.g. volunteering)
Team building/offsite activities
Flexible working arrangements
11%
40%
28%
68%
58%
23%
0 20 40 60 80 100
*** team activities, none of these, etc.
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5
12
market overviewATTRACTION AND RETENTION
Combination of benefits offered to employees* Most popular tools for attraction and retention
13%
8%
7%
1%
78%
64%
55%
48%
88%
0 20 40 60 80 100
Healthcareinsurance
Mobile phone
Personal laptop
Parking
Company car
Travel pass
Income protection insurance
Other**
None
** food allowance, accomodation, term insurance, accidental insurance, etc.
Training and mentoring partnerships
Recognition and rewards
Global career opportunities
Work/life balance initiatives
Strong company culture
Structured career progression
3%
17%
6%
39%
30%
5%
0 20 40 60 80 100
* more than one option could be selected.
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5
13
market overviewwORkINg hOURS
Average weekly working hours
Change in average weekly working hours over the last 12 months
Main reason behind the increased working hours
36-40 hours 46-50 hours41-45 hours 51-55 hours
11% 42% 29% 13%
56 hours or more
5%
29%
15%
YES
NO
Unsure
56%6%
SIGNIFICANTLY INCREASED
(15+%)
69%STAYED THE
SAME
20%INCREASED(0 - 15%)
5%
REDUCED(0 - 15%)
Business growth
59%
Fewer headcount
20%
Other
9%
Staff leaving and not replaced
8%
Promotion
4%
0 20 40 60 80 100
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5
14
FINANCE
Finance
F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E -F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H UM A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S& M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E FI N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H UM A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S& M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E FI N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H UM A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S& M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E FI N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H UM A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S& M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E FI N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H UM A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S& M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E FI N A N C I A L S E R V I C E S F I N A N C E H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R VI C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S F I N A N C E H U M A N R ES O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R KE T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C IA L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E SO U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K ET I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I AL S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S OU R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T IN G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L SE R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O UR C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I NG F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S ER V I C E S F I N A N C E H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A NR E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M AR K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A NC I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N RE S O U R C E S S A L E S & M A R K E T I N G
I N D I A 2 0 1 4 / 1 5
FINANCESALARY & EMPLOYMENT
FORECAST
Finance
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FINANCE
Finance
RECRUITMENT ACTIVITY
Strength of current hiring activity compared to the last 12 months
Expectation of a professional skills shortage in the next 12 months
Stronger (14%)
Slightly stronger (21%)
Steady (44%)
Slightly weaker (12%)
Weaker (9%)
31% 17%
52%
UnsureYes
No
Market observations:• Over the past 12 months, the hiring of finance professionals in India
has increased, and hiring activity remains strong into 2014. In line with positive predictions for the domestic economy, further growth in the finance field is expected over the next 12 months as multinational organisations continue to enter the local markets and existing operations expand their teams.
• The majority of hiring activity for finance professionals is currently occurring in Mumbai as most business headquarters are located in the city.
• Hiring is currently strongest in corporate finance and finance controllership. Organisations are beginning to strengthen their corporate finance teams in light of due diligence activity and ahead of expected merger and acquisition activity. Financial Controllers with the skills to act as business partners are also required within the finance function.
• Professionals with experience in taxation are in high demand, as taxation shifts from a cost centre to a profit centre and companies look to build a talent pipeline of professionals with the relevant skills. However, there is currently a shortage of professionals with proven experience in this area.
• Financial planning and analysis is also a growth area, as companies look to hire team members who can act as business partners during a time of expansion. Those with a background in financial planning and analysis have skills better suited to take on this responsibility than pure accountants. Expansion plans within the manufacturing sector are also driving this demand.
• International experience and experience working in a start-up environment, as well as strong financial fundamentals are highly regarded by employers in the current market. Multinational organisations value professionals with start-up experience as they have the skills to build operations from scratch in the region, while international experience is preferred in order to create a company culture that reflects international operations.
Note: All infographics in this report are based on the views of survey participants. The accompanying market commentary is based on the experience and observations of the Michael Page team.
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Finance
Skills shortage placing upwards pressure on salaries
Workplace offers same opportunity for women to progress to senior/executive level positions as men
Impact of skills shortage on businesses in India over the next 12 months
How workplace offers same opportunity to progress to senior/executive level roles*
RECRUITMENT ACTIVITY
Yes, it will cause salaries to rise above the inflation rate (54%)
Yes, salaries will increase but only at the rate of inflation (29%)
No, the skills shortage will not impact salary levels (17%)
None
13%
It will be difficult to maintain
headcount
29%
58%
Need to develop more
targeted attraction strategies
81%YES
10%MAYBE
9%UNSURE
* more than one option could be selected.
48%
48%
38%
37%
24%
14%
Based on number of women in senior/executive positions
Formal diversity policy with targets for increasingthe number of women in senior/executive positions
Range and availability of leadership trainingprovided to employees
Range of flexible working arrangements offerredto accommodate parents in the workplace
Engaged CEO focused on the diversity agenda
Other**
** equal opportunity policy, etc.
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Finance
Companies using social media to source talent
Companies expecting to increase headcount the next 12 months
Prefered social media platforms used to source talent
Experience level expected to be in highest demand
RECRUITMENT ACTIVITY
Google+
11%
78%
11%
67%YES
25%NO
8%UNSURE
49% 51%
Entry level (6%)
Mid-level (57%)
Management (25%)
Senior management (6%)
Specialists (6%)
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Finance
SALARY AND REMUNERATION
Average percentage salary increase for the best performers
Average salary increase to hire new staff
Factor most likely to impact salary levels in the next 12 months*
Flexible salary packaging or fringe benefits offered to employees
6% - 10%
11% - 15%
21% - 30%
31% - 40%
12%
12%
4%
43%
16% - 20% 29%
12%
3%
56%
46%
38%
38%
71% Domestic economic conditions
Individual, team or company performance
Inflation
Global economic conditions
Competition with other companies
Elections
Don’t expect any factors to impact salaries
1% - 5%
6% - 10%
11% - 15%
16% - 20%
13%
29%
23%
23%
21% - 30% 12%
56%YES
44%NO
* more than one option could be selected.
Market observations:• High performers can continue to expect high salary increases of up to
18-20%, however average performers could likely see a drop in salary increases by almost 10%, down to approximately 8-12%.
• Chief Financial Officers will be awarded higher than average salary increases, as these positions are ultimately responsible for company growth and will be rewarded accordingly.
Average percentage salary increase over the next 12 months
All my employees will receive the same percentage increase
4%
All my employees will receive an increase, but it will vary according to performance
95%
No one in my team will receive an increase
1%
1% - 5%
6% - 10%
11% - 15%
16% - 20%
5%
29%
4%
61%
21% - 30% 1%
Salary increases over the next 12 months
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Finance
Companies providing bonus as part of the remuneration package
SALARY AND REMUNERATION
87%
13%
Basis for bonuses over the next 12 months
Individual performance
Combination of all
12%
Company performance
12%
4%
4%
68%
* Fixed component of salary.
Team performance
Other*
Average percentage bonus of gross salary
1% - 5%
6% - 10%
11% - 15%
16% - 20%
7%
25%
18%
35%
21% - 30%
41% - 50%
51% - 60%
1%
1%
60% and above 7%
6%
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Finance
Employer expectations for staff turnover in the next 12 months
Key reason employees are likely to leave*
Other**Improve salary
Gain more seniority
Broaden experience/opportunity
to learn
** seek growth opportunities, working for MNC, etc.
Achieve better
work/life balance
Overseas opportu-
nities
Better training and
develop-ment
8%10%
77%
31%
56%
36%
10%
₹
ATTRACTION AND RETENTION
Strategy in place to attract returning Indian talent Strategies used to attract returning Indian talent*
Attractive business proposition
65%
Attractive employee value proposition
82%
Regional/global remit
29%
Relocation allowance
12%
22%YES
50%NO
28%UNSURE
50%YES
24%NO
26%UNSURE
* more than one option could be selected.
Market observations:• Over the past 12 months there has been an increase in the number of
Indian finance professionals returning home from offshore.
• Organisations are implementing clear diversity targets for middle management positions to increase gender diversity. In an effort to meet targets, these are being recorded as key result areas for Human Resources staff.
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FINANCE
Finance
ATTRACTION AND RETENTION
Channels used to source returning Indian talent* Most popular options offered to support employees’ work/life balance*
Social media platforms
Recruitment consultants
Job boards
Local Newspaper
59%
41%
35%
24%
Other** 18%
** internal referrals, networks, etc.Other***
Increased maternity / paternity leave
Sabbatical leave
Alternative leave options (e.g. volunteering)
Team building/offsite activities
Flexible working arrangements
14%
35%
26%
60%
51%
21%
*** limited overtime, team activities, etc.
Combination of benefits offered to employees* Most popular tools for attraction and retention
Training and mentoring partnerships
Recognition and rewards
Work/life balance initiatives
Global career opportunities
Strong company culture
Structured career progression
3%
19%
6%
44%
24%
4%15%
8%
5%
1%
78%
64%
53%
46%
79%Healthcare insurance
Mobile phone
Personal laptop
Parking
Company car
Travel pass
Other****
Income protection insurance
None
**** term insurance, accidental insurance, etc.
* more than one option could be selected.
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Finance
wORkINg hOURS
Average weekly working hours
36-40 hours 46-50 hours41-45 hours 51-55 hours
6% 37% 32% 17%
56 hours or more
8%
Change in average weekly working hours over the last 12 months
Main reason behind the increased working hours
7%
SIGNIFICANTLY INCREASED
(15+%)
65%STAYED THE
SAME
24%INCREASED(0 - 15%)
3%
REDUCED(0 - 15%)
1%
SIGNIFICANTLYREDUCED(15+%)
Business growth
45%
Fewer headcount
25%
Other^
13%
Staff leaving and not replaced
13%
Promotion
4%
^ business growth, increased governance etc.
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FINANCE
Finance
Salary tableS
Please note:
1. Salaries are quoted as CTC (Cost to company including Basic salary, HRA, other allowance and retirals). 2. All salaries are median ranges. 3. Tier 1: listed MNC entities. 4. Tier 2: Non listed / local entities.
GENERALTier 1 INR Lacs INR Lacs INR Lacs INR Lacs
Roles 3 to 5 years 5 to 10 years 10 to 15 years > 15 years
Delhi Mumbai Delhi Mumbai Delhi Mumbai Delhi Mumbai
CFO/Finance Director (large organisation) N/A N/A N/A N/A 50–75 80–120 75+ 120+
CFO/Finance Director (small/medium organisation) N/A N/A 25–45 30–45 45–65 50–70 65+ 70+
CFO/Finance Director (shared services centre) N/A N/A N/A N/A 50–75 60–80 75+ 80+
GM Finance/Financial Controller (large organisation) N/A N/A 22-45 25–45 45–65 45–70 65+ 70+
GM Finance/Financial Controller (small/medium organisation) N/A N/A 20–35 20–40 35–50 40–60 50+ 60+
GM Finance/Financial Controller (Plant) N/A N/A 18–30 20–35 35–45 35–50 45+ 50+
Finance Manager (large organisation) N/A 12–18 20–25 20–30 35–45 N/A N/A N/A
Finance Manager (small/medium organisation) 10–15 10–15 15–25 18–30 25–35 N/A N/A N/A
Finance Manager (shared services centre) 10–15 10–15 15–25 18–30 25–45 30-50 N/A N/A
Financial & Planning Analysis 8–12 10–18 15–30 18–35 30–50 40–60 50+ 60+
Financial/Business Analyst 8–15 10–15 15–25 15–30 25–45 30-50 N/A N/A
Financial Accounting 8–15 10–15 15–25 15–30 25–35 30–50 N/A N/A
Tier 2 INR Lacs INR Lacs INR Lacs INR Lacs
Roles 3 to 5 years 5 to 10 years 10 to 15 years > 15 years
Delhi Mumbai Delhi Mumbai Delhi Mumbai Delhi Mumbai
CFO/Finance Director (large organisation) N/A N/A N/A N/A 40–60 70–80 60+ 90+
CFO/Finance Director (small/medium organisation) N/A N/A 20–35 25–40 35–50 40–60 50+ 60+
CFO/Finance Director (shared services centre) N/A N/A N/A 20–40 35-60 40–60 60+ 60+
GM Finance/Financial Controller (large organisation) N/A N/A 20–35 20–40 35–50 40–60 45+ 60+
GM Finance/Financial Controller (small/medium organisation) N/A N/A 15–30 20–35 30–45 35–50 45+ 50+
GM Finance/Financial Controller (Plant) N/A 10–15 12–25 15–25 25–40 25–45 40+ 45+
Finance Manager (large organisation) N/A 10–15 12–25 15–28 20–35 N/A N/A N/A
Finance Manager (small/medium organisation) 8–12 8–12 12–25 12–25 20–30 N/A N/A N/A
Finance Manager (shared services centre) 8–12 8–12 12–25 12–25 20–30 30-40 N/A N/A
Financial & Planning Analysis 8–15 8–15 15–25 15–28 25–40 25–35 42+ 45+
Financial/Business Analyst 8–12 8–12 12–25 12–25 20–30 N/A N/A N/A
Financial Accounting 8–12 8–12 12–25 12–25 20–30 25–40 N/A N/A
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FINANCE
Finance
Salary tableS
Please note:
1. Salaries are quoted as CTC (Cost to company including Basic salary, HRA, other allowance and retirals). 2. All salaries are median ranges. 3. Tier 1: listed MNC entities. 4. Tier 2: Non listed / local entities.
SPECIALISTTier 1 INR Lacs INR Lacs INR Lacs INR Lacs
Roles 3 to 5 years 5 to 10 years 10 to 15 years > 15 years
Delhi Mumbai Delhi Mumbai Delhi Mumbai Delhi Mumbai
Finance Strategy 10–15 12–18 15–30 18–30 35–45 35–50 45+ 50+
Costing 8–12 10–15 12–20 15–20 20–35 20–40 N/A N/A
Accounts Receivable 8–12 8–12 12–25 12–25 25–35 25–35 N/A N/A
Accounts Payable 8–12 8–12 12–25 12–25 25–35 25–35 N/A N/A
Treasury 8–12 10–15 12–30 15–35 30–50 35–55 50+ 60+
Tax–Indirect 10–20 10–20 18–30 18–35 30–45 35–50 45+ 55+
Tax–Direct/International 10–15 12–20 15–35 20–40 35–55 40–60 55+ 60+
Corporate Finance N/A 12–25 15–30 18–35 30–45 35–50 45+ 50+
Investor Relations N/A N/A N/A N/A 30–50 40–60 50+ 60+
Internal Audit 8–12 10–15 15–30 15–30 30–50 30–50 50+ 50+
Tier 2 INR Lacs INR Lacs INR Lacs INR Lacs
Roles 3 to 5 years 5 to 10 years 10 to 15 years > 15 years
Delhi Mumbai Delhi Mumbai Delhi Mumbai Delhi Mumbai
Finance Strategy 10–15 10–15 15–25 15-28 25–35 28–40 45+ 40+
Costing 8–10 8–12 10–20 12–20 20–30 20–30 N/A N/A
Accounts Receivable 8–10 8–10 10–20 10–20 20–30 20–35 N/A N/A
Accounts Payable 8–10 8–10 10–20 10–18 20–30 20–35 N/A N/A
Treasury 8–12 10–15 12–25 15–25 25–40 25–45 40+ 45+
T0ax–Indirect 8–12 10–15 12–25 15–25 25–40 25–45 40+ 45+
Tax–Direct/International 8–12 10–15 12–25 15–25 25–40 25–45 40+ 45+
Corporate Finance N/A 12–20 15–25 25–35 25–40 35–50 45+ 50+
Investor Relations N/A N/A N/A N/A 25–40 30–50 40+ 50+
Internal Audit 8–12 8-15 12–25 15–25 25–40 25–45 40+ 45+
PuBLIC ACCOuNTINGTier 1 INR Lacs INR Lacs INR Lacs INR Lacs
Roles 3 to 5 years 5 to 10 years 10 to 15 years > 15 years
Delhi Mumbai Delhi Mumbai Delhi Mumbai Delhi Mumbai
Audit 10–15 12–20 15–30 20–35 30–50 35–55 50+ 55+
Tax 10–15 12–20 15–30 20–35 35–50 35–55 50+ 55+
Transaction Advisory 10–15 12–20 15–30 20–35 30–50 35–55 50+ 55+
Tier 2 INR Lacs INR Lacs INR Lacs INR Lacs
Roles 3 to 5 years 5 to 10 years 10 to 15 years > 15 years
Delhi Mumbai Delhi Mumbai Delhi Mumbai Delhi Mumbai
Audit 8–15 10–18 15–25 18–30 25–40 30–45 40+ 45+
Tax 8–15 10–18 15–25 18–30 25–40 30–45 40+ 45+
Transaction Advisory 8–15 10–18 15–25 18–30 25–40 30–45 40+ 45+
F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E -F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H UM A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S& M A R K E T I N G F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I AL S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S OU R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T IN G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L SE R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O UR C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I NG F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S ER V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U RC E S S A L E S & M A R K E T I N G F I N A N C I A L S E R V I C E S F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C ES S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F IN A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C I A L S E R V I C E S F I N AN C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C ES H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S AL E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A NC E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E SH U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A RK E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N CI A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R ES O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R KE T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C IA L S E R V I C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S F I N A N C I A L S E R V I C E S H U M A N R ES O U R C E S S A L E S & M A R K E T I N G H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E RV I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R CE S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F IN A N C E F I N A N C I A L S E R V I C E S F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N AN C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C ES H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S AL E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A NC E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E SH U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A LE S & M A R K E T I N G
SALARY & EMPLOYMENTFORECAST
FINANCIALSERVICES
I N D I A 2 0 1 4 / 1 5
Financial Services
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5FINANCial services
26Financial Services
RECRUITMENT ACTIVITY
Strength of current hiring activity compared to the last 12 months
Expectation of a professional skills shortage in the next 12 months
Stronger (14%)
Slightly stronger (25%)
Steady (36%)
Slightly weaker (18%)
Weaker (7%)
36% 11%
53%
Unsure
Yes
No
Market observations:• Over the past 12 months there has been an increase in hiring activity
within India’s banking sector, with a high level of activity continuing throughout 2014. This activity is expected to rise further in 2015.
• There have been notable differences in hiring activity on a regional level, with multinational companies leading a shift away from Mumbai as a financial services hub over the past five years. Bangalore, Pune, Delhi NCR, Chennai and Hyderabad have emerged as the top locations for international companies seeking a lower cost alternative to headquarters in Mumbai. This is leading to significant hiring activity in these cities.
• Key factors contributing to the current uplift in hiring include more value-add onshore roles moving to India, Shared Services Centres (SSCs) relocating from Singapore to India, and additional foreign investment in the local banking sector.
• As international banks face increased pressure to lower their cost base, India is being seen as an attractive location to house most value-add roles within finance, risk, analytics, and product-based technology.
• India’s national election has led to improved sentiment in the local economy, resulting in increased business activity and hiring. This is being seen most clearly in investment banks, private equity and venture capital funds and consulting firms.
• The global economy has also played a key role in increased activity in India’s banking sector, with high levels of Foreign Institutional Investors (FIIs) and Foreign Direct Investment seen so far in 2014.
• Most existing finance companies in India are operating with a year-on-year growth model, increasing headcount as current teams grow confident with existing functions. Some are adding new business units such as product control and valuations.
• Hiring is currently strong across a number of industry areas including: finance, analytics, risk, investment banking, private equity and venture capital investment, real estate and management consulting.
• Multinational banks are looking to create Centres of Excellence (CoEs) across credit and market risk in India, which is contributing to positive growth forecasts for finance roles.
• Existing companies are strengthening their analytics and reporting teams, creating job opportunities in those areas. The availability of talented and qualified statisticians and analytics professionals (often at a PhD level) at a relatively lower cost than overseas markets is driving greater demand for Big Data and Machine Learning roles. This is positioned to increase as more companies begin to understand the importance of generating insights from large amounts of unstructured data to stay ahead of the competition and capitalise on changing consumer trends.
• Market and credit risk are key concerns for finance companies globally, creating growth in this area locally. Introduction of new global regulatory standards including Comprehensive Capital Analysis and Review (CCAR) and Basel III have contributed to these increased opportunities.
• Other roles in high demand by hiring managers include Investment Banking Analysts and Associates in global banks, and Investment Banking Directors in domestic institutions, Private Equity and Venture Capital Analysts at all levels across both domestic and global firms as well as Management Consultants and Real Estate professionals. These roles are expected to remain in demand over the next 12 months.
• Professionals with high levels of education and experience are in particularly high demand. Those with Masters degrees or PhD-level qualifications in addition to significant experience in risk, regulatory reporting and/or product control are highly sough-after.
Note: All infographics in this report are based on the views of survey participants. The accompanying market commentary is based on the experience and observations of the Michael Page team.
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5FINANCial services
27Financial Services
RECRUITMENT ACTIVITY
Skills shortage placing upwards pressure on salaries
Workplace offers same opportunity for women to progress to senior/executive level positions as men
Impact of skills shortage on businesses in India over the next 12 months
How workplace offers same opportunity to progress to senior/executive level roles*
Yes, it will cause salaries to rise above the inflation rate (65%)
Yes, salaries will increase but only at the rate of inflation (35%)
86%YES
7%NO
7%UNSURE
Engaged CEO focused on the diversity agenda
66%
61%
50%
37%
24%
3%
Formal diversity policy with targets for increasing thenumber of women in senior/executive positions
Based on number of women in senior/executive positions
Range of flexible working arrangements offerredto accommodate parents in the workplace
Engaged CEO focused on the diversity agenda
Range and availability of leadership training provided to employees
Other***
*** top management focus on hiring senior women, etc.
Other**
9%
91%
Need to develop more
targeted attraction strategies
** source talent internationally, etc.
* more than one option could be selected
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5FINANCial services
28Financial Services
RECRUITMENT ACTIVITY
Companies using social media to source talent
Companies expecting to increase headcount over the next 12 months
Preferred social media platforms used to source talent (Choice of Linkedin, Facebook, Google+ and Twitter)
Experience level expected to be in highest demand
Linkedin 100%
79%YES
17%NO
4%UNSURE
77%
23%
Mid-level (33%)
Management (33%)
Senior management (12%)
Specialists (22%)
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5FINANCial services
29Financial Services
SALARY AND REMUNERATION
Salary increases over the next 12 months
Average percentage salary increase over the next 12 months
All my employees will receive the same percentage increase
2%
All my employees will receive an increase, but it will vary according to performance
85%
Only my best performing employees will receive an increase
11%
No one in my team will receive an increase
2%
6% - 10%
11% - 15%
16% - 20%
48%
14%
38%
Market observations:• High salary increases are on offer for most professionals
changing jobs in the banking sector. Those with niche skills or in critical roles can expect a salary up to 25-35% higher in a new role, and a yearly increase of up to 15% in the same role. Less business-critical roles can still command a salary hike of 20-25% in a new role. Front office teams have seen salaries rise by 20-25% even in the same role over the past 12 months.
• Mumbai-based professionals are currently earning 10-15% more than their counterparts in similar roles in Delhi NCR or Bangalore, due to the high cost of living in the city.
• A number of roles will be awarded above average salary increases due to a shortage of quality talent in these areas. In addition, many of these roles attract returning Indian talent, which demands a premium salary.
• Key specialist areas positioned for an above average salary increase include product control, treasury, regulatory reporting, and Legal Entity Controllers in finance. Within risk, market and credit risk will be awarded the largest salary increases. Analytics roles in the areas of Big Data, risk analytics and Machine Learning can also command higher salary increases. Other key areas where salary growth is strong include investment banking, private equity, real estate and management consulting.
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5FINANCial services
30Financial Services
SALARY AND REMUNERATION
Average percentage salary increase for the best performers
Average salary increase to hire new staff
Factor most likely to impact salary levels in the next 12 months*
Flexible salary packaging or fringe benefits offered to employees
6% - 10%
11% - 15%
21% - 30%
31% - 40%
7%
26%
2%
34%
16% - 20% 31%
2%
2%
77%
61%
59%
30%
80% Global economic conditions
Individual, team orcompany performance
Competition with other companies
Domestic economic conditions
Inflation
Elections
Other**
2% Don’t expect any factors to impact salaries
2% Not sure
** market rate, negotiations, etc.
1% - 5%
6% - 10%
11% - 15%
16% - 20%
11%
18%
25%
7%
21% - 30% 39%
86%YES
14%NO
* more than one option could be selected
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5FINANCial services
31Financial Services
SALARY AND REMUNERATION
Companies providing bonus as part of the remuneration package
100%
Basis for bonuses over the next 12 months
7%
Team performance
11% 5%
77%
Company performance
Individual performance
Combination of all
Average percentage bonus of gross salary
1% - 5%
6% - 10%
11% - 15%
16% - 20%
2%
45%
23%
9%
21% - 30%
30% - 41%
41% - 50%
7%
2%
11%
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5FINANCial services
32Financial Services
ATTRACTION AND RETENTION
Employer expectations for staff turnover in the next 12 months
Key reason employees are likely to leave*
0
20
40
60
80
100
Improve salary
Gain more seniority
Broaden experience/opportunity
to learn
Overseas opportuni-
ties
Better training
and develop-
ment
Achieve better
work/life balance
30%
70%
39%
70%
52%
4%
₹
Strategy in place to attract returning Indian talent Strategies used to attract returning Indian talent
Attractive employee value proposition
83%
Attractive business proposition
65%
Regional/global remit
57%
Relocation allowance
43%
52%YES
23%NO
25%UNSURE
52%YES
9%NO
39%UNSURE
* more than one could be selected
Market observations:• A number of innovative attraction and retention strategies are
beginning to emerge in India’s banking sector, including better engagement for mid level management, enhanced communication throughout the functional and organisational hierarchy and improved internal mobility between functions for junior to mid level candidates. In addition, some employees are being offered promotions that come with financial incentives such as bonds and increasing equity offerings in order to motivate long term commitment.
• Companies are investing in strategies to attract returning Indians, such as offering a defined vision for career growth in addition to higher salaries and compensation. Businesses are also utilising international recruitment firms to help them build va talent pipeline.
• Gender diversity remains a key concern for employers in India, with companies implementing strategies that aim to present female employees with the same career progression opportunities as their male counterparts. Current approaches include improved maternity leave policies, education programs for internal decision-makers to raise awareness and highlight the importance of diversity, and increased consideration of female professionals for leadership roles.
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5FINANCial services
33Financial Services
ATTRACTION AND RETENTION
Channels used to source returning Indian talent* Most popular options offered to support employees’ work/life balance*
Recruitment consultants
Job boards
Social media platforms
Local Newspaper
83%
83%
61%
13%
Other** 9%
** internal, referrals, networks, etc.
Other***
Sabbatical leave
Increased maternity / paternity leave
Alternative leave options (e.g. volunteering)
Team building/offsite activities
Flexible working arrangements
7%
45%
45%
77%
66%
32%
*** limited overtime, team activities, etc.
Combination of benefits offered to employees* Most popular tools for attraction and retention
Work/life balance initiatives
Recognition and rewards
Training and mentoring partnerships
Global career opportunities
Strong company culture
Structured career progression
3%
13%
5%
50%
24%
5%
* more than one could be selected
7%
7%
2%
70%
68%
59%
52%
89%Healthcareinsurance
Company car
Mobile phone
Personal laptop
Parking
Travel pass
Income protection insurance
Other****
**** term insurance, accidental insurance, etc.
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5FINANCial services
34Financial Services
wORkINg hOURS
Average weekly working hours
36-40 hours 46-50 hours41-45 hours 51-55 hours
5% 55% 32% 7%
56 hours or more
1%
Change in average weekly working hours over the last 12 months
Main reason behind the increased working hours
5%
SIGNIFICANTLY INCREASED
(15+%)
68%STAYED THE
SAME
18%INCREASED(0 - 15%)
9%
REDUCED(0 - 15%)
Business growth
64%
Fewer headcount
27%
Promotion
9%
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5FINANCial services
35
Salary tableS
Financial Services
Please note:
1. Salaries are quoted as CTC (Cost to company including Basic salary, HRA, other allowance and retirals). 2. All salaries are median ranges. 3. Tier 1: Captives for MNC across India. 4. Tier 2: Third party consulting compaines providing solution to banking clients.
FINANCE – CENTRAL FINANCETier 1 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
CFO N/A N/A N/A N/A 60–85 60–90 85+ 90+
Financial Reporting 18–28 20–30 28–45 28–50 45–70 50–75 70+ 75+
Tax Accountant 18–28 20–30 28–45 28–50 45–70 50–75 70+ 75+
Management Reporting 18–28 20–30 28–45 28–50 45–70 50–75 70+ 75+
Legal Entity Control 18–28 20–30 28–45 28–50 45–70 50–75 70+ 75+
Regulatory Reporting 18–28 20–30 28–50 28–55 45–70 55–80 75+ 80+
Tier 2 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
CFO N/A N/A N/A N/A 50–75 50–80 75+ 80+
Financial Reporting 16–24 18–25 24–40 25–45 40–60 45–65 60+ 65+
Tax Accountant 16–24 18–25 24–40 25–45 40–60 45–65 60+ 65+
Management Reporting 16–24 18–25 24–40 25–45 40–60 45–65 60+ 65+
Legal Entity Control 16–24 18–25 24–40 25–45 40–60 45–65 60+ 65+
Regulatory Reporting 16–26 18–28 26–45 28–50 45–65 50–70 65+ 70+
FINANCE – FINANCE PROjECTTier 1 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Business Analyst/ Change Management
18–28 20–30 28–45 28–50 45–70 50–75 70+ 75+
Tier 2 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Business Analyst/ Change Management
16–24 18–25 24–40 25–45 40–60 45–65 60+ 65+
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5FINANCial services
36
Salary tableS
Financial Services
Please note:
1. Salaries are quoted as CTC (Cost to company including Basic salary, HRA, other allowance and retirals). 2. All salaries are median ranges. 3. Tier 1: Captives for MNC across India. 4. Tier 2: Third party consulting compaines providing solution to banking clients.
FINANCE – PRODuCT CONTROLTier 1 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Money Market 18–28 20–30 28–50 28–55 45–75 55–80 75+ 80+
Equities 18–28 20–30 28–50 28–55 45–75 55–80 75+ 80+
Commodities & Derivatives 18–28 20–30 28–50 28–55 45–75 55–80 75+ 80+
OPERATIONSTier 1 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Head of Operations/COO N/A N/A N/A N/A 50–80 60–90 80+ 90+
Project Management 20–28 20–30 28–40 30–45 40–70 45–75 70+ 75+
Quality 20–28 20–30 28–40 30–45 40–70 45–75 70+ 75+
Transitions 20–25 20–28 25–40 25–45 40–70 45–75 70+ 75+
Payments & Cash Management 20–28 20–30 28–40 30–45 40–70 45–75 70+ 75+
Tier 2 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Head of Operations/COO N/A N/A N/A N/A 50–70 50–75 70+ 75+
Project Management 16–26 16–28 26–35 28–40 40–60 40–65 60+ 65+
Quality 16–26 16–28 26–35 28–40 40–60 40–65 60+ 65+
Transitions 15–25 15–25 25–35 25–40 40–60 40–65 60+ 65+
Payments & Cash Management 15–25 15–25 26–35 28–40 40–60 40–65 60+ 65+
Tier 2 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Money Market 16–26 18–28 26–45 28–50 45–65 50–70 65+ 70+
Equities 16–26 18–28 26–45 28–50 45–65 50–70 65+ 70+
Commodities & Derivatives 16–26 18–28 26–45 28–50 45–65 50–70 65+ 70+
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5FINANCial services
37
Salary tableS
Financial Services
Please note:
1. Salaries are quoted as CTC (Cost to company including Basic salary, HRA, other allowance and retirals). 2. All salaries are median ranges. 3. Tier 1: Captives for MNC across India. 4. Tier 2: Third party consulting compaines providing solution to banking clients.
OPERATIONS – MIDDLE OFFICETier 1 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Client Servicing 18–25 20–30 25–40 30–45 40–70 45–75 70+ 75+
Trade Support/Capture 18–25 20–30 25–40 30–45 40–70 45–75 70+ 75+
Reference Data 18–25 20–30 25–40 30–45 40–70 45–75 70+ 75+
Corporate Actions 18–25 20–30 25–40 30–45 40–70 45–75 70+ 75+
Business Management 20–28 20–30 28–40 30–45 40–70 45–75 70+ 75+
Change Management 20–28 20–30 28–40 30–45 40–70 45–75 70+ 75+
Fund Administration 18–25 20–30 25–40 30–45 40–70 45–75 70+ 75+
Tier 2 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Client Servicing 15–25 15–25 26–35 28–40 40–60 40–65 60+ 65+
Trade Support/Capture 15–25 15–25 26–35 28–40 40–60 40–65 60+ 65+
Reference Data 15–25 15–25 26–35 28–40 40–60 40–65 60+ 65+
Corporate Actions 15–25 15–25 26–35 28–40 40–60 40–65 60+ 65+
Business Management 16–26 16–28 26–35 28–40 40–60 40–65 60+ 65+
Change Management 16–26 16–28 26–35 28–40 40–60 40–65 60+ 65+
Fund Administration 15–25 15–25 26–35 28–40 40–60 40–65 60+ 65+
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5FINANCial services
38
Salary tableS
Financial Services
Please note:
1. Salaries are quoted as CTC (Cost to company including Basic salary, HRA, other allowance and retirals). 2. All salaries are median ranges. 3. Tier 1: Captives for MNC across India. 4. Tier 2: Third party consulting compaines providing solution to banking clients.
OPERATIONS – BACK OFFICETier 1 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Collections 18–25 20–30 25–40 30–45 40–70 45–75 70+ 75+
Settlement 18–25 20–30 25–40 30–45 40–70 45–75 70+ 75+
Reconciliation 18–25 20–30 25–40 30–45 40–70 45–75 70+ 75+
Documentation 18–25 20–30 25–40 30–45 40–70 45–75 70+ 75+
Collateral Management 18–25 20–30 25–40 30–45 40–70 45–75 70+ 75+
ISDA Documentation 18–25 20–30 25–40 30–45 40–70 45–75 70+ 75+
Transaction Management 18–25 20–30 25–40 30–45 40–70 45–75 70+ 75+
Trade Finance Operations 18–25 20–30 25–40 30–45 40–70 45–75 70+ 75+
Credit Administration/ Loan Operations
18–25 20–30 25–40 30–45 40–70 45–75 70+ 75+
Tier 2 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Collections 15–25 15–25 25–35 28–40 40–60 40–65 60+ 65+
Settlement 15–25 15–25 25–35 28–40 40–60 40–65 60+ 65+
Reconciliation 15–25 15–25 25–35 28–40 40–60 40–65 60+ 65+
Documentation 15–25 15–25 25–35 28–40 40–60 40–65 60+ 65+
Collateral Management 15–25 15–25 25–35 28–40 40–60 40–65 60+ 65+
ISDA Documentation 15–25 15–25 25–35 28–40 40–60 40–65 60+ 65+
Transaction Management 15–25 15–25 25–35 28–40 40–60 40–65 60+ 65+
Trade Finance Operations 15–25 15–25 25–35 28–40 40–60 40–65 60+ 65+
Credit Administration /Loan Operations
15–25 15–25 25–35 28–40 40–60 40–65 60+ 65+
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5FINANCial services
39
Salary tableS
Financial Services
Please note:
1. Salaries are quoted as CTC (Cost to company including Basic salary, HRA, other allowance and retirals). 2. All salaries are median ranges. 3. Tier 1: Captives for MNC across India. 4. Tier 2: Third party consulting compaines providing solution to banking clients.
AuDIT, COMPLIANCE & RISKTier 1 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Internal Audit 20–28 20–30 28–40 30–45 40–70 45–75 70+ 75+
KYC/AML ( Anti Money Laundering)
18–25 20–30 25–40 30–45 40–70 45–75 70+ 75+
Regulatory Compliance 20–28 20–30 28–40 30–45 40–70 45–75 70+ 75+
Market Risk 20–35 20–35 35–50 35–50 50–80 50–80 80+ 80+
Credit Risk 20–30 20–30 30–45 30–45 45–70 45–75 70+ 75+
Operational Risk 20–30 20–30 30–45 30–45 45–70 45–75 70+ 75+
Tier 2 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Internal Audit 18–25 20–30 25–40 30–45 40–70 45–75 70+ 75+
KYC/AML ( Anti Money Laundering)
15–25 15–25 25–35 28–40 40–60 40–65 60+ 65+
Regulatory Compliance 18–25 20–30 25–40 30–45 40–70 45–75 70+ 75+
Market Risk 15–25 15–25 25–40 25–40 40–70 40–70 70+ 70+
Credit Risk 15–25 15–25 25–35 25–35 35–50 35–60 60+ 60+
Operational Risk 15–25 15–25 25–35 25–35 35–50 35–60 60+ 60+
ANALYTICSTier 1 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Marketing Analytics 20–30 20–30 30–50 30–50 50–80 50–80 80+ 80+
Risk Analytics 20–30 20–30 30–50 30–50 50–80 50–80 80+ 80+
Web Analytics 20–30 20–30 30–50 30–50 50–80 50–80 80+ 80+
Statistical Modelers 20–30 20–30 30–50 30–50 50–80 50–80 80+ 80+
Analytics Consulting 20–30 20–30 30–50 30–50 50–80 50–80 80+ 80+
Big Data/Machine Learning 20–35 20–35 35–60 35–60 60–100 60–100 100+ 100+
Data Scientist 20–35 20–35 35–60 35–60 60–100 60–100 100+ 100+
Tier 2 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Marketing Analytics 18–25 18–25 25–40 25–40 40–70 40–70 70+ 70+
Risks Analytics 18–25 18–25 25–40 25–40 40–70 40–70 70+ 70+
Web Analytics 18–25 18–25 25–40 25–40 40–70 40–70 70+ 70+
Statistical Modelers 18–25 18–25 25–40 25–40 40–70 40–70 70+ 70+
Analytics Consulting 18–25 18–25 25–40 25–40 40–70 40–70 70+ 70+
Big Data/Machine Learning 20–30 20–30 30–50 30–50 50–80 50–80 80+ 80+
Data Scientist 20–30 20–30 30–50 30–50 50–80 50–80 80+ 80+
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5FINANCial services
40
Salary tableS
Financial Services
Please note:
1. Salaries are quoted as CTC (Cost to company including Basic salary, HRA, other allowance and retirals). 2. All salaries are median ranges. 3. Tier 1: Captives for MNC across India. 4. Tier 2: Third party consulting compaines providing solution to banking clients.
FRONT OFFICE – INvESTMENT BANKING (MNC BANKS)Tier 1 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Corporate Finance/M&A 45–55 55–65 75–85 85–95 90–110 100–125 150–200 175–250
FRONT OFFICE – PRIvATE EquITY & vCINR Lacs
Roles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Global Fund 45–55 55–75 65–95 85–125 100–150 150–200 150–250 200–350
Fund Size USD 200–700 mn 35–45 45–55 55–85 75–110 90–125 125–175 125–175 175–250
Fund Size<USD 200 mn 25–35 35–45 45–65 65–85 70–100 100–150 100–150 150–200
Tier 2 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Corporate Finance/M&A 35–45 45–55 65–75 75 – 85 80–90 90–110 125–150 150–200
FRONT OFFICE – INvESTMENT BANKING (DOMESTIC BANKS)Tier 1 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Corporate Finance/M&A 25–35 35–45 45–55 50–60 70–90 80–100 100–125 125–150
Tier 2 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Corporate Finance/M&A 20–25 25–35 35–45 40–50 50–75 60–85 75–100 90–125
Please note:
1. Salaries are quoted as CTC (Cost to company including Basic salary, HRA, other allowance and retirals). 2. All salaries are median ranges. 3. Tier 1: Fund size > 1bn US$ for Private Equity & Venture Capital funds; Global MNC banks for Private Banking segment. 4. Tier 2: Fund size < 1bn US$ for Private Equnity & Venture Capital Funds; Domestic private banks for Private Banking segment.
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5FINANCial services
41
Salary tableS
Financial Services
Please note:
1. Salaries are quoted as CTC (Cost to company including Basic salary, HRA, other allowance and retirals). 2. All salaries are median ranges. 3. Tier 1: Captives for MNC across India. 4. Tier 2: Third party consulting compaines providing solution to banking clients.
ANALYTICSTier 1 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Marketing Analytics 20–30 20–30 30–50 30–50 50–80 50–80 80+ 80+
Risk Analytics 20–30 20–30 30–50 30–50 50–80 50–80 80+ 80+
Web Analytics 20–30 20–30 30–50 30–50 50–80 50–80 80+ 80+
Statistical Modelers 20–30 20–30 30–50 30–50 50–80 50–80 80+ 80+
Analytics Consulting 20–30 20–30 30–50 30–50 50–80 50–80 80+ 80+
Big Data/Machine Learning 20–35 20–35 35–60 35–60 60–100 60–100 100+ 100+
Data Scientist 20–35 20–35 35–60 35–60 60–100 60–100 100+ 100+
Tier 2 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Marketing Analytics 18–25 18–25 25–40 25–40 40–70 40–70 70+ 70+
Risks Analytics 18–25 18–25 25–40 25–40 40–70 40–70 70+ 70+
Web Analytics 18–25 18–25 25–40 25–40 40–70 40–70 70+ 70+
Statistical Modelers 18–25 18–25 25–40 25–40 40–70 40–70 70+ 70+
Analytics Consulting 18–25 18–25 25–40 25–40 40–70 40–70 70+ 70+
Big Data/Machine Learning 20–30 20–30 30–50 30–50 50–80 50–80 80+ 80+
Data Scientist 20–30 20–30 30–50 30–50 50–80 50–80 80+ 80+
FRONT OFFICE – PRIvATE BANKINGTier 1 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Private Bankers 15–25 20–35 25–40 35–50 40–50 50–60 N/A N/A
Tier 2 INR LacsRoles AVP VP Director Managing Director
Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai Bangalore/ Chennai/ Delhi NCR
Mumbai
Private Bankers 10–20 15–30 20–35 30–45 35–45 45–55 N/A N/A
Please note:
1. Salaries are quoted as CTC (Cost to company including Basic salary, HRA, other allowance and retirals). 2. All salaries are median ranges. 3. Tier 1: Fund size > 1bn US$ for Private Equity & Venture Capital funds; Global MNC banks for Private Banking segment. 4. Tier 2: Fund size < 1bn US$ for Private Equnity & Venture Capital Funds; Domestic private banks for Private Banking segment.
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human resources
Human Resources
F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E -F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H UM A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S& M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E FI N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H UM A N R E S O U R C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M AN R E S O U R C E S S A L E S & M A R K E T I N G H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A LS E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G H U M A N R E S O U R C E S F I N A N C E H U M A N R E S O UR C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I NG F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S ER V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S S A L E S & M A R K E TI N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A LS E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S OU R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T IN G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L SE R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O UR C E S F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I AL S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S S A L E S & M A RK E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N CI A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R ES O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R KE T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C IA L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E SO U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K ET I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I AL S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S OU R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T IN G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L SE R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O UR C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I NG F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S ER V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U RC E S S A L E S & M A R K E T I N G S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E SS A L E S & M A R K E T I N G
HUMANSALARY & EMPLOYMENT
FORECAST
RESOURCES
I N D I A 2 0 1 4 / 1 5
Human Resources
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Human Resources
RECRUITMENT ACTIVITY
Strength of current hiring activity compared to the last 12 months
Expectation of a professional skills shortage in the next 12 months
Stronger (30%)
Slightly stronger (30%)
Steady (29%)
Slightly weaker (8%)
Weaker (3%)
39% 16%
45%
No
UnsureYes
Market observations:• Over the past 12 months, hiring activity for Human Resources (HR)
professionals has been stable across a range of industries with no change in permanent headcount, and current hiring activity is also stable. However, employers are expected to increase permanent headcount over the next 12 months, with strong hiring activity predicted due to increased confidence following the national elections.
• Highest levels of recruitment for HR professionals are currently being seen in three locations: Mumbai, as the majority of head office spaces are located in the area, and Bangalore and Gurgaon as more Shared Service Centres (SSCs) are being established in these locations.
• Hiring is currently strongest within the pharmaceuticals, IT, and manufacturing industries as multinational companies continue to enter the market, creating new job opportunities for experienced HR talent. In addition, merger and acquisition activity in the pharmaceuticals industry has created movement within HR teams. IT is currently a growth area due to an increasing number of international companies looking at India as a location for outsourced roles in SSCs, and this is creating a need for more HR professionals to manage hiring and talent.
• Talent Managers and HR Business Partners are currently in high demand as companies place increased focus on reducing turnover rates – particularly with younger team members – via talent management strategies and clear succession plans. Employers are looking for HR professionals with learning and development and talent management skills in particular, as HR professionals with these skills can assist in increasing job satisfaction and therefore improving staff retention.
• There has been an increase in returning Indian talent over the past 12 months, as the job market continues to show potential for growth.
Note: All infographics in this report are based on the views of survey participants. The accompanying market commentary is based on the experience and observations of the Michael Page team.
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Human Resources
RECRUITMENT ACTIVITY
Skills shortage placing upwards pressure on salaries
Workplace offers same opportunity for women to progress to senior/executive level positions as men
Impact of skills shortage on businesses in India over the next 12 months
How workplace offers same opportunity to progress to senior/executive level roles*
Yes, it will cause salaries to rise above the inflation rate (78%)
Yes, salaries will increase but only at the rate of inflation (15%)
No, the skills shortage will not impact salary levels (7%)
* more than one option could be selected.
Source talent from
overseas
None Other**
4% 2% 2%
It will be difficult to maintain
headcount
7%
85%
Need to develop more
targeted attraction strategies
0
20
40
60
80
100
** training, career frameworks, high-potential management, etc.
29%
15%
YES
NO
Unsure
56%
75%YES
18%MAYBE
7%UNSURE
48%
39%
38%
33%
30%
13%
Based on number of women in senior/executive positions
Engaged CEO focused on the diversity agenda
Range and availability of leadership trainingprovided to employees
Formal diversity policy with targets for increasing the numberof women in senior/executive positions
Range of flexible working arrangements offerredto accommodate parents in the workplace
Other***
*** equal opportunity policy, anti-discriminatory culture, etc.
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Human Resources
RECRUITMENT ACTIVITY
Companies using social media to source talent
Companies expecting to increase headcount over thenext 12 months
Preferred social media platforms used to source talent
Experience level expected to be in highest demand
Google+
1%
98%
1%
Entry level (16%)
Mid-level (50%)
Management (9%)
Senior management (9%)
Specialists (16%)
77%
23%
0
20
40
60
80
100
29%
15%
YES
NO
Unsure
56%
70%YES
26%NO
4%UNSURE
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human resources
Human Resources
SALARY AND REMUNERATION
Salary increases over the next 12 months Average percentage salary increase over the next 12 months
All my employees will receive the same percentage increase
2%
All my employees will receive an increase, but it will vary according to performance
92%
Only my best performing employees will receive an increase
6%
0 20 40 60 80 100
1% - 5%
6% - 10%
11% - 15%
16% - 20%
6%
44%
6%
43%
21% - 30%
16% or above 74%
1%
0 20 40 60 80 100
Market observations:• Salary levels have remained consistent over the past 12 months, with
little difference between geographical locations. Most HR professionals prefer to receive a mix of financial and non-financial rewards.
• HR professionals in multi-site roles or those with an international remit are expected to receive above average salary increases in 2014. This is due to the broader scope of these roles and experience in global best pratices.
Average percentage salary increase for the best performers
1% - 5%
6% - 10%
11% - 15%
21% - 30%
3%
32%
15%
8%
Above 40% 3%
31% - 40% 3%
16% - 20%
41% - 50%
35%
2%
60% and above 2%
0 20 40 60 80 100
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Human Resources
SALARY AND REMUNERATION
Average salary increase to hire new staff Factor most likely to impact salary levels in the next 12 months*
Flexible salary packaging or fringe benefits offered to employees
10%
5%
54%
49%
42%
34%
70%
37%
11%
6%
3%
72%
42%
42%
42%
72%
0 20 40 60 80 100
Individual, team orcompany performance
Domestic economic conditions
Competition with other companies
Inflation
Global economic conditions
Elections
Other**
2% Not sure
**market rate, negotiations, etc.
1% - 5%
6% - 10%
11% - 15%
16% - 20%
13%
19%
24%
18%
21% - 30%
16% or above 74%
24%
31% - 40% 2%
0 20 40 60 80 100
15%
Unsure
65%YES
35%NO
* more than one option could be selected.
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Human Resources
SALARY AND REMUNERATION
Companies providing bonus as part of the remuneration package
Basis for bonuses over the next 12 months
Average percentage bonus of gross salary
85%
15%
0
20
40
60
80
100
Individual performance
Other**
Team performance
11%
12%
Company performance
12%
9%
5%
Other**
8%
8%
67%
** Fixed component of salary.
Combination of all
Team performance
2%
Individual performance
11%
Company performance
12%
Other*
8%
67%
* Fixed component of salary.
Combination of all
Team performance
2%
1% - 5%
6% - 10%
11% - 15%
16% - 20%
9%
25%
20%
32%
21% - 30%
41% - 50%
51% - 60%
1%
2%
60% and above 8%
16% or above 74%
3%
0 20 40 60 80 100
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human resources
Human Resources
ATTRACTION AND RETENTION
Employer expectations for staff turnover in the next 12 months
Key reason employees are likely to leave**
0
20
40
60
80
100
Other**Improve salary
Gain more seniority
Broaden experience/opportunity
to learn
** seek growth opportunities, working for MNC, etc.
Overseas opportuni-
ties
Better training and
support
11%17%
81%
34%
42% 42%
13%
Achieve better
work/life balance
₹
29%
15%
YES
NO
Unsure
56%
55%YES
20%NO
25%UNSURE
* more than one option could be selected.
Strategy in place to attract returning Indian talent Strategy used to attract returning Indian talent*
29%
15%
YES
NO
Unsure
56%
41%YES
42%NO
17%UNSURE
Attractive employee value proposition
81%
Attractive business proposition
50%
Relocation allowance
31%
Regional/global remit
29%
Other***
4%
0 20 40 60 80 100
*** broader role.
Market observations:• Companies are beginning to place greater emphasis on retaining
current employees. There has been an increase in the number of employers introducing performance-related financial incentives, such as bonuses and variable pay rates. In addition, internal job opportunities and succession plans are emerging as key retention strategies.
• Most companies are looking to build diversity in their teams, and are ensuring at least one diversity candidate is interviewed for each role.
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human resources
Human Resources
ATTRACTION AND RETENTION
Channels used to source returning Indian talent* Most popular options offered to support employees’ work/life balance*
Combination of benefits offered to employees* Most popular tools for attraction and retention
Recruitment consultants
Social media platforms
Job boards
Other*
75%
69%
52%
25%
Other (innovation opportunities, etc.) 2%
Local Newspaper 8%
*internal referrals, networks, etc.
Recruitment consultants
Social media platforms
Job boards
Other**
75%
69%
52%
25%
Local Newspaper 8%
**internal referrals, networks, etc.Other****
Increased maternity / paternity leave
Sabbatical leave
Alternative leave options (e.g. volunteering)
Team building/offsite activities
Flexible working arrangements
14%
42%
26%
68%
58%
21%
0 20 40 60 80 100
**** team activities, none of these, etc.
Other***
Increased maternity / paternity leave
Sabbatical leave
Alternative leave options (e.g. volunteering)
Team building/offsite activities
Flexible working arrangements
14%
42%
26%
68%
58%
21%
*** team activities, none of these, etc.
11%
9%
7%
2%
80%
60%
56%
41%
92%
0 20 40 60 80 100
Healthcareinsurance
Mobile phone
Personal laptop
Parking
Company car
Travel pass
Other****
Income protection insurance
None
**** food allowance, accidental insurance etc.
Training and mentoring partnerships
Recognition and rewards
Work/life balance initiatives
Global career opportunities
Structured career progression
Strong company cultrure
4%
13%
8%
37%
34%
4%
0 20 40 60 80 100
* more than one option could be selected.
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human resources
Human Resources
wORkINg hOURS
Average weekly working hours
36-40 hours 46-50 hours41-45 hours 51-55 hours
18% 41% 26% 12%
56 hours or more
3%
Change in average weekly working hours over the last 12 months
Main reason behind the increased working hours
6%
SIGNIFICANTLY INCREASED
(15+%)
72%STAYED THE
SAME
16%INCREASED(0 - 15%)
6%
REDUCED(0 - 15%)
Business growth
69%
Fewer headcount
12%
Other*
12%
Staff leaving and not replaced
7%
* Merger & Acquisitons, market slow down etc.
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human resources
Human Resources
SALARY TAbLES
COMMERCE & INDuSTRYTier 1 INR LacsRoles 8 to 12 years 12 to 16 years > 16 years
Delhi Mumbai Delhi Mumbai Delhi Mumbai
Head of Human Resources (large companies) N/A N/A 70-80 80-100 80+ 100+
Head of Human Resources (small/medium sized companies)
35-45 40-50 50-60 60-70 70+ 80+
HR Generalist / Business Partner 20-30 30-40 40-50 50-60 50+ 60+
Learning & Development 20-35 30-45 45-55 50-70 45+ 60+
Compensation & Benefits 25-35 35-45 40-60 50-70 70+ 80+
Talent Acquisition 20-25 20-30 30-35 35-40 45+ 50+
Talent Management / OD 20-35 30-45 45-55 50-70 45+ 60+
Industrial Relations 15-20 18-30 25-32 25-35 35+ 40+
HR Operations / Payroll / HR IS 15-20 20-30 25-30 30-40 30+ 40+
HR Consulting 25-35 35-50 40-60 50-70 70+ 80+
Tier 2 INR LacsRoles 8 to 12 years 12 to 16 years > 16 years
Delhi Mumbai Delhi Mumbai Delhi Mumbai
Head of Human Resources (large companies) N/A N/A 50-60 60-70 70+ 80+
Head of Human Resources (small/medium sized companies)
15-25 20-30 32-46 25-35 30+ 35+
HR Generalist / Business Partner 18-30 20-32 20-30 33-49 40+ 45+
Learning & Development 16-28 20-30 30-45 32-48 40+ 45+
Compensation & Benefits 21-33 23-35 35-42 37-44 45+ 45+
Talent Acquisition 18-30 20-31 28-38 30-40 40+ 45+
Talent Management / OD 20-35 30-45 45-55 50-70 45+ 60+
Industrial Relations 8-10 9-15 10-15 15-20 25+ 30+
HR Operations / Payroll / HR IS 8-10 9-15 10-15 15-20 25+ 30+
HR Consulting 20-30 25-35 25-35 35-50 50+ 60+
Please note:
1. Salaries are quoted as CTC (Cost to company including Basic salary, HRA, other allowance and retirals).
2. All salaries are median ranges.
3. Tier 1: listed MNC entities.
4. Tier 2: Non listed / local entities.
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human resources
Human Resources
SALARY TAbLES
BANKING & FINANCIAL SERvICESTier 1 INR LacsRoles 8 to 12 years 12 to 16 years > 16 years
Delhi Mumbai Delhi Mumbai Delhi Mumbai
Head of Human Resources (large companies) N/A N/A 70-90 100-120 100+ 120+
Head of Human Resources (small/medium sized companies)
N/A N/A 45-65 60-80 70+ 80+
HR Generalist / Business Partner 20-30 25-35 30-40 35-45 40+ 45+
Learning & Development 15-25 20-30 30-35 35-40 40+ 45+
Compensation & Benefits 20-30 22-35 35-45 40-50 45+ 60+
Talent Acquisition 20-30 25-35 35-45 40-50 40+ 45+
HR Operations / Payroll / HR IS 20-30 25-35 35-45 40-50 40+ 45+
Tier 2 INR LacsRoles 8 to 12 years 12 to 16 years > 16 years
Delhi Mumbai Delhi Mumbai Delhi Mumbai
Head of Human Resources (large companies) N/A N/A 40-60 50-70 60+ 70+
Head of Human Resources (small/medium sized companies)
N/A N/A 30-50 40-60 50+ 60+
HR Generalist / Business Partner 15-25 15-28 25-35 30-40 35+ 40+
Learning & Development 12-20 16-22 25-40 28-43 30+ 35+
Compensation & Benefits 20-30 25-35 25-35 30-40 35+ 40+
Talent Acquisition 15-25 20-30 20-30 25-35 30+ 35+
HR Operations / Payroll / HR IS 10-20 12-22 15-25 25-35 30+ 35+
Please note:
1. Salaries are quoted as CTC (Cost to company including Basic salary, HRA, other allowance and retirals).
2. All salaries are median ranges.
3. Tier 1: listed MNC entities.
4. Tier 2: Non listed / local entities.
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SALES & marketing
Sales & Marketing
F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E -F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H UM A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S& M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E FI N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H UM A N \ S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T IN G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L SE R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O UR C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I NG F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S ER V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U RC E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N GF I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E RV I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R CE S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F IN A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V IC E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E SS A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I NA N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I CE S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S SA L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N AN C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C ES H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S AL E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A NC E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E SH U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A LE S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N CE F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S HU M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L ES & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C EF I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H UM A N R E S O U R C E S S A L E S & M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S& M A R K E T I N G F I N A N C E F I N A N C I A L S E R V I C E S H U M A N R E S O U R C E S S A L E S & M A R K E T I N G
SALARY & EMPLOYMENT
SALES & MARKETINGFORECAST
I N D I A 2 0 1 4 / 1 5
Sales & Marketing
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SALES & marketing
Sales & Marketing
RECRUITMENT ACTIVITY
Strength of current hiring activity compared to the last 12 months
Expectation of a professional skills shortage in the next 12 months
Stronger (17%)
Slightly stronger (25%)
Steady (33%)
Slightly weaker (15%)
Weaker (10%)
38% 10%
52%
UnsureYes
No
Market observations:• Hiring activity within sales and marketing is currently strong. Permanent headcount has
increased over the past 12 months and is expected to grow further into 2015.
• The majority of hiring activity is currently occurring in the FMCG, retail and healthcare &
life sciences sectors. FMCG faced difficulties last year, however it still presents a major
growth area as domestic consumption increases with a major focus on rural and modern
trade channels. New alcohol providers are entering the market and distributor-led
businesses is coming into its own in India. In retail, international single brand retailers are
entering the local market and require talented retail professionals to support their growth.
In healthcare & life sciences, multinational companies are shifting from a distribution
model and are instead establishing bases in India directly. This is being seen in the area
of medical devices. In addition, multinational healthcare service providers are setting up
partnerships with local businesses in order to establish a presence in India
• The majority of hiring activity is currently occurring in Delhi NCR and Mumbai as most
company headquarters are based in these cities. A high level of hiring activity, both in
terms of new headcount and replacement roles, is being seen within FMCG in these cities.
• Organisations are showing enthusiasm to expand into markets outside of the major
cities, leading to demand for professionals with rural marketing skills in both FMCG
and healthcare & life sciences. Growth in the healthcare sector, for example, is driving
increased demand for sales professionals in Hyderabad, Bangalore and Chennai, however
the majority of roles in this sector remain in Delhi NCR and Mumbai.
• There is high demand for marketing professionals who can drive innovation in FMCG, as
organisations develop new ways to reach consumers. Companies are currently looking
to increase the number of touch points with their customers, especially in rural areas, by
defining creative sales channels. In addition, support roles such as sales development and
customer and trade marketing have become critical as organisations mature and develop
better team structures.
• In retail, professionals with operational and merchandising skills are in high demand as
more single brand companies enter the market from Europe, the UK and US. As India’s
retail industry remains relatively young, professionals with the required experience within
retail are in short supply, so companies are looking to attract candidates from non-retail
backgrounds in innovative ways.
• In healthcare & life sciences, customer demand has grown, leading to greater demand for
Key Account Managers. In addition, government investment into healthcare has increased,
which has created more job opportunities for professionals in Government tendering roles.
As the number of healthcare products on the market reaches saturation point, marketing
professionals with creative and innovative campaign skills are required to identify a point
of difference and drive revenue growth.
• Marketing and sales professionals with high levels of education and significant experience,
especially in larger or multinational companies, are in high demand. FMCG companies
are looking for professionals who attended Top Tier B schools and have 7-10 years of
experience in major FMCG organisations. In retail, experience working in a western
market is highly valued by prospective employers. In healthcare & life sciences, marketing
professionals who attended Tier 1 B schools and have 4-8 years of experience and sales
professionals who attended Tier 2 B schools and have 8-12 years of experience in Key
Account Management are in high demand.
Note: All infographics in this report are based on the views of survey participants. The accompanying market commentary is based on the experience and observations of the Michael Page team.
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5
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SALES & marketing
Sales & Marketing
RECRUITMENT ACTIVITY
Skills shortage placing upwards pressure on salaries
Workplace offers same opportunity for women to progress to senior/executive level positions as men
Impact of skills shortage on businesses in India over the next 12 months
Evidence of equal opportunity to progress to senior/ executive roles’*
Yes, it will cause salaries to rise above the inflation rate (78%)
Yes, salaries will increase but only at the rate of inflation (22%)
* more than one option could be selected.
29%
15%
YES
NO
Unsure
56%
82%YES
10%MAYBE
8%UNSURE
59%
56%
41%
38%
31%
3%
Based on number of women in senior/executive positions
Range and availability of leadership training provided to employees
Engaged CEO focused on the diversity agenda
Range of flexible working arrangements offerredto accommodate parents in the workplace
Formal diversity policy with targets for increasing the number of women in senior/executive positions
Other**
** equal opportunity policy, etc.
None
6%
Need to develop more
targeted attraction strategies
88%
6%
It will be difficult to maintain
headcount
0
20
40
60
80
100
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Sales & Marketing
RECRUITMENT ACTIVITY
Companies using social media to source talent
Companies expecting to increase headcount over the next 12 months
Preferred social media platforms used to source talent
Experience level expected to be in highest demand
Google+
6%
94%
0 20 40 60 80 100
Entry level (17%)
Mid-level (33%)
Management (17%)
Senior management (8%)
Specialists (25%)
29%
15%
YES
NO
Unsure
56%
66%YES
17%NO
17%UNSURE
69%
31%
0
20
40
60
80
100
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Sales & Marketing
SALARY AND REMUNERATION
Salary increases over the next 12 months Average percentage salary increase over the next 12 months
All my employees will receive an increase, but it will vary according to performance
83%
Only my best performing employees will receive an increase
13%
No one in my team will receive an increase
4%
0 20 40 60 80 100
1% - 5%
6% - 10%
11% - 15%
16% - 20%
13%
39%
11%
37%
16% or above 74%
0 20 40 60 80 100
Market observations:• Annual salary increases for sales and marketing professionals have
been 12% on average in retail and healthcare & life sciences, while FMCG professionals have received slightly higher rises at around 12-15%.
• Professionals with niche skillsets are able to command higher salaries, as employers often have to look outside their own industry to identify talent and offer premiums in order to attract these candidates. Professionals likely to be awarded above average salaries increases include those in shopper/customer/trade marketing as well as those with sales experience in FMCG obtained in rural markets. Core marketing jobs in the retail industry are also expected to pay an above average salary, while professionals who can support new product launches and those with Key Account Management experience in healthcare & life sciences can also command higher salary increases.
13%
4%
67%
48%
48%
38%
81%
37%
11%
6%
3%
72%
42%
42%
42%
72%
0 20 40 60 80 100
Individual, team orcompany performance
Domestic economic conditions
Global economic conditions
Competition with other companies
Inflation
Elections
Don’t expect any factors to impact salaries
4% Other**
** job market resolution
Average percentage salary increase for the best performers
1% - 5%
6% - 10%
11% - 15%
21% - 30%
4%
30%
13%
13%
16% - 20%
Above 40% 3%
40%
0 20 40 60 80 100
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SALARY AND REMUNERATION
Average salary increase to hire new staff
Factor most likely to impact salary levels in the next 12 months*
Flexible salary packaging or fringe benefits offered to employees
13%
4%
67%
48%
48%
38%
81%
37%
11%
6%
3%
72%
42%
42%
42%
72%
0 20 40 60 80 100
Individual, team orcompany performance
Domestic economic conditions
Global economic conditions
Competition with other companies
Inflation
Elections
Don’t expect any factors to impact salaries
4% Other**
** job market resolution
1% - 5%
6% - 10%
11% - 15%
16% - 20%
15%
10%
23%
23%
21% - 30%
16% or above 74%
27%
31% - 40% 2%
0 20 40 60 80 100
15%
Unsure
65%YES
35%NO
* more than one option could be selected.
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Sales & Marketing
SALARY AND REMUNERATION
Companies providing bonus as part of the remuneration package
Basis for bonuses over the next 12 months
Average percentage bonus of gross salary
Other**
Team performance
14%
12%
Company performance
20%
9%
5%
8%
66%
Combination of allIndividual performance
1% - 5%
6% - 10%
11% - 15%
16% - 20%
10%
34%
22%
5%
21% - 30%
31% - 40%
51% - 60%
5%
2%
60% and above 2%
16% or above 74%
20%
0 20 40 60 80 100
85%
15%
0
20
40
60
80
100
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ATTRACTION AND RETENTION
Employer expectations for staff turnover in the next 12 months
Key reason employees are likely to leave*
0
20
40
60
80
100
Other**Improve salary
Gain more seniority
Broaden experience/opportunity
to learn
** seek growth opportunities, etc.
Better training and
develop-ment
Achieve better
work/life balance
Overseas opportuni-
ties
14%19%
76%
24%
76%
48%
14%
₹
29%
15%
YES
NO
Unsure
56%
44%YES
31%NO
25%UNSURE
* more than one option could be selected.
Strategy in place to attract returning Indian talent Strategies used to attract returning Indian talent*
29%
15%
YES
NO
Unsure
56%
21%YES
52%NO
27%UNSURE
Attractive business proposition
60%
Attractive employee value proposition
80%
Regional/global remit
50%
Relocation allowance
10%
0 20 40 60 80 100
Market observations:• Some new retention strategies have started to emerge to assist
employers hold on to their best talent. These include imposing a strict and lengthy notice period (often up to three months) after resignation, rendering employees unattractive to potential employers. Career progression opportunities via management courses is also being implemented as a strategy to retain staff, particularly within healthcare & life sciences.
• In terms of financial retention strategies, some companies are splitting employees’ annual bonus, paying 50% initially and deferring the remainder for up to 18 months.
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SALES & marketing
Sales & Marketing
ATTRACTION AND RETENTION
Channels used to source returning Indian talent* Most popular options offered to support employees’ work/life balance*
Combination of benefits offered to employees* Most popular tools for attraction and retention
Other***
Increased maternity / paternity leave
Alternative leave options (e.g. volunteering)
Sabbatical leave
Team building/offsite activities
Flexible working arrangements
6%
42%
23%
75%
63%
21%
0 20 40 60 80 100
*** limited overtime, team activities, etc.
Other**
Increased maternity / paternity leave
Alternative leave options (e.g. volunteering)
Sabbatical leave
Team building/offsite activities
Flexible working arrangements
6%
42%
23%
75%
63%
21%
** limited overtime, team activities, etc.
Recruitment consultants
Social media platforms
Job boards
90%
70%
40%
Other (innovation opportunities, etc.) 2%
19%
13%
10%
85%
75%
58%
48%
90%
0 20 40 60 80 100
Healthcare insurance
Mobile phone
Personal laptop
Parking
Company car
Travel pass
Income protection insurance
Other****
***** term insurance accidental insurance, etc.
19%
13%
10%
85%
75%
58%
48%
90% Healthcare insurance
Mobile phone
Personal laptop
Parking
Company car
Travel pass
Income protection insurance
Other***
*** term insurance accidental insurance, etc.
Training and mentoring partnerships
Recognition and rewards
Work/life balance initiatives
Global career opportunities
Strong company culture
Structured career progression
1%
26%
9%
32%
28%
4%
0 20 40 60 80 100
* more than one option could be selected.
Market observations:• Organisations are placing increasing focus on gender diversity ratios,
with formal plans in place to increase the percentage of female to male employees in senior roles. The retail sector is currently displaying the most success in this area, with strong engagement plans and internal mobility opportunities. Within healthcare & life sciences, employers are paying a premium to recruiters who are able to secure top female talent in order to address the male dominance within the sector.
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63
SALES & marketing
Sales & Marketing
wORkINg hOURS
Average weekly working hours
36-40 hours 46-50 hours41-45 hours 51-55 hours
6% 44% 29% 17%
56 hours or more
4%
Change in average weekly working hours over the last 12 months
Main reason behind the increased working hours
4%
SIGNIFICANTLY INCREASED
(15+%)
65%STAYED THE
SAME
27%INCREASED(0 - 15%)
4%
REDUCED(0 - 15%)
Business growth
60%
Fewer headcount
19%
Other*
7%
Staff leaving and not replaced
7%
Promotion
7%
* Market slowdown, etc.
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SALES & marketing
Sales & Marketing
SALARY TAbLES
CONSuMER GOODSTier 1 INR LacsRoles 3 to 5 years 5 to 10 years 10 to 15 years > 15 years
Delhi Mumbai Delhi Mumbai Delhi Mumbai Delhi Mumbai
Sales/Channel 20-25 22-27 25-60 27-65 45-100 50-100 80+ 80+
Brand Management /Product Management 20-25 22-27 25-60 27-65 45-100 50-100 N/A N/A
Trade Marketing 20-25 22-27 25-60 27-65 45-100 50-100 80+ 80+
Category Management N/A N/A 25-60 27-65 45-100 50-100 80+ 80+
Communications & CSR 15-18 17-20 18-40 20-45 30-50 35-55 50+ 50+
PHARMACEuTICALSTier 1 INR LacsRoles 3 to 5 years 5 to 10 years 10 to 15 years > 15 years
Delhi Mumbai Delhi Mumbai Delhi Mumbai Delhi Mumbai
Sales 6-10 8-12 10-20 12-22 15-35 18-40 35+ 40+
Regulatory Affairs 6-10 8-12 10-20 12-22 15-25 16-28 25+ 28+
Brand Management 6-10 8-12 10-20 12-22 15-35 18-40 35+ 40+
Communications & CSR 6-10 8-12 10-20 12-22 15-30 18-35 25+ 30+
Tier 2 INR LacsRoles 3 to 5 years 5 to 10 years 10 to 15 years > 15 years
Delhi Mumbai Delhi Mumbai Delhi Mumbai Delhi Mumbai
Sales/Channel 12-15 13-18 15-35 17-40 30-50 35-60 40+ 45+
Brand Management /Product Management 15-18 18-22 18-40 20-45 25-45 30-50 N/A N/A
Trade Marketing 12-15 13-16 15-35 18-40 30-50 35-55 40+ 45+
Category Management N/A N/A 18-40 20-45 30-50 35-55 40+ 45+
Communications & CSR 12-15 13-18 15-30 18-35 25-40 30-45 35+ 40+
Tier 2 INR LacsRoles 3 to 5 years 5 to 10 years 10 to 15 years > 15 years
Delhi Mumbai Delhi Mumbai Delhi Mumbai Delhi Mumbai
Sales 4-6 5-8 6-15 10-18 15-25 15-30 25+ 30+
Regulatory Affairs 4-6 5-8 6-10 8-12 10-15 12-20 18+ 20+
Brand Management 4-6 5-8 6-15 10-18 12-20 15-30 25+ 30+
Communications & CSR 4-8 6-9 8-12 10-14 12-20 14-25 20+ 24+
Please note:
1. Salaries are quoted as CTC (Cost to company including Basic salary, HRA, other allowance and retirals). 2. All salaries are median ranges. 3. FMCG - Tier 1: Candidates from premium Business Schools. Tier 2: Candidates coming from non top-tier Business Schools. 4. Healthcare & Life Sciences - Tier 1: Top global pharmaceutical medical devices company. Tier 2: Locally present Pharma/med devices company.
SA L A RY & E M P L OY M E N T F O R E CAS T 2 0 1 4 / 1 5
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SALES & marketing
Sales & Marketing
SALARY TAbLES
MEDICAL DEvICESTier 1 INR LacsRoles 3 to 5 years 5 to 10 years 10 to 15 years > 15 years
Delhi Mumbai Delhi Mumbai Delhi Mumbai Delhi Mumbai
Sales 8-12 10-15 10-25 14-28 25-50 30-55 50+ 55+
Marketing/ Brand Management / Product Management
6-15 8-18 12-25 15-30 25-50 30-55 50+ 55+
Regulatory Affairs/QA/RA 5-10 6-12 10-20 12-24 20-30 24-35 30+ 35+
Communications & CSR 4-8 5-10 12-20 14-23 18-35 20-40 30+ 35+
Clinical/Application/Product Specialist 5-10 6-10 12-20 14-22 N/A N/A N/A N/A
Tier 2 INR LacsRoles 3 to 5 years 5 to 10 years 10 to 15 years > 15 years
Delhi Mumbai Delhi Mumbai Delhi Mumbai Delhi Mumbai
Sales 4-8 5-10 8-15 12-18 15-30 18-35 30+ 30+
Marketing/ Brand Management / Product Management
4-8 5-10 8-15 10-18 15-25 18-30 25+ 30+
Regulatory Affairs/QA/RA 4-8 5-10 8-12 10-15 12-18 15-20 20+ 22+
Communications & CSR 4-6 5-8 10-15 12-18 15-30 18-35 25+ 30+
Clinical/Application/Product Specialist 4-8 5-8 10-15 10-15 N/A N/A N/A N/A
Please note:
1. Salaries are quoted as CTC (Cost to company including Basic salary, HRA, other allowance and retirals). 2. All salaries are median ranges. 3. FMCG - Tier 1: Candidates from premium Business Schools. Tier 2: Candidates coming from non top-tier Business Schools. 4. Healthcare & Life Sciences - Tier 1: Top global pharmaceutical medical devices company. Tier 2: Locally present Pharma/med devices company.
Gurgaon
10th fl oor, Tower C, Building No. 8, DLF Phase - IIDLF CybercityHaryana Gurgaon 122002
t: +91 1244525500e: [email protected]
Mumbai
5th Floor, 2 North Avenue,Maker Maxity, Bandra-Kurla Complex, Bandra (E),Mumbai BKC 400051
t: +91 2242363300e: [email protected]
CONTACT US
Worldwide leaders in specialist recruitmentwww.michaelpage.co.in
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