As new-age technologies like big data, machine learning and data science change the way companies do business, India Inc. is expected to see a surge in demand for c-suite executives who can lead the change, according to a report by global professional recruitment consultancy Michael Page.
According to the ‘India Salary Benchmark 2019 report’, there will be an increased demand for senior executives equipped with business and stakeholder management experience. Hiring activities in the technology sector might grow significantly with new chief technology officer and chief information roles, the report said.
“Movement among senior level professionals can be attributed to the growth of India’s industries and the availability of talent. This explains the key employment activity within the mid and large manufacturing organisations specialising in chemicals, building materials as well as domestic consumer companies,” said Nicolas Dumoulin, managing director at Michael Page India.
The report noted that “motivation to develop new skills”, and “to attain better work life balance” are top reasons for employees switching jobs.
“The limited candidate pool has driven up the cost for senior talent over the years. Professionals moving jobs at this management level can expect 20 to 25% increases on their compensation package,” said Dumoulin.
As Indian businesses focus their efforts on professionalising their operations, Michael Page India foresees increased demand for talent in business partnering functions such as human resources, finance and legal.
“The entrance of new funds within the private equity sector has also led to senior level hiring. Furthermore the rise of India’s ecommerce and fintech businesses have increased opportunities for senior talent to move in from established industries such as the FMCG and banking spaces,” Dumoulin added.
In addition to the prerequisite technical abilities depending on job title, this new breed of business leaders in India also have to display agility, flexibility, a strategic and commercial mindset as well as mentorship qualities, the report said.