NEW DELHI: Dull pay hike prophecies this year may refuse to die down for now, but for some niche profiles, handsome hikes and rewards are in order, as corporates look to retain this pool of scarce talent.
Profiles like that of management accountants, data scientists, app developers and marketing managers are expected to be rewarded significantly in the current appraisal season, more or less in line with last year’s levels. The profile of a data scientist is among the hottest across sectors and hikes can range from 30% to 50%, says Subeer Bakshi, director of talent and rewards at Towers Watson India.
“As much as 90% of the world’s data was created in the past two years and these professionals are in short supply, which gives them the ability to write their own pay cheques,” he says.
Sectors like retail will have tons of data, and these professionals can help them with data assessment and analysis. Layout designers in retail companies and media managers who can formulate strategies based on insights from data scientists can expect hikes ranging from 20% to 30%.
Consulting firm Mercer estimates that roles like that of experienced marketing analyst and sales representatives in sectors like automobiles, consumer durables and pharmaceuticals will continue to be on companies’ priority list. In information technology, salary hikes will be dominated by profiles in mobility, cloud and security, says technology and market research firm Forrester’s V-P and country manager for India, Manish Bahl. “There will be more spending on security as a skillset,” he says. With greater focus on customer experience, mid-to-senior IT roles like app development and business consulting can fetch hikes of 15% to 17% compared with average hikes of 10% to 12%, he says.
Hikes in IT were in the range of 10% to 11% last year, according to Forrester estimates. Jobs in regulatory affairs in the pharma and medical devices sector are in demand and can expect hikes in the range of 11% to 20%, according to Kelly Services. “This is mainly because a lot of Indian companies have been wanting to sell in the US for which they require FDA approval and expertise in FDA filing,” says Kamal Karanth, managing director, Kelly Services.
Jobs in supply chain management and purchase in pharma and consumer goods can expect hikes in the 9% to 18% range across levels, due to a steady increase in exports. While last year’s hikes for roles in regulatory affairs were estimated to be at 11% to 18%, they were in the region of 10% to 18% in supply chain and purchase. An increasing number of professionals are opting for specialised courses that help them cultivate niche expertise.
Sriram Kameshwar, a director of finance and corporate facilities, was a chartered financial analyst and associate member from the Institute of Cost Accountants of India when he decided to enroll for the CIMA course in 2005. Considered to be more than just pure play accounting, a CIMA course in management accounting combines accounting , finance and management. This year’s salary survey of 40% of CIMA India’s 500 members revealed that over the next 12 months, 95% of part-qualified students are expected to receive a salary increase of 13.6% well over the 2013 ‘IMF World Economic Outlook on Price Inflation’ forecast of 10.8%.
In 2013, qualified CIMA members in India are earning an average of Rs 26.3 lakh in basic annual salary plus Rs 3.6 lakh in bonuses, totalling Rs 30.02 lakh per year. Among all its members and students, a good 62% are satisfied with their salary. “The qualification has helped me look at situations from different functional perspectives as the course is a good blend of core technical, strategic and business management domains,” says Kameshwar . Apart from accounting, he adds the course has helped him in business development , in contributing effectively as a member of the company’s leadership team and board, and in influencing strategy.