2017 India Salary Employment Outlook

2017 INDIA
SALARY & EMPLOYMENT
OUTLOOK
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Table of Contents
Introduction 03
India 2017 at a glance 04
India Market Overview 06
Mumbai Market Overview 08
Delhi Market Overview 10
Discipline insights and salary tables
Finance 12
Financial Services 15
Human Resources 27
Legal 30
Procurement & Supply Chain 32
Sales & Marketing 35
Introduction
By Sébastien Hampartzoumian
The Salary and Employment

Outlook combines qualitative and
quantitative research, as well as
expert insight and commentaries
into the senior executive and
professional employment market.
Welcome to the 2017 Michael Page Salary You will also find detailed salary guides that
and Employment Outlook. reflect accurate and concise remuneration
ranges, with tables divided into job types,
India appears to be well-armed in
years of experience, company size and
withstanding volatility, despite the well-
state.
documented concerns surrounding the
global economy. Activity levels are positive,
I would like to thank everyone who took
with the continued demand for talent on
part in our survey, as well as the many
the rise.
experts in Michael Page who have shared
The Michael Page Salary and Employment their insight. I hope you find this report
Outlook combines qualitative and to be a useful resource. If you have any
quantitative research, as well as expert questions, please get in touch with me
insight and commentaries into the senior using the contact details at the end of the
executive and professional employment report.
market.
This year’s report is based on the
responses of over 300 employers across
India. Our clients come from major industry
sectors and range from market-leading Sébastien Hampartzoumian
multinationals to small and medium-sized Senior Managing Director
enterprises. Singapore and India
India Salary & Employment Outlook • 3

India 2017
At a glance
India’s employment market enjoyed a good year largely unaffected by the global economic slowdown in 2016. But
what’s in store for 2017? Michael Page’s latest India Salary and Employment survey looks ahead.
Hiring Activity
60%
of companies in India will be adding
new headcount to their businesses
45% of these new employees

 will be in middle management
88%
of employers are offering
80%
of employers say hiring activity will range from
6 to 15% pay increments steady to strong over the next 12 months

India 2017
At a glance
Talent Retention
44%
of staff leave due to limited career progression
Top 3 factors in talent retention Work-life balance strategies
55%
Career Flexible working hours

progression
Salary 79% 47%
increases Learning &
56% development Work from home and remote access
40%
1
2 3
42%
Wellness programmes
Diversity & Inclusion
83%
of employers say diversity is a priority
and have active programmes in place

Market Overview
India
India has enjoyed a good year and we expect the country to continue with its positive growth, largely unaffected by the
global economic slowdown, due to the continued influx of foreign direct investment under the government’s “Make in
India” campaign.
Manufacturing output has already increased, with new orders coming from overseas firms seeking to utilise India’s
vast resources and labour pool. More foreign companies are also investing in India’s fast-expanding infrastructure
and renewable energy sector. We expect this investment to increase as electricity demand in the city rises and as the
government prepares to streamline the country’s tax processes.
Companies’ employment outlooks are also reflecting this positivity. A huge majority (80 per cent) of employers surveyed
say hiring activity will range from steady to strong over the next 12 months — numbers that are higher than the Asia
average.
While e-commerce thrived last year, we have

seen this sector stabilise somewhat. Investors are
exercising caution, choosing to invest in sustainable
businesses instead of seemingly volatile start-ups.
Key sectors that are experiencing solid growth include growth expectations have taken a bearish turn.
the financial services sector, as more non-banking
financial companies (NBFCs) establish themselves in Talent shortages are most evident in the fast-growing
Mumbai, the nation’s economic capital. NBFCs are seen supply chain and logistics sector, especially for senior-
as popular lending alternatives for entrepreneurs and level plant managers. Rapid growth and an overall
small and medium-sized enterprises that experience shortage of skills mean there is intense competition for
difficulties securing loans from traditional banks. high-calibre candidates. 60 per cent of companies are
expecting to increase headcount, with middle managers
Outlook for the healthcare sector remains favourable, comprising 45 per cent of these new employees.
again facilitated by the relative low cost of pharmaceutical
talent in India, market dominance of cheaper generic To attract and retain employees, a large majority (79
medicines and encouragement from the government to per cent) of employers are looking to structure clear
manufacture more active pharmaceutical ingredients. progression paths. The key will then be to continue
prioritising internal development programmes in order to
While e-commerce thrived last year, we have seen this retain the best talent.
sector stabilise somewhat. Investors are exercising
caution, choosing to invest in sustainable businesses One interesting observation is that companies are also
instead of seemingly volatile start-ups. Still, the industry going beyond gender when addressing workplace
continues to attract top Indian talent currently based diversity. Gradually, more employers are looking to foster
overseas, with many returning to the country to set up or an environment where employees, regardless of race,
join technology and engineering ventures. age and abilities, can succeed at the highest levels.
This progressive outlook will help engender innovation
Domestic consumption in the country is also rising, and productivity. Survey results show that 83 per cent
with India’s growing middle class leading demands. of companies have placed diversity on medium to high
However, with more players now fighting for market priority.
share, competition within the fast-moving consumer
goods sector has also increased. As a result, companies’

The market is better compared with previous years but internal salary
increments are still on the lower side and will stay at around 10 per
cent. Hiring at the junior and mid-levels has picked up and candidates
with niche skills will command a premium in salaries while switching
jobs.
– Head of Human Resources, medical devices multinational company
We do not foresee big increments in headcount. However, hiring activity

would likely focus on areas like internal control and tax. I wouldn’t
be surprised if these groups of people receive the highest increments
while switching jobs.
– Director, leading investment bank
Market Overview
Mumbai
Employment activity in Mumbai has been largely positive, with demand from some sectors exceeding others.
One area of growth is financial services, as domestic banks expand their headcount and more non-banking financial
companies — firms that provide banking services but do not hold a banking license — set up shop in the city. Mumbai
is still very much India’s economic capital, retaining stability and resilience amid the current economic flux, and many
conglomerates, including private equity and investment firms, have continued to build their headquarters in the city.
Though this trend is in its early stages, some tech firms that currently have bases in Indian cities like Hyderabad and
Bangalore, have begun setting up corporate offices in Mumbai to take advantage of its proximity to investors and top
talent.
Companies have also started to become stricter in

their hiring processes, investing time and effort into
candidate selection and interviews, especially for
mid to senior-level recruitment.
E-commerce's growth is expected to stabilise somewhat, Companies have also started to become stricter in their
though demand for skills in areas like coding and hiring processes, investing time and effort into candidate
software development still outstrips supply. selection and interviews, especially for mid to senior-level
recruitment, in order to ensure best-fit hires.
However, the fast-moving consumer goods (FMCG)
sector is expected to adopt a more cautious approach in Candidates in demand include marketing professionals
the coming year as the area’s growth was weaker than within the FMCG and pharmaceutical industries; tax, legal
anticipated. and compliance professionals; chief financial officers for
funded start-ups; and HR business partners.
In general, Mumbai professionals can look forward to
earning salaries about 10 to 15 per cent higher than other
parts of the country, in line with the city’s higher rates of
inflation. However, these rates have started to fall and a
small number of companies are starting to take a more
conservative approach to salary increases. Still, the city
continues to be a hub for the country’s best talent and
top graduates.

Hiring in the alcohol and beverages sector has picked up in the last few
months as companies are looking at bringing new brands and portfolios
to the country. Hiring at senior level is also up from last year as India’s
market has seen restructuring happening at the top. Increments have
been in the 10 to 15 per cent range but bonus payouts have been more
than the last couple of years.
– Head of Talent Acquisition, large alcohol beverages firm
Major FMCG players are finding it difficult to grow at the same rate as
there are a lot of new entrants in the market, including domestic and
international companies and the latter has taken a significant portion of
the pie. This, in turn, has impacted bonus payouts and increments.
– Head of Human Resources, major global FMCG company
Market Overview
Delhi
Confidence across the board is high in the National Capital Region of Delhi (Delhi NCR), bolstered largely by the
government’s push for jobs creation and foreign investment.
Already, we have seen positive results from these initiatives, including a significant increase in foreign direct investment
inflows across most sectors. Earlier in March, foreign direct investment saw a 20 per cent jump to US$40.46 billion (2.7
trillion INR), compared with US$30.93 billion in the 2014/15 fiscal year, reported the Wall Street Journal1.
In particular, overseas infrastructure and renewable energy companies, including those from Singapore and Europe,
have started investing heavily in the country. Many have now established a strategic presence in Delhi NCR — the
country’s political hub — for better access to key officials and regulators. They are also actively hiring talent for
commercial roles like sales, business development and project management to drive growth.
We are also seeing a talent demand in shared services as more multinational companies are diversifying such
operations to Delhi NCR, a trend driven by the region’s strong global connectivity as well as its competitive
infrastructure costs.
Many have now established a strategic presence

in Delhi NCR for better access to key officials and
regulators. They are also actively hiring talent for
commercial roles.
In the same vein, research and development, engineering as well as the procurement and supply chain sectors are
also experiencing steady growth. More companies are transferring and creating mid to senior-level positions to and
within India, such as advanced analytics and machine learning specialists as well as biostatisticians, to create global or
regional hubs. This move has resulted in a bigger pool of Indians returning from abroad to work in the region.
However, the property and construction sector continues to struggle from stalled projects and poor sales.
In terms of salaries, we are still seeing the same trends from the previous year, with candidates receiving increases
of up to 30 per cent when changing jobs and annual increments staying between 6 and 15 per cent. We expect
companies to start paying more to attract top candidates, especially in the above-mentioned sectors, as the race to
secure top talent intensifies.
1
www.wsj.com/articles/india-relaxes-foreign-direct-investment-rules-1466434994

For companies like ours (tech start-ups), speed and efficiency in hiring
is extremely important. With a limited talent pool, it is safe to assume
that the same candidate would be exploring multiple opportunities at
the same time. Hence, we need to be quicker than our competitors.
– Head of Talent Acquisition, Delhi-based tech start-up
Even though everyone talks about India developing as a healthcare

hub, organisations within the medical devices sector are still finding
it challenging. There is definitely a focus on increasing production
volumes from Tier 2 and Tier 3 cities but accessibility and high cost of
products remain a constraint, especially as most device components
are imported.
– Head of Human Resources, global medical devices company
Finance
Since its September 2014 launch, the nation-building ‘Make In India’ initiative has created more job opportunities, especially in the emerging
manufacturing industry. Headcount has also increased in the healthcare and technology industries as well as infrastructure’s three
specialised sectors: energy, power, and EPC (engineering, procurement and construction).
The profitability and sustainability of e-commerce as an industry will be a hot topic for 2017. Consolidations and mergers in the
e-commerce space may result in increased attrition as many candidates leave to rejoin the fast-moving consumer goods (FMCG), fast-moving
consumer durables (FMCD) and telecommunications sectors. The challenge for recruiters will be to attract candidates to emerging or new
e-commerce businesses.
India is gaining prominence worldwide as a finance shared services hub. A growing number of multinational corporations now have
offices in Gurgaon, Bangalore, Hyderabad and Pune.
There is a general sentiment that the market is employer-driven with an oversupply of candidates. We have observed mostly replacement
hiring in the FMCG and FMCD sectors and the retail industry. Hiring activity has also decreased in the real estate sector due to
reduced consumer demand. The saturation — and hence, lower profit margins — in the telecommunications sector has also resulted in
a recruitment slowdown.
While many employers expect to face minimal recruitment challenges, some companies will still have to undergo a long and thorough
hiring process to find the right candidate.
Organisations are moving towards implementation talks on Indian Accounting Standards (Ind-AS), which is a combination of the International
Financial Reporting Standards (IFRS) and the Indian Generally Accepted Accounting Principles (IGAAP). As a result, there could be a
growing demand for IFRS experts, a role that was traditionally less sought after previously.
With more foreign infrastructure and renewable energy companies, including those from Singapore and Europe, investing heavily in India,
there is now a considerable talent shift from local Indian companies to multinational corporations.
Tax remains a hot topic for 2017, specifically for indirect tax professionals. Despite a lack of clarity in the implementation of India's
goods and services tax (GST), most employers want to be prepared by having the right candidates and leaders onboard.
Overall, annual salary hikes are expected to be between 6 and 15 per cent across all disciplines. Start-ups will typically offer a 10
to 15 per cent increase in fixed salary to candidates from bigger organisations, but the actual cost-to-company could be higher with the
inclusion of stocks. Switching between similar organisations brings a 15 to 25 per cent increase for candidates, depending on seniority levels.
Skills in demand include financial planning and analysis, with mature companies and start-ups looking to hire shared services
staff and financial controllers. Companies within the e-commerce industry are also hiring vice-presidents of finance and chief financial
officers.

Finance
Salary Tables
General
Salary (INR Lacs)
Experience 3-5 yrs 5-10 yrs 10-15 yrs 15+ yrs
Cities Delhi Mumbai Delhi Mumbai Delhi Mumbai Delhi Mumbai
CFO/Finance Director (Large
- - - - 60-90 70-100 90+ 100+
organisation)
CFO/Finance Director
- - 25-45 40-60 45-75 60-80 75+ 80+
(Small/medium organisation)
CFO/Finance Director
- - - - 45-70 60-80 70+ 80+
(Shared services centre)
GM Finance/Financial
Controller (Large - - 25-40 35-50 40-65 50-75 65+ 75+
organisation)
Controller (Small/medium - - 20-35 25-40 32-50 40-60 50+ 60+
organisation)
8-15 12-20 15-25 20-30 25-38 30-45 38+ 45+
Controller (Plant)
Finance Manager (Large

10-18 15-25 18-35 25-40 - - - -
organisation)
Finance Manager (Small/

8-15 12-18 15-25 18-28 - - - -
medium organisation)
Finance Manager (Shared

10-15 12-15 12-28 15-30 28-50 30-50 - -
services centre)
Financial & Planning Analysis 12-20 12-20 20-40 20-50 40-60 50-70 60+ 70+
Financial/Business Analyst 10-15 12-15 15-30 15-30 28-50 30-50 - -
Financial Accounting 8-15 12-15 15-26 15-30 26-45 30-50 - -
Specialist
Salary (INR Lacs)
Finance Strategy 15-25 15-25 25-40 25-50 40-70 50-80 70+ 80+
Costing 8-12 10-15 12-22 15-25 22-35 25-40 - -
Accounts Receivable 8-12 10-15 12-22 15-25 22-501 25-501 - -
Accounts Payable 8-12 10-15 12-22 15-25 22-501 25-501 - -
Treasury 10-18 12-20 18-35 20-40 35-55 40-60 55+ 60+
Tax-Indirect 12-20 15-25 20-35 25-40 35-50 40-60 50+ 60+
Tax-Direct/International 15-25 18-30 25-40 30-45 40-60 45-70 60+ 70+
Corporate Finance 12-22 15-30 22-40 30-50 40-60 50-70 60+ 70+
Internal Audit 10-20 15-22 20-40 22-45 40-60 45-65 60+ 65+
1
Only applicable for shared services set up
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.

Finance
Salary Tables
Public Accounting
Salary (INR Lacs)
Audit 10-20 12–20 20-35 20–35 35-55 35-60 55+ 60+
Tax 10-20 12–20 20-35 20–35 35-60 35-60 60+ 60+
Transaction Advisory 12-20 12–20 20-35 20–35 35-60 35-60 60+ 60+
Please note:

Financial Services & Banking
CORPORATE BANKING
The corporate banking sector remains relatively stable in India due to the presence of strong clientele like established domestic firms
and multinational corporations (MNC).
Corporate banks have started to streamline their transaction banking teams in favour of payment and mobile-wallet friendly
platforms to align with clientele preferences and activities.
In terms of candidate movement, we have more senior executives who are leaving the sector to join non-banking financial
companies (NBFCs) — firms that provide banking services but do not hold a banking licence. NBFC services are increasingly sought-after in
India due to constraints in local banks’ lending abilities.
Candidates that are in high demand include those who are adept in the digital banking, stressed assets and restructuring practice
areas.
FINANCE
Recruitment activity in the investment banking sector has increased as more end-to-end work in areas like financial control and
product control is being transitioned to India.
Salary bands have increased for professionals at the vice-president level and above, a result of increased demand for business-
facing end-to-end skill sets.
Candidates are still willing to change jobs, even moving across the country, given the right opportunity and compensation package. In
particular, many professionals from the domestic banking sector are now attracted to organisations like NBFCs, microfinance
institutions and payment banks.
Candidates with the technical expertise to support onshore and front-end businesses are particularly sought after. Returning Indians with
overseas experience in investment banking are also in high demand.
Hot jobs for 2017 include roles in product control, internal audit and compliance.

FRONT OFFICE
Recruitment activity has increased in investment banking (IB), private equity (PE), venture capital (VC) and management consulting firms. We
are also seeing new funds looking to attract talent from existing global and domestic PE & VC firms in the country.
Front office salary bands have remained constant in global PE and VC firms. To control staff turnover, pay gaps between local PE and
VC firms and their global counterparts have narrowed.
Candidates from the PE, VC, IB and consulting disciplines are less keen to join newly created set-ups this year due to the recent volatility in
India’s start-up ecosystem. IB and consulting professionals prefer, in general, to move into buy-side roles with PE and VC firms.
With an increasing number of tech investors in the country, VCs and PEs are now scouting for investment professionals who have a strong
understanding of Software as a Service (SaaS), big data and IT.
There is increasing demand for Indian candidates with overseas IB/PE experience to fill junior level roles in India’s PE and VC firms.
Hot jobs for 2017: analysts, associates, vice presidents (for PE, VC and IB firms).
PRIVATE BANKING
Due to challenges in sustaining business growth, MNC private banks in India are facing high attrition rates in the range of 20 to 30 per cent.
As a result, many private bankers from MNCs have moved over to local private banking firms.
Investors' appetite in wealth management setups, including start-ups, in India has increased.
To differentiate themselves from competitors, more companies in the sector have adopted a more open-minded outlook, with family
office concepts — where firms oversee day-to-day administration and management of a family’s wealth — are gaining acceptance.
Firms are also more receptive to team recruitment, where at least two private bankers from the same team in a competitor bank
are hired. Such moves help firms to quickly scale up their teams as these bankers come in with solid market reputations and existing books.
Remuneration-wise, private bankers are increasingly interested in having employee stock ownership plans and greater
profit-sharing schemes as part of their compensation package.
Bankers who have at least six years of experience are preferred over junior counterparts given their established reputation and books. Those
who have demonstrated employment stability, rather than job-hoppers, are also preferred.

ANALYTICS
Analytics, as a discipline, has been expanding in India’s financial services and information technology enabled services sector in recent years.
More organisations, including well-established firms and start-ups, have been building up their analytics capabilities from scratch and existing
analytics service providers have also put expansion plans in place. Candidates are now required to be domain agnostic, possessing
the ability to work across systems and firms are looking to hire professionals with good academic background and sound
technical knowledge.
Despite recent volatility in the start-up ecosystem, confidence and interest remain high in the sector. Most of the senior analytics
candidates in the banking, financial services and insurance (BSFI) sector continue to seek stability and a strong brand position
over high salary increments.
Skills in demand include data sciences and machine learning. Many organisations are venturing into open source and big data technology
to handle the increasing amount of information that requires analysis. This trend is more apparent in consulting and start-up environments.
Advanced analytics skills such as natural language processing, deep learning, and the Internet of Things, have gained significant
traction and are set for exponential growth.
Hot jobs for 2017 include positions across data sciences, machine learning, digital analytics, risk modeling and risk strategy.

Financial Services
Salary Tables
Front Office – Investment Banking

MNC banks
Salary (INR Lacs)
Roles Associate VP Director Managing Director
Bangalore/ Bangalore/ Bangalore/ Bangalore/
Cities Chennai/ Mumbai Chennai/ Mumbai Chennai/ Mumbai Chennai/ Mumbai
Delhi NCR Delhi NCR Delhi NCR Delhi NCR
Corporate Finance/M&A 45-65 55-75 75-95 85-110 100-130 120-150 150-200 175-250
Domestic banks and NBFCs

Salary (INR Lacs)
Corporate Finance/M&A 20-35 30-45 45-65 50-75 75-95 85-105 100-150 125-175
Please note:

Financial Services
Salary Tables
Front Office – Private Equity & Venture Capital

Salary (INR Lacs)
Roles Associate VP Principal/Director Managing Director
Global Fund 45-65 55-75 75-95 85-105 110-200 120-240 200-300 250-350
Fund Size USD 200-700 mn 35-55 45-65 65-85 75-95 90-120 100-150 125-175 150-250
Fund Size <USD 200 mn 25-35 35-45 45-55 55-65 65-85 75-95 100-150 120-175
Front Office – Private Banking

MNC banks
Salary (INR Lacs)
Roles AVP VP Director Managing Director
Private Bankers 15-25 15-30 30-55 35-60 50-75 60-100 - -
Domestic banks and NBFCs

Salary (INR Lacs)
Private Bankers 10-20 12-30 25-50 30-55 45-70 50-75 - -
Please note:

Financial Services
Salary Tables
Corporate Banking (Sales Function)

Salary (INR Lacs)
MNC Banks 17-27 20-30 30-55 35-60 55-90 60-100 90+ 100+
Domestic Banks 16-22 18-25 28-45 30-55 45-75 50-80 75+ 80+
NBFCs 14-20 16-22 22-40 24-45 40-70 45-75 70+ 75+
Corporate Banking (Credit Function)

Salary (INR Lacs)
MNC Banks 15-22 17-25 25-50 30-55 50-85 55-90 85+ 90+
Domestic Banks 14-20 15-22 22-45 25-50 40-75 45-80 75+ 80+
NBFCs 13-18 14-20 20-40 22-45 40-70 40-75 70+ 75+
Corporate Banking (Product Function)

Salary (INR Lacs)
MNC Banks 15-22 17-25 25-50 30-55 50-85 55-90 85+ 90+
Domestic Banks 14-20 15-22 22-45 25-50 40-75 45-80 75+ 80+
NBFCs 13-18 14-20 20-40 22-45 40-70 40-75 70+ 75+
Please note:

Financial Services
Salary Tables
Finance – Central Finance

MNC banks and captives across India
Salary (INR Lacs)
CFO - - - - 65-85 70-90 100+ 100+
Financial Reporting 22-32 25 -35 32-55 40-60 55-85 60-90 100+ 100+
Tax Accountant 22-32 25 -35 32-55 40-60 55-85 60-90 100+ 100+
Management Reporting 22-32 25 -35 32-55 40-60 55-85 60-90 100+ 100+
Legal Entity Control 22-32 25 -35 32-55 40-60 55-85 60-90 100+ 100+
Regulatory Reporting 22-32 25 -35 32-55 40-60 55-85 60-90 100+ 100+
Domestic financial institutions and third party consulting companies providing solution to
banking clients
Salary (INR Lacs)
CFO 18-28 20-30 28-45 30-50 55-75 55-80 75+ 80+
Financial Reporting 18-28 20-30 28-45 30-50 45-65 50-70 70+ 80+
Tax Accountant 18-28 20-30 28-45 30-50 45-65 50-70 70+ 80+
Management Reporting 18-28 20-30 28-45 30-50 45-65 50-70 70+ 80+
Legal Entity Control 18-28 20-30 28-45 30-50 45-65 50-70 70+ 80+
Regulatory Reporting 18-28 20-30 28-45 30-50 45-65 50-70 70+ 80+
Please note:

Financial Services
Salary Tables
Finance – Product Control

Salary (INR Lacs)
Money Market 22-32 25-35 32-60 35-60 60-90 60-90 100+ 100+
Equities 22-32 25-35 32-60 35-60 60-90 60-90 100+ 100+
Commodities & Derivatives 22-32 25-35 32-60 35-60 60-90 60-90 100+ 100+
banking clients
Salary (INR Lacs)
Money Market 18-28 20-30 28-45 30-50 45-65 50-70 70+ 80+
Equities 18-28 20-30 28-45 30-50 45-65 50-70 70+ 80+
Commodities & Derivatives 18-28 20-30 28-45 30-50 45-65 50-70 70+ 80+
Please note:

Financial Services
Salary Tables
Operations
Salary (INR Lacs)
Head of Operations/COO - - - - 60-90 60-100 90+ 100+
Project Management 22–32 25-35 32-50 35-55 50-80 55-85 80+ 85+
Quality & Change

22–32 25-35 32-50 35-55 50-80 55-85 80+ 85+
Management
Transitions 22–32 25-35 32-50 35-55 50-80 55-85 80+ 85+
Payments & Cash

22–32 25-35 32-50 35-55 50-80 55-85 80+ 85+
Management
banking clients
Salary (INR Lacs)
Head of Operations/COO - - - - 50-80 60-85 80+ 85+
Project Management 18-28 20-30 28-40 30-45 45-65 50-65 65+ 70+
Quality & Change

18-28 20-30 28-40 30-45 45-65 50-65 65+ 70+
Management
Transitions 18-28 20-30 28-40 30-45 45-65 50-65 65+ 70+
Payments & Cash

18-28 20-30 28-40 30-45 45-65 50-65 65+ 70+
Management
Please note:

Financial Services
Salary Tables
Operations – Middle Office

Salary (INR Lacs)
Client Servicing 20-28 20-30 28-45 30-50 45-70 50-75 70+ 75+
Trade Support/Capture 20-28 20-30 28-45 30-50 45-70 50-75 70+ 75+
Reference Data 20-28 20-30 28-45 30-50 45-70 50-75 70+ 75+
Corporate Actions 20-28 20-30 28-45 30-50 45-70 50-75 70+ 75+
Business Management 22-32 25-35 32-50 35-55 50-80 55-85 80+ 85+
Change Management 22-32 25-35 32-50 35-55 50-80 55-85 80+ 85+
Fund Administration 20-28 20-30 28-45 30-50 45-70 50-75 70+ 75+
banking clients
Salary (INR Lacs)
Client Servicing 18-28 20-30 28-40 30-45 45-65 50-65 65+ 70+
Trade Support/Capture 18-28 20-30 28-40 30-45 45-65 50-65 65+ 70+
Reference Data 18-28 20-30 28-40 30-45 45-65 50-65 65+ 70+
Corporate Actions 18-28 20-30 28-40 30-45 45-65 50-65 65+ 70+
Business Management 20-28 20-30 28-45 30-50 45-70 50-75 70+ 75+
Change Management 20-28 20-30 28-45 30-50 45-70 50-75 70+ 75+
Fund Administration 18-28 20-30 28-40 30-45 45-65 50-65 65+ 70+
Please note:

Financial Services
Salary Tables
Audit, Compliance & Risk

Salary (INR Lacs)
Internal Audit 22-32 25-35 32-50 35-55 50-80 55-85 80+ 85+
KYC/AML (Anti Money

20-30 20-30 30-45 30-45 45-70 45-75 70+ 75+
Laundering)
Regulatory Compliance 22-32 25-35 32-50 35-55 50-80 55-85 80+ 85+
Market Risk 22-35 25-40 35-60 35-60 55-80 55-85 80+ 85+
Credit Risk 22-32 25-35 32-50 35-55 50-80 55-85 80+ 85+
Operational Risk 22-32 25-35 32-50 35-55 50-80 55-85 80+ 85+
banking clients
Salary (INR Lacs)
Internal Audit 20-28 20-30 28-45 30-50 45-70 50-75 75+ 80+
KYC/AML (Anti Money

22-32 25-35 32-50 35-55 50-80 55-85 80+ 85+
Laundering)
Regulatory Compliance 20-28 20-30 28-45 30-50 45-70 50-75 75+ 80+
Market Risk 22-32 25-35 32-50 35-55 50-80 55-85 80+ 85+
Credit Risk 20-28 20-30 28-45 30-50 45-70 50-75 75+ 80+
Operational Risk 20-28 20-30 28-45 30-50 45-70 50-75 75+ 80+
Please note:

Financial Services
Salary Tables
Analytics
Salary (INR Lacs)
Marketing Analytics 23-35 25-36 35-52 36-55 52-80 54-85 85+ 90+
Risk Analytics 23-35 25-36 35-52 36-55 52-80 54-85 85+ 90+
Digital Analytics 23-35 25-36 35-52 36-55 52-80 54-85 85+ 90+
Statistical Modelers 23-35 25-36 35-52 36-55 52-80 54-85 85+ 90+
Analytics Consulting 25-37 25-38 38-52 40-55 55-80 55-85 85+ 90+
Big Data/Machine Learning 25-40 25-40 40-60 40-60 60-100 60-100 100+ 100+
Data Scientist 25-40 25-40 40-60 40-60 60-100 60-100 100+ 100+
banking clients
Salary (INR Lacs)
Marketing Analytics 20-30 20-32 30-45 32-47 45-70 45-75 75+ 80+
Risk Analytics 20-30 20-32 30-45 32-47 45-70 45-75 75+ 80+
Digital Analytics 20-30 20-32 30-45 32-47 45-70 45-75 75+ 80+
Statistical Modelers 20-30 20-32 30-45 32-47 45-70 45-75 80+ 80+
Analytics Consulting 20-32 20-34 32-47 35-48 50-75 50-80 85+ 85+
Big Data/Machine Learning 25-35 26-36 35-50 36-50 60-90 60-90 90+ 95+
Data Scientist 25-35 26-36 35-50 36-50 60-90 60-90 90+ 95+
Please note:

Human Resources
Despite an employer-driven market with strong availability of talent, companies still experience post-offer acceptance uncertainties from
candidates, especially from top talent who receive multiple offers. Providing opportunities for internal movement, the flexibility to
relocate to cities of choice within India, and overseas transfers for high potential employees are strong retention strategies.
Established organisations in India are mostly hiring for replacement roles, with few new roles created for specialist positions in
human resources self-service, compensations and benefits, and talent management (TM).
The good news is that we are starting to see the market pick up, with 65 per cent of candidates securing interviews with at least two
employers concurrently.
Employers are now more attracted to candidates who have led initiatives and produced quality work. We have observed a clear
preference to hire competent business school graduates over traditionally sought-after experienced leaders.
In-house HR professionals will be sought after in 2017. Local organisations are looking to institutionalise their HR function and are
investing more in it by creating new roles. This is specific to Indian organisations that have historically run their businesses without any HR
professionals or have only had an administrative and payroll function.
We also see a greater demand for HR professionals who possess regional and global exposure in talent acquisition. With the
growing global economy, more companies are looking to create recruitment hubs in India, which requires such experience.
Hot jobs for 2017 include total rewards and TM specialists. Specialists should ideally know how to implement innovative compensation
and benefit structures that include long and short-term incentive plans such as employee stock options (ESOPs). TM specialists are also
needed to initiate learning programmes for high potential employees as more companies focus on retaining top talent.

Human Resources
Salary Tables
Commerce & Industry

Large and middle capital companies/listed organisations
Salary (INR Lacs)
Experience 8-12 yrs 12-16 yrs 16+ yrs
Cities Delhi Mumbai Delhi Mumbai Delhi Mumbai
Head of Human Resources
- - - - 120+ 150+
(Large companies)

(Small/medium sized 40-55 45-60 70-90 75-95 75+ 85+
companies)
HR Generalist/
25-45 30-55 40-70 45-80 55+ 60+
Business Partner
Learning & Development 30-45 35-50 40-55 40-60 50+ 55+

Compensation & Benefits 30-45 35-55 40-70 50-80 60+ 65+
Talent Acquisition 20-30 25-35 40-50 45-60 50+ 55+
Talent Management/OD 30-45 30-55 45-55 50-70 60+ 60+
Industrial Relations 20-30 20-35 35-55 35-60 55+ 60+
HR Operations/Payroll/
18-25 20-35 30-40 35-55 45+ 55+
HR IS
HR Consulting 35-50 35-55 50-70 50-75 70+ 75+
Small capital companies/non-listed organisations

Salary (INR Lacs)
- - 50-60 70-90 90+ 100+
(Large companies)

(Small/medium sized 20-30 25-35 32-46 35-50 45+ 55+
companies)
HR Generalist/
18-30 20-32 25-40 30-50 40+ 45+
Business Partner

Compensation & Benefits 21- 33 23-35 35-42 35-45 45+ 50+
Talent Acquisition 18 -30 20-32 28-38 30-40 40+ 45+
Talent Management/OD 20 -35 25-35 35-45 35-50 45+ 50+
Industrial Relations 9-15 10-18 15-25 18-25 25+ 30+
8-12 9-15 10-15 15-25 25+ 30+
HR IS
HR Consulting 25-35 25-40 35-50 35-55 50+ 60+
Please note:

Human Resources
Salary Tables
Banking & Financial Services

Large and middle capital companies/listed organisations
Salary (INR Lacs)
- - - - 110+ 130+
(Large companies)

(Small/medium sized - - 55-70 60-80 70+ 80+
companies)
HR Generalist/
25-40 25-45 40-60 45-70 60+ 65+
Business Partner

18-25 20-30 30-40 35-55 45+ 55+
HR IS
Small capital companies/non-listed organisations

Salary (INR Lacs)
- - - - 60+ 70+
(Large companies)

(Small/medium sized - - 30-50 40-60 50+ 60+
companies)
HR Generalist/
20-25 25-35 25-40 30-45 50+ 55+
Business Partner

12-20 15-25 20-30 25-35 30+ 35+
HR IS
Please note:

Legal
More multinational corporations (MNCs) are entering the Indian market, creating a demand for highly qualified and experienced
lawyers. Overall, recruitment activity in the country is relatively healthy, with the main challenge being matching the right skill sets to market
demands.
Indian companies are moving towards having more balanced, diverse teams and hiring of female candidates is on the rise. This
openness to workplace diversity is most prominent in the fast-moving consumer goods, financial services and infrastructure sectors.
PRIVATE PRACTICE
Top-tier law firms are reported to be the highest paying employers. MNCs also offer higher salaries to their in-house legal teams
compared with local firms.
Private law firm employees have shown an increasing preference for in-house roles which offer better work-life balance. Another
push factor is the increasing pressure on senior private practice lawyers, such as partners, to focus on business development.
IN-HOUSE CORPORATE
Emerging sectors like financial services and e-commerce are offering more competitive salaries to attract top talent in
emerging markets, compared with infrastructure, manufacturing, energy and other core sectors.
Across industries, candidates with dual specialisation of legal and company secretarial (CS) skill sets are in high demand as companies
seek to streamline teams and be more cost-efficient. More senior-level candidates are being sought after to lead legal, CS and
compliance functions.
Demand for compliance officers in the healthcare and financial services industries has increased as companies now need to work
closely with regulators.
In-house legal teams, being smaller in size, tend to hire more mid to senior-level legal professionals.

Legal
Salary Tables
Lawyers
Salary (INR Lacs)
Lawyers - Private Practice 12-20 12-25 20-60 25-75 60-100 75-120 100+ 120+
Lawyers - In-House
(All industries excluding 6-12 8-15 12-40 15-60 40-60 60-80 60+ 80+
Financial Services)
Lawyers - In-House
8-18 8-25 18-50 25-70 50-70 70-90 70+ 90+
(Financial Services)
Company Secretaries (In-House)

Salary (INR Lacs)
Company Secretary 6-10 6-12 10-20 12-24 20-40 24-50 40+ 50+
Please note:

Procurement & Supply Chain
Over the last 12-18 months, e-commerce has driven the increasing popularity of third-party logistics (3PL) and last-mile delivery
vendors. Such vendors provide capital and labour-intensive services such as transportation, warehousing, inventory management, freight
forwarding, cross-docking and packaging.
With the Indian government approving pro-foreign direct investment (FDI) policies, demand for professionals with global logistics
experience (including import/export, customs clearance and trade compliance) will increase.
The concept of a “Lean Supply Chain” has also gained popularity in recent years. To develop a lean supply chain, companies are
looking at adapting technological improvements across the entire organisation.
Matrix structures within supply chain set-ups have seen a rise in popularity as well. Candidates with experience in such
environments, especially with exposure to global stakeholders, are heavily in demand.
We have witnessed an increased demand for candidates with deep experience in planning functions (demand and supply, sales
and operation planning) across different levels. In particular, we see heavy demand in the business to consumer space (consumer
products, retail, e-commerce).
Due to the fluid external environments that are dependant on consumer spending patterns and government policies, talented strategists
rather than pure play execution-oriented staff are being courted for their ability to lead key initiatives and projects leading to
operational efficiency.
Average salary increment when switching jobs is approximately 18 per cent.

Salary Tables
FMCG/Retail & Healthcare/Pharma

Top business school graduates
Salary (INR Lacs)
Procurement 12-30 14-30 25-45 25-45 40-75 40-75 75+ 75+
Logistics (Including
Transportation, 12-30 14-30 25-45 25-45 40-75 40-75 75+ 75+
Warehousing)
Supply Chain 15-30 15-30 30-50 30-50 45-80 45-80 75+ 75+
Sourcing 12-30 14-30 25-45 25-45 40-75 40-75 75+ 75+
Planning 12-30 14-30 25-45 25-45 40-65 40-65 65+ 65+
Non business school graduates

Salary (INR Lacs)
Quality 6-12 6-12 12-28 12-29 25-45 25-45 40+ 40+
Procurement 6-15 6-15 15-30 15-30 25-50 25-50 45+ 45+
Logistics (Including
Transportation, 6-15 6-15 15-30 15-30 25-45 25-45 40+ 40+
Warehousing)
Supply Chain 6-15 6-15 15-30 15-30 25-45 25-45 40+ 40+
Sourcing 6-15 6-15 15-30 15-30 25-40 25-40 35+ 35+
Planning 6-15 6-15 15-30 15-30 25-40 25-40 35+ 35+
Please note:

Salary Tables
Captives/Shared Services
Salary (INR Lacs)
Procurement Manager 14-20 16-20 15-35 15-35 - - - -
Vendor/Supplier
14-20 16-20 15-35 15-35 - - - -
Relationship Manager
Strategic Sourcing
14-20 16-20 15-35 15-35 - - - -
Leader/Manager
Category/Commodity
- - 15-40 15-40 30-50 30-50 60+ 60+
Manager
GM/Head of Procurement - - - - 40-60 40-60 60+ 60+

CPO/Director - - - - 40-60 40-60 60+ 60+
Industrial & Manufacturing

Salary (INR Lacs)
Procurement Manager 12-25 14-30 25-45 30-45 - - - -
Sourcing 12-25 14-30 25-45 30-45 40-75 45-75 75+ 75+
Quality 8-12 8-12 12-25 12-25 25-50 25-50 50+ 50+
Head of Procurement - - - - 40-60 40-60 60+ 60+
Please note:

Sales & Marketing
Fast-moving consumer goods (FMCG) and pharmaceutical companies are launching different "Alternate Channels" to reach out to the
consumer even though traditional trade still accounts for majority of the business. Demand for digital marketing skills has substantially
increased due to this rising trend.
Rural businesses are experiencing aggressive growth in the FMCG and pharmaceutical industries, leading to increased demand for
go-to-market professionals. In the urban sector, there is less scope to increase the number of touch points hence the major focus is to
increase the sales from existing touch points by using activations, trade marketing & shopper marketing initiatives.
Large pharmaceuticals, medical devices and healthcare providers are increasingly hiring professional senior consultants to
replace external consultancy firms to cut costs. Senior strategy consultants, particularly professionals with industry expertise in both
consulting and commercial roles, are in high demand. There is a conscious move towards hiring high-calibre professionals to fill sales roles in
the medical devices sector.
Noticeable growth in the local chemical industry has created a strong demand for senior professionals with multinational
working experience. The overall growth of the industry creates a strong demand for senior sales and business professionals with a strong
track record.
Organisations are investing a substantial amount of time and money into employee retention strategies, particularly targeting the retention
of sales and P&L heads. Talent attrition has a huge impact on businesses because demand for the top 20 per cent of sales professionals is
strong across most industries. Retention bonuses, employee stock ownership plans, internal transfer opportunities, and improved
training and career path mapping are being widely adopted as strategies.

Sales & Marketing
Salary Tables
Consumer Goods
Candidates from premium business schools
Salary (INR Lacs)
Sales/Channel Management 20-28 22-30 28-70 28-75 40-100 50-100 80+ 80+
Brand Management/
20-28 22-30 28-70 28-75 40-100 50-100 - -
Product Management
Trade Marketing 20-28 22-30 28-70 28-75 40-100 50-100 80+ 80+
Category Management - - 28-70 28-75 40-100 50-100 80+ 80+
Communications & CSR 13-18 15-20 18-40 20-45 30-55 35-55 50+ 50+
Candidates from non top-tier business schools

Salary (INR Lacs)
Sales/Channel Management 12-15 13-18 15-35 17-40 30-50 35-60 40+ 45+
Brand Management/
15-18 18-22 18-40 20-45 30-50 35-55 - -
Product Management
Trade Marketing 12-15 13-16 15-35 18-40 25-45 30-50 40+ 45+
Category Management - - 18-40 20-45 30-50 35-55 40+ 45+
Please note:

Sales & Marketing
Salary Tables
Pharmaceuticals
Top global pharmaceuticals/medical devices companies
Salary (INR Lacs)
Sales 12-18 12-20 15-30 18-35 30-55 30-60 50+ 55+
Marketing 10-18 10-20 15-30 18-35 30-55 30-60 50+ 55+
Regulatory Affairs/QA/RA 6-12 6-12 10-20 12-24 20-30 24-35 30+ 35+
Medical Affairs 7-12 8-15 12-18 15-25 15-28 25-40 30+ 35+
Locally present pharmaceuticals/medical devices companies

Salary (INR Lacs)
Sales 6-10 8-12 10-20 12-22 18-35 22-40 35+ 40+
Marketing 8-13 10-15 12-22 15-25 22-38 25-42 38+ 42+
Medical Affairs 6-10 8-12 10-20 12-22 18-30 22-35 25+ 35+
Please note:

Sales & Marketing
Salary Tables
Medical Devices
Top global pharmaceuticals/medical devices companies
Salary (INR Lacs)
Sales 14-20 14-20 22-28 24-30 30-45 32-45 50+ 55+
Marketing 12-16 12-16 16-25 18-30 32-45 34-50 50+ 55+
Clinical/Application/
5-10 6-10 12-20 14-22 - - - -
Product Specialist/Service
Locally present pharmaceuticals/medical devices companies

Salary (INR Lacs)
Sales 4-8 5-10 8-15 12-18 15-30 18-35 30+ 30+
Marketing 4-8 5-10 8-15 10-18 15-25 18-30 25+ 30+
Clinical/Application/
4-6 5-8 10-15 10-15 - - - -
Product Specialist
Please note:

Sales & Marketing
Salary Tables
Building Materials
Top global building materials companies
Salary (INR Lacs)
Sales 10-25 10-25 25-40 25-35 40-80 35-50 60+ 60+
Pre-Sales/Specifications/
12-20 12-20 18-40 20-35 30-70 35-50 50+ 60+
B2B Marketing
Locally present building materials companies

Salary (INR Lacs)
Sales 6-15 6-15 12-25 15-25 25-50 25-50 40+ 40+
Pre-Sales/Specifications/
6-12 6-12 10-25 12-25 20-40 25-50 40+ 40+
B2B Marketing
Please note:

Sales & Marketing
Salary Tables
Life Sciences
Salary (INR Lacs)
Sales 6-12 8-12 12-25 12-22 25-50 22-40 50+ 40+
Marketing 6-10 10-15 10-25 15-25 25-40 25-42 40+ 42+
Application Specialist 8-15 7-10 15-30 10-18 - - - -
Industrial Equipment
Salary (INR Lacs)
Sales 6-20 8-20 12-30 20-30 25-50 30-45 40+ 50+
Pre-Sales/B2B Marketing 6-12 6-15 10-25 15-25 20-40 25-40 40+ 40+
Chemicals
Salary (INR Lacs)
Sales 8-15 8-15 12-25 15-35 25-40 35-50 40+ 50+
Marketing 8-12 8-15 10-25 15-30 20-40 30-50 40+ 50+
Application/Technical 6-12 6-15 10-25 15-30 18-30 30-50 30+ 50+
Please note:

Contact Us
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India
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2017 INDIA

SALARY & EMPLOYMENT

Find out what you’re worth

Worldwide leaders in specialist recruitment

India 2017 at a glance 04

India Market Overview 06

Mumbai Market Overview 08

Delhi Market Overview 10

Discipline insights and salary tables

The Salary and Employment

India Salary & Employment Outlook • 3

45% of these new employees

India Salary & Employment Outlook • 4

Top 3 factors in talent retention Work-life balance strategies

Career Flexible working hours

Diversity & Inclusion

India Salary & Employment Outlook • 5

While e-commerce thrived last year, we have

India Salary & Employment Outlook • 6

We do not foresee big increments in headcount. However, hiring activity

Companies have also started to become stricter in

India Salary & Employment Outlook • 8

Many have now established a strategic presence

India Salary & Employment Outlook • 10

Even though everyone talks about India developing as a healthcare

India Salary & Employment Outlook • 12

Finance Manager (Large

Finance Manager (Small/

Finance Manager (Shared

India Salary & Employment Outlook • 13

India Salary & Employment Outlook • 14

India Salary & Employment Outlook • 15

India Salary & Employment Outlook • 16

India Salary & Employment Outlook • 17

Front Office – Investment Banking

Domestic banks and NBFCs

India Salary & Employment Outlook • 18

Front Office – Private Equity & Venture Capital

Front Office – Private Banking

Domestic banks and NBFCs

India Salary & Employment Outlook • 19

Corporate Banking (Sales Function)

Corporate Banking (Credit Function)

Corporate Banking (Product Function)

India Salary & Employment Outlook • 20

Finance – Central Finance

India Salary & Employment Outlook • 21

Finance – Product Control

India Salary & Employment Outlook • 22

Quality & Change

Transitions 22–32 25-35 32-50 35-55 50-80 55-85 80+ 85+

Payments & Cash

Quality & Change

Transitions 18-28 20-30 28-40 30-45 45-65 50-65 65+ 70+

Payments & Cash

India Salary & Employment Outlook • 23

Operations – Middle Office

India Salary & Employment Outlook • 24

Audit, Compliance & Risk

KYC/AML (Anti Money

KYC/AML (Anti Money

India Salary & Employment Outlook • 25

India Salary & Employment Outlook • 26

India Salary & Employment Outlook • 27