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electric vehicle: Salaries head north at all levels as EV companies race for talent

electric vehicle: Salaries head north at all levels as EV companies race for talent

The fast growth in India’s electric vehicle ,EV) industry is driving up the salaries in this sunrise sector as companies are finding it tough to get the right talent.
Salaries have gone up in all levels as EV manufacturers poach and get poached. They are also hiring from adjacent industries. At the top, senior executives are often getting a 50% or higher jump in salaries, while at the mid-level the increase is almost 100%, say experts. One of the top recruiters, ABC Consultants, has closed 15 search mandates in the EV domain in the last one year alone, said director Amol Gangaramany.

Factors like the recent thrust on EVs by the government, changing consumer mindset and EVs being a relatively new business domain and green are pushing the demand for EVs to new levels, despite recently emerged safety concerns in the two-wheeler segment following several fire incidents involving electric scooters.

Sales of electric vehicles in the local market are estimated to grow at a compounded annual rate of 90% to $150 billion by 2030, according to a report by RBSA Advisors.

EVs accounted for about 2% of automobile sales in India in the last fiscal year ended on March 31. Over the next three years itself, ratings agency ICRA estimates electric two-wheelers to account for 13-15% of the new vehicle sales. Penetration of electric three-wheelers and electric buses are expected to be more than 30% and 8-10%, respectively, by FY25. “Currently, the demand is more than what we can handle in the EV space,” said Gangaramany.
The average salary hike across functions in the EV space is between 40% and 70%, according to Manu Saigal, director-general staffing at Adecco India. For senior talent, salaries are upwards of a crore, she said. Being a new domain, the employee count requirement has more than doubled in the EV industry, according to estimates of HR services provider Randstad. India is now a part of the EV30@30 campaign, which aims for 30% of all automobile sales to come from EVs by 2030.

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