2022 - Project Manager Salary Trends In India
New Delhi : With the rise of new businesses in the Indian market, the demand for project managers has started to skyrocket. According to salary explorer, the average salary for a project manager in India is set to increase at the rate of 13% every 15 months, with a good employee benefits package. Companies like Cognizant, Infosys, Wipro, TechMahindra, Accenture and HCLtech pay lakhs to get experienced and skilled project management professionals in their teams, and with every stage of promotion, the salary and benefits increase.
Before moving on with the estimated paycheck details, let’s discuss project management, the role of a project manager, and the qualifications a company looks for before hiring them.
What Is Project Management?
Project management is the application of skills, knowledge, experience and methods to attain the goal of a project within the specified budget and time. Unlike management, which is an ongoing process, the time duration for project management is finite, and there needs to be a final deliverable to show the progress in the plan.
Some projects are short-term, which might be required to solve some issues in the organization. Some are long-term, which might be related to the production or introduction of a new product in the market. Whatever the case may be, the project manager has to plan and organize the teams accordingly.
What Is the role of a Project Manager?
The role of a project manager revolves around the project management life cycle, which is divided into 4 important phases. These are initiation, planning, execution, and closure.
Let’s use these 4 phases to derive the job role and responsibilities of a project manager.
1. A project manager is supposed to identify the needs, problems, and opportunities of the business. They need to come up with brainstorming ideas to meet the needs, solve the problems and grab every possible opportunity.
In the initiation phase, primary problems, depth of the project, deliverables, cause and effect, project cost, and benefits are identified.
2. After the approval of the first phase, the project manager breaks the entire project into smaller tasks, sets a time limit, estimates the budget, and forms a team with the right people and the right resources.
3. After the planning phase, the project manager needs to brief the team about the work, perform communication, ensure the timely completion of tasks, and monitor the quality of work.
4. The final step is to present the final performance of the project to the key stakeholders of the organization by summing up the fulfilled goals and documenting the used or unused resources.
Qualifications Of A Project Manager
The salary figure on the offer letter for a project manager depends on their qualification and to qualify for the best packages, you need to meet the following criteria:
1. A bachelor’s degree in computer science, business management or related fields
2. Project management professional certification from trusted organizations like Upgrad, Emeritus, Naukri.com or LinkedIn
3. 3 to 5 years of experience in project management
4. Effective communication and problem-solving skills
Salary Of A Project Manager In India - 2022
The salary packages offered to project managers in India have an average estimate of Rs 14 lakhs per annum, with Rs 4.5 lakhs per annum being the lowest package and Rs 26 lakhs per annum being the highest. These packages have additional incentives ranging from Rs 50,000 per annum to Rs 4 lakhs per annum.
The difference in these salaries is based on various factors. Some of them are
2. Company Type
3. Work experience
5. Project management job type (Junior project manager, Senior project manager or Technical project manager)
Project management is one of the most challenging jobs in the job market. With the correct platform, gaining knowledge and mastering skills for this job can become an easy task to achieve.