September 27, 2022
Despite global economic challenges, corporate India’s salary projections for next year remained healthy
Four out of the five sectors that are expected to have the highest projected salary increase are related to technology
E-commerce has the highest growth in salary increase at 12.8%, followed by startups at 12.7%
Salary increase in Information Technology is expected to be at 11.3%, and financial institutions at 10.7%
Salaries of India’s corporate employees are expected to increase by 10.4% in FY24, according to a report from global professional services firm Aon Plc. This year, salary increase for corporate employees was pegged at around 10.6%, which was higher than the projected 9.9%.
Experts said that despite global economic challenges, corporate India’s salary projections for next year remained healthy. They further added that this has been a result of the sector’s confidence in its strong business performance, recently.
The report is based on a survey analysed across 1,300 companies from more than 40 industries in India. It said that the attrition rate during the first six months of this year stood at 20.3%, which was marginally lower than the same period last year, which was 21%. This trend is expected to go on for a few more months.
Four out of the five sectors that are expected to have the highest projected salary increase are related to technology. E-commerce has the highest growth in salary increase at 12.8%, followed by startups at 12.7%, Information Technology at 11.3%, and financial institutions at 10.7%.
As per media reports, experts further added that the top salary increases are happening in the most volatile industries, and businesses must create holistic rewards strategies unique to their situation and sector to retain and attract the talent they need.
Source: Financial Express