Organisations in India may give above average salary hike
- ByAyushi Ray | September 8, 2021
Organisations in India may give above average salary hike. The projected increment is the highest since 2018 when the average raise was 9.5%, consulting firm Aon said in its India Salary Increase Survey of nearly 1,350 firms. After seven years of double-digit pay hikes, average increment figures in India fell to 9.3% in 2017, followed by 9.5%, 9.3%, 6.1% and 8.8% in subsequent years. The survey said the pandemic accelerated the digital journey for organizations, triggering an unprecedented war for digital talent and boosting salary budgets. As a result, Indian companies reported a five-year-high attrition rate of 20% in 2021, sharply up from 12.8% last year.
The survey said 2021 witnessed high demand for key skills, pushing the actual salary hike to 8.8% as against a projection of 7.7%, as the economy gradually opened up, and the companies became resilient to deal with the second wave and manage growth. It also said firms indicated their desire to pay performers 1.7 times the average pay hike. The technology sector continues to be the best paymaster, with an average hike of 11.2% in 2022, followed by professional services and e-commerce firms, which are expected to give a 10.6% pay raise. Similarly, ITes, life sciences and pharma and consumer goods sectors are set to offer 9.2-9.6% pay hikes.
Follow Startup Story
Related Posts
