Salaries in India may see 10.4 per cent hike in 2023: Survey
Salary increases projected in India for 2023 are in the double digits despite the global recessionary headwinds and volatile domestic inflation. This reflects the confidence that corporate India has in its strong business performance.
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FollowA new survey has revealed that salaries in India are expected to increase by 10.4 per cent in 2023, which is slightly higher than the 9.9 per cent increase projected in February. According to Salary Increase Survey in India conducted by global professional services firm Aon plc, the attrition rate for the first half of 2022 continued to be high at 20.3 per cent, only marginally lower than the 21 per cent recorded in 2021. The trend is expected to continue for the next few months.
The survey also found that four of the five sectors expected to have the highest projected salary increase are technology-related. The technology sector is also likely to experience the impact of current global economic uncertainty.
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The E-commerce sector leads verticals with the highest projected increase in salary at 12.8 per cent. The Startup sector closely follows the E-commerce sector at 12.7 per cent, information technology-enabled services at 11.3 per cent and financial institutions at 10.7 per cent.
Roopank Chaudhary, partner, Human Capital Solutions at Aon in India, said in a statement that salary increases projected in India for 2023 are in the double digits despite the global recessionary headwinds and volatile domestic inflation.
This, according to Roopank, reflects the confidence that corporate India has in its strong business performance. However, sounding a cautionary note, Roopank said that business leaders must take decisions that ensure their workforce remains resilient now and in the future. They need to review their total rewards strategies to balance a relatively high rate of attrition and the ongoing demand for critical talent with the impact of rising salary and cost pressures.
Jang Bahadur Singh, director of Human Capital Solutions at Aon in India, said that one of the key determinants of salary increases by industries is volatility. The most volatile industries have the top salary increases.
He said that businesses must create holistic rewards strategies unique to their situation and sector to retain and attract the talent they need as the broader economic circumstances impact the talent landscape. To make better decisions and build a resilient workforce across sectors, data-driven insights provide clarity and confidence needed by employers, he added.
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