Indian workers likely to get average salary hike of 9.6% this year: Report
Updated: Mar 7th, 2024
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| Source: IANS |
Employees in India are expected to get an average salary increase of 9.6% in 2024, similar to the actual increase in 2023, a new report said on Mar 6.
According to the EY ‘Future of Pay 2024’ report, overall attrition dropped to 18.3% in 2023 (from 21.2% in 2022) and is set to gradually decline over the next few years as companies prioritise cost management and employee well-being, stabilising the workforce amidst high talent demand.
“While overall average salary increase in India inc holds steady compared to last year, certain sectors such as e-commerce, financial services and professional services firms are poised for significant pay raise in 2024,” said Abhishek Sen, partner and leader, EY India.
E-commerce is expected to have the highest salary growth in 2024, at 10.9%, followed by financial services, with a projected growth of 10.1%. Professional services’ salary is set to grow by 10% this year, according to the report.
Moreover, the report mentioned that 35% to 40% of the technology workforce is made up of digital talent, a figure that is expected to become more crucial in the future.
Among digital skills, Artificial Intelligence (AI), Machine Learning (ML), and Blockchain skills are highly sought-after, commanding a premium in the range of 30% to 50%.
“Going forward, organisations will harness the transformative power of AI to craft bespoke benefits packages, optimise reward procedures, and elevate overall employee satisfaction at the workplace,” Sen said.
About 80% of the organisations highlighted the importance of “pay and benefits” and a need to move away from traditional employee benefits in the modern workforce.
The top three areas of focus for employers are benefits cost planning (43%), employee wellness (29%), and evaluating and aligning with industry standards (20%).
(Source: IANS)
-Edited for style
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