India Inc Expected To Witness Double-Digit Salary Hike In 2023: Report

Companies in Indian will proceed to file double-digit pay hikes, with wage anticipated to extend 10.3 per cent in 2023, in accordance with a Business Standard report quoting Aon Hewitt Global’s survey. It stated India is the one main economic system the place the projected improve continues to be in double digits, however concern about financial volatility.

According to the survey, titled ‘Salary Increase Survey’ by international skilled providers firm Aon Hewitt Global, corporations coping with know-how platforms and merchandise are anticipated to witness the best wage hike this 12 months with an trade common of 10.9 per cent.

Last 12 months, the salaries in India Inc noticed an increase of 10.6 per cent in 2022.

Pritish Gandhi, director and chief of the chief compensation and governance apply in India at Aon, “After Covid-19, the projected wage improve for 2023 is 10.3 per cent, clearly highlighting the boldness of corporations in India’s progress story.”

Sumit Kumar, chief business officer of TeamLease, said, “Organisations are caught between the devil and the deep blue sea where they have to manage rising costs and retain talent. Under the given circumstances, 10.3 per cent seems viable. While growing inflation and rise in lending interest rates could dampen sentiment of an average salaried employee, the silver lining is that there are no salary cuts which we have seen in earlier recession scenarios.”

“With first the Great Resignation after which the pattern of Quiet Quitting, a sizeable proportion of workers seems disengaged from its workspace. Organisations are, subsequently, going through a problem in not solely retaining expertise but additionally driving productiveness from present workers,” observes Roopank Chaudhary, partner, human capital solutions, India at Aon, according to the BS report.

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