54% of the individuals emphasised the importance of non-wage perks (Representative Photo: iStock)
65% of complete respondents expressed confidence in anticipating beneficial value determinations, highlighting prevailing optimism amidst difficult financial situations.
With February and March marking the interval of worker critiques and value determinations throughout workplaces in India, AmbitionBox, the corporate critiques and wage insights platform, just lately carried out the Salary Increment Outlook 2024 survey amongst 2500 workers.
According to Deloitte India Talent Outlook 2024, the typical pay improve that employers are anticipated to roll out in India is anticipated to be 9.0% in 2024, a slight dip from the 9.2% recorded in 2023. Despite this barely decrease projected improve and issues about an financial slowdown, the AmbitionBox survey revealed workers stay optimistic about their wage prospects.
The timing of this survey couldn’t be extra pertinent to seize their sentiments from a mess of industries and collect insights on their wage increment expectations and outlook for 2024.
Salary hike anticipated: Key findings;
A big 65% of complete respondents expressed confidence in anticipating beneficial value determinations, highlighting prevailing optimism amidst difficult financial situations.
While 44% of complete respondents anticipate smaller pay raises for 2024 in comparison with the earlier 12 months, reflecting cautious sentiments attributable to financial uncertainties. Interestingly, 22% of all respondents anticipate a wage hike exceeding 30%.
Furthermore, a convincing 54% of the individuals emphasised the importance of non-wage perks comparable to insurance coverage protection, advantages, bonuses, office facilities, and depart insurance policies inside their complete compensation buildings. This underscores the evolving preferences of recent workers throughout tiers who’re cognizant of the constraints of the present financial panorama on wage increments.
Employees in these roles are more and more prioritising holistic advantages past financial remuneration, indicative of a broader shift in direction of stability and lengthy-time period profession concerns.
Mayur Mundada, founder and enterprise head of AmbitionBox, stated, “This time our survey reflects the resilience of Indian employees amidst their fear of economic challenges. While optimism persists, employers need to navigate this period delicately, managing employee expectations effectively while aligning with market realities- formulating policies, and programs fostering a positive work environment and sustaining motivation among employees.”
Methodology:
A various pool of about 2500 workers on the platform participated within the survey, with a 77% male illustration. 77% of respondents have been from the age group of 20-35 with 55% of these being between the ages of 25-34 years. Among the handfuls of listed sectors on this survey, the vast majority of respondents got here from the IT Services and Consulting sector at 17%.
