Salary Hike In India Predicted At 9.5 pc In 2024; THESE Sectors To Lead Income Growth

Salary hike in India: Salaries in India for 2024 are expected to be hiked by 9.5 per cent, a slight dip from the 9.7 per cent actual hike noted in 2023.
salary hike in india 2024

Salaries in India for 2024 are expected to be hiked by 9.5 per cent in 2024 (Pic: Canva Pro)

Salary hike in India: Salaries in India for 2024 are expected to be hiked by 9.5 per cent, a slight dip from the 9.7 per cent actual hike noted in 2023, primarily due to shifts in market dynamics, international professional services conglomerate, Aon plc said. This insight stems from the company's yearly survey on salary increments and employee turnover for 2023-24 in India, which encompassed data from 1,414 corporations across nearly 45 sectors, noting a stabilisation of salary growth in the high single-digit range, following the notably high increases post-pandemic in 2022,
PTI reported.
"The projected increase in salaries in the Indian formal sector indicates a strategic adjustment in response to the evolving economic landscape. Despite a conservative global sentiment, industries such as infrastructure and manufacturing continue to project robust growth, indicating the need for targeted investments in certain sectors," PTI quoted Roopank Chaudhary, a partner and the chief commercial officer for Talent Solutions at Aon in India, as saying. Amidst ongoing geopolitical unrest, India is poised to continue leading the major economies in salary hikes, trailed by Bangladesh and Indonesia, which are expected to see average salary increases of 7.3 per cent and 6.5 per cent, respectively, in 2024.
The study also highlighted a reduction in overall attrition rates, from 21.4 percent in 2022 to 18.7 percent in 2023, indicating a still competitive job market that may have reached a saturation point in turnover rates. This attrition decrease is seen as beneficial for organisations, allowing them to allocate resources more effectively towards enhancing skills and boosting productivity, thus generating a virtuous cycle, according to the survey findings.
Furthermore, the survey acknowledged the current global challenges, such as economic unpredictability and potential conflict escalations. It also pointed out the impending disruptive impact of artificial intelligence and machine learning on the global workforce. Talent management professionals are thus encouraged to develop strategies that enhance organizational resilience and flexibility, adapting to the shifting business dynamics and aligning talent acquisition with evolving demand patterns.
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