AI Fueling Economic Growth And Employment, Mercer Anticipates Highest Salary Hikes in These Sectors

According to the Total Remuneration Survey by Mercer, a business of Marsh McLennan, India’s median merit salary increment is expected to hit 10 per cent in 2024, after a 9.5 per cent increase in 2023.
Salary increment, India, Median merit salary increase, Mercer, AI (Artificial intelligence), Data science, Automobile, Manufacturing, Engineering, Life sciences, Automation, Technological advancements, Skilled professionals, Innovation, Research, On-demand roles, Voluntary attrition, Remuneration trends, Employee benefits, Talent acquisition, Talent retention.

AI Fueling Economic Growth And Employment, Mercer Anticipates Highest Salary Hikes in These Sectors (image source: Getty Images)

According to the Total Remuneration Survey by Mercer, a business of Marsh McLennan, India’s median merit salary increment is expected to hit 10 per cent in 2024, after a 9.5 per cent increase in 2023.

Top Salary Hikes In These Sectors

A survey by HR consulting firm Mercer said that employees in the automobile, manufacturing engineering, and life sciences sectors in India are set to receive the highest salary hikes this year.

Growth in Key Industries Driven by AI and Automation

Mansee Singhal, rewards consulting leader for Mercer in India, said to ET that the key industries of automobile, manufacturing and engineering, and life sciences have entered a new phase of growth due to the continuous focus on AI and automation.
“These sectors have witnessed strong salary growth due to several factors, such as technological advancements, increasing demand for skilled professionals, and a focus on innovation and research,” Singhal. “These sectors have shown resilience and adaptability, driving economic growth and creating employment opportunities,” ET reported.

Salary Trends Across Various Industries

The survey provides details on salary trends across various industries, with individual performance, organisation performance, and position in salary range being the top three factors determining increments. It collected data from 1,474 companies, covering more than 6,000 job roles and representing more than 2.1 million employees.
The median merit salary increment is a measure used to determine the average salary increase given to employees within an organisation. It represents the middle value of all salary increases, where half of the employees receive a higher increment and the other half receive a lower increment.

On-Demand Roles in India See Significant Growth

The report also states that on-demand roles in India, such as AI (artificial intelligence) and data science are seeing significant growth and are poised to shape the future of industries.
The report also mentions that the rate of voluntary attrition in India has risen gradually from 12.1 per cent in 2021 to 13.5 per cent in 2022.
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