Wages in India likely to grow 10.4% in 2023: A survey

NEW DELHI: The Indian company is optimistic about its strong business performance and expects double-digit wage growth of up to 10.4% in 2023, a survey said on Monday.
According to the latest salary increase survey by the world’s leading professional services company Aon Plc in India, remuneration in India is expected to increase by 10.4% in 2023, compared to the actual increase. 10.6% so far in 2022, slightly above the Expected 9.9% increase in February.
The study that analyzed data of 1,300 companies from over 40 industries in India notes that attrition rate in the first half of 2022 continues to be as high as 20.3%, slightly below 21. % is recorded in 2021, so keep pressure on wages.
This trend is expected to continue over the next few months, the survey noted.
Roopank Chaudhary, partner, human resource solutions in Aon, India, said: “Despite the whirlwinds of the global recession and volatile domestic inflation, wage growth is expected in India next year. 2023 remains in double digits.
This increase reflects the Indian group’s confidence in its strong business.
“However, business leaders must make decisions that ensure their workforces remain resilient today as well as in the future. They need to rethink holistic strategies. bonuses and balance the impact of rising costs and wage pressures with relatively high rates of attrition and added Chaudhary.
The survey also found that four of the five sectors expected to see the highest expected wage growth are technology-related and have the highest levels of volatility and impact of economic uncertainty. global today.
With an expected salary increase of 12.8%, e-commerce leads the industries with the highest expected increase, followed by startups at 12.7%, technology high/information technology and IT support services at 11.3% and financial institutions at 10.7%,” added Chaudhary.
According to Jang Bahadur Singh, director, human resource solutions at Aon, India, volatility is a key determinant of wage increases by industry – the industries that have experienced the most wage growth are the ones with the most volatility. .
“As broader economic circumstances impact the talent landscape, businesses must create holistic reward strategies that are unique to their situation and sector to retain and attract the talent they need. need.
“Data-driven insights give employers the clarity and confidence they need to make better decisions and build a resilient workforce across sectors,” Singh noted. “.

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