New Delhi: India Inc. Can give average annual pay to its employees Salary A 9.4% increase in 2022, up from 8.8% in 2021, a recent survey showed. An increase in growth not only indicates an economic recovery but also an improvement in consumer sentiment.
The top three sectors with the highest salary growth projections are technology, e-commerce and IT-enabled services, while hospitality, engineering services and energy have the lowest projections.
Nitin Sethi, Partner and CEO, Aon Performance and Rewards Businesses, said, “While 2021 is a year where some sectors remain under stress due to the COVID-19 pandemic, most businesses have an optimistic outlook in 2022 and are looking for higher wage growth. guessing.” in India.
More companies have projected a better business outlook for 2022 as compared to 2021, increasing the potential for higher wage growth. For 2022, 62% of companies projected a better business outlook, compared to 45% in 2021, while 27% said it would have no impact.
“We see positive sentiment across most sectors, with continued FDI in the country with high investor confidence and increasing consumer demand across most sectors,” Sethi said.
In terms of employees returning to the office, industries ranging from financial institutions and retail to automotive and chemicals expect more than half of their workforce to join back workplaces.
Attrition remains a concern, however, according to the AON Salary Increase Report, which surveyed more than 1,300 organizations across 39 sectors. India Inc saw a high double-digit aggregate of 20% along with a voluntary casualty of over 15%.
“The high double-digit attrition is the strongest in more than a decade. The war for talent is back in India, which we anticipate will be higher in pay increases,” Sethi said.
While 68% of organizations are projected to deliver over 8% growth in 2022, the percentage to offer 8-10% has increased from 37% to 43% in 2021.
“Despite another wave of COVID-19, the country has shown resilience to ride through difficult times,” said Rupank Choudhary, Partner, Human Capital Business, Aon. “While the pandemic risk continues in India, business sentiment and salary projections for 2022 tell us that employers are building for growth and are much better prepared than in 2020.”
The top three sectors with the highest salary growth projections are technology, e-commerce and IT-enabled services, while hospitality, engineering services and energy have the lowest projections.
Nitin Sethi, Partner and CEO, Aon Performance and Rewards Businesses, said, “While 2021 is a year where some sectors remain under stress due to the COVID-19 pandemic, most businesses have an optimistic outlook in 2022 and are looking for higher wage growth. guessing.” in India.
More companies have projected a better business outlook for 2022 as compared to 2021, increasing the potential for higher wage growth. For 2022, 62% of companies projected a better business outlook, compared to 45% in 2021, while 27% said it would have no impact.
“We see positive sentiment across most sectors, with continued FDI in the country with high investor confidence and increasing consumer demand across most sectors,” Sethi said.
In terms of employees returning to the office, industries ranging from financial institutions and retail to automotive and chemicals expect more than half of their workforce to join back workplaces.
Attrition remains a concern, however, according to the AON Salary Increase Report, which surveyed more than 1,300 organizations across 39 sectors. India Inc saw a high double-digit aggregate of 20% along with a voluntary casualty of over 15%.
“The high double-digit attrition is the strongest in more than a decade. The war for talent is back in India, which we anticipate will be higher in pay increases,” Sethi said.
While 68% of organizations are projected to deliver over 8% growth in 2022, the percentage to offer 8-10% has increased from 37% to 43% in 2021.
“Despite another wave of COVID-19, the country has shown resilience to ride through difficult times,” said Rupank Choudhary, Partner, Human Capital Business, Aon. “While the pandemic risk continues in India, business sentiment and salary projections for 2022 tell us that employers are building for growth and are much better prepared than in 2020.”
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