Covid-19 cases are decreasing and vaccination is increasing, and among all these development corporations and many companies are asking their employees to start working from home. But amidst the normalization of the situation of Kovid-19, there is good news for the employees as well. good news regarding pay raise Which the employees will get next year. According to the survey titled Deloitte’s Workforce and Increment Trends Survey 2021, 92 per cent of companies delivered an average 8.0 per cent increase in 2021 compared to just 4.4 per cent in 2020, where just 60 per cent of companies had hiked salary hikes. . In an estimate that sheds light on the potential growth, one might say, “Early estimates suggest that the average wage growth for 2022 is expected to rise to 8.6 per cent in line with a healthy economy and improving confidence. If this is true, wage increases in 2022 will reach pre-pandemic levels in 2019. About 25 percent of the companies surveyed gave double-digit estimates. Salary hike for 2022.
even IT Sector There is an influx of news these days for being on a recruitment spree and giving an increase in the range of 120-130 per cent. Hence, with the economy returning at a faster pace, the recruitment and growth situation in the IT sector has improved at a record pace.
“While most companies are forecasting higher wage growth in 2022 compared to 2021, we continue to operate in an environment where uncertainty related to COVID-19 persists, making it harder for companies to forecast. Some of the survey respondents have just closed their 2021 pay hike cycle, so 2022 wage hike is quite a long way off for them. GDP forecasts for FY 2021-22 were revised after the second wave and we expect the organization to see similar growth closely next year while managing its fixed cost growth,” said Deloitte Touche Tohmatsu India Anandorup Ghosh, Partner, LLP said,
The Information Technology (IT) sector has the potential to offer the highest salary increase followed by the life sciences sector. IT is the only sector that is expected to witness double digit salary growth with some digital/e-commerce companies planning to deliver some of the highest pay hikes. The survey said retail, hospitality, restaurant, infrastructure and real estate companies are projecting some of the lowest wage growth commensurate with their business dynamics.
Not all employees are expected to receive equal pay increases as organizations continue to differentiate pay increases based on skills and performance. Top performers can expect a salary increase of about 1.8 times compared to average performers.
About 12 percent of employees were promoted in 2021, compared to 10 percent in 2020. About 12 percent of companies have updated their bonus or variable pay plans to align their reward structures with changing priorities. With regard to hiring, 78 per cent of companies said that they have started recruiting at the same pace as they did before COVID-19.
The IT sector has been the most proactive in assessing the priorities of the employees with respect to the desired workplace. In most cases where such a survey was conducted, employees prefer a hybrid work arrangement (a combination of work from home and office wherever possible). Average India growth in 2021 at 8.0 percent; The workforce and wage growth trends survey by Deloitte has projected growth of 8.6 percent over early 2022 estimates.
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