Corporate Cheers: Average 10% Salary Hike.!
According to the findings, the average salary increase in the corporate world for 2024 is projected to be 10 percent, up from 9.5 percent in 2023. The report attributes this trend to India's strong economic performance and its increasing attractiveness as an innovation and talent hub. The sectors of automobile, manufacturing, engineering, and life sciences are expected to witness the highest salary hikes.
The survey also revealed an increase in voluntary attrition rates, rising from 12.1 percent in 2021 to 13.5 percent in 2022. Half-yearly data for 2023 indicates a further increase in employee turnover compared to 2022. Mansi Singhal, Mercer's Rewards Consulting leader in India, noted that the salary increase estimates reflect growing confidence and optimism in the indian markets, driven by improved economic indicators and the business landscape.
He highlighted the impact of artificial intelligence (AI) and automation propelling major industries, such as automobile, manufacturing, engineering, and life sciences, into a new phase of growth.