Good news for India’s workforce – your paycheck is getting fatter next year! Companies are budgeting to dish out an average salary hike of 10% in 2024, the highest in years.
It builds on the 9.5% bump employees pocketed last year, reveals Mercer’s Total Remuneration Survey. The study gathered data from over 1,400 firms representing 21 lakh staff across 6000 roles – making it a leading indicator of salary trends.
The biggest winners? Automobile, manufacturing, and life sciences sectors are expected to dole out the meatiest raises going forward.
As Singhal, Mercer’s Rewards Leader, explains, “Robust economic growth coupled with investments in emerging technologies have propelled key industries into an expansion phase. To attract and retain talent, companies are willing to loosen their purse strings.”
The technology transformation driving industries like auto and manufacturing has sparked a talent crunch. Employers are responding by polishing their pay packages to stay competitive.
Besides fatter cheques, more Indian employees are also changing jobs voluntarily, suggests Mercer’s data. The attrition rate has risen steadily since 2021, aligned with global mobility trends.
Professionals in an employee-driven job market clearly hold the cards during appraisal season. And India Inc. seems ready to put its money where the talent is.
So, the careers crystal ball shines bright for those anticipating some bank account cheer. Here’s raising a toast to that promotion letter sealed with a 10% kicker or better offer waiting your way!
The rewrite aims to make the salary survey excerpts more lively by focusing on employee benefits and adding positive framing. Punchy opening and closing lines hook the reader, while additional context adds color. Please suggest any improvements!
CopyRetry
