The salary of employees of tech companies is expected to increase by 10.5 percent this year and 10.1 percent in the consumer sector. After this, the salary can increase by 9.5 percent in life science, up to 9 percent in service, auto and chemical companies.
The year 2022 has brought great news for the employed people who are struggling with the reduction of salary during the Corona period. In the year 2022, companies are preparing to increase the salary by more than 10 percent. According to the annual report of Korn Ferry India, the average salary increase in the year 2022 is estimated to be 9.4 percent, while the average increase in the year 2021 was 8.4 percent. In the year 2019 i.e. before the Corona period, the average salary was increased by 9.25 percent. Most of the businessmen involved in this survey report say that this year there will not be much impact of the corona epidemic on the business. This will also help companies to increase their profits.
Hence the expectation of increased salary hike
The companies have seen better profits for the last few quarters. The increase in salary will largely depend on improving the business, benchmarking trends and industry metrics. Apart from this, companies also want to make a big increase in the salary to keep the talent engaged with them. The survey found that 40 percent of the employees are looking for a new job.
IT sector will increase the salary the most
The salary of employees of tech companies is expected to increase by 10.5 percent this year and 10.1 percent in the consumer sector. After this, the salary can increase by 9.5 percent in life science, up to 9 percent in service, auto and chemical companies.
It has also been told in the survey that during the Corona period, at least 786 companies covered under the survey are bearing the cost of Wi-Fi and other types of utility bills. Only 10 percent of the companies said to reduce or cancel the travel allowance.
