Salary Hike Expectation In India: After the slowdown due to the pandemic, better wage growth is expected in India in the coming times. According to a report, India is projected to see a wage growth of 9.3 percent next year and the special thing is that the country will be the highest paying country in the Asia Pacific region.
The latest report by advisory, broking and solutions company Willis Towers Watson shows that this will be a growth of 8 percent compared to 2021.
India is followed by Sri Lanka (5.5 percent), China (6 percent), Indonesia (6.9 percent) and Singapore (3.9 percent) for the highest wage growth for 2021 in the Asia Pacific region.
Pointing to a much-awaited economic recovery, most companies in India (52.2 per cent) have forecast a positive business revenue outlook for the next 12 months, up from 37 per cent in the fourth quarter of 2020.
With the improvement in the business scenario, the situation of jobs will also improve. It has been said in the report that 30 percent of the companies are preparing for new appointments during the next one year. This is almost three times more than in 2020.
The report said that the most important jobs in various sectors such as engineering (57.5 per cent), information technology (53.3 per cent), technical skills (34.2 per cent), sales (37 per cent) and finance (11.6 per cent) will see the maximum recruitment. . In these jobs companies will offer higher salary.
In addition, the report states that the job loss rate in India has also been lower than other countries in the region. In this case, both voluntary and involuntary, this rate has been seen less in India. In India, the voluntary rate in this regard has been recorded at 8.9 percent and the involuntary rate at 3.3 percent.
Rajul Mathur, Consulting Leader India, Talent & Rewards, Willis Towers Watson, said in a statement, “The increase in business optimism is clearly translating into higher wage budgets and increased hiring activity. Looking at the way organizations are planning their people’s expenditure, it can be said that the pandemic has been a crucial moment.
According to the report, the hi-tech sector is expected to see the highest wage growth of 9.9 per cent in 2022, followed by consumer products and retail at 9.5 per cent and manufacturing at 9.30 per cent.
On the other hand, the energy sector received the lowest real wage increase of 7.7 per cent in 2021. The estimated salary of the energy sector in 2022 is also estimated to be the lowest at 7.9 percent.
This report is a half yearly survey. The survey was conducted between 1,405 companies across various industry sectors in Asia-Pacific during May and June, 2021.
This year 435 Indian companies are participating in the survey.
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