Salary Hike: A survey said that the average wage growth is expected to increase to 8.6 percent in 2022, which will be equal to the level before the 2019 pandemic. Let us know in which sector there will be more salary increase.
New Delhi: There is good news for those doing private jobs. In the midst of the Corona era, Corporate India has increased the salary of its employees by an average of 8 percent in 2021. At the same time, an average 8.6 percent increase is expected in the salary of 2022. This has been told in a survey by Deloitte.
Deloitte’s Salary Growth Trends Survey 2021
A survey by Deloitte said that in the second phase of 2021, there has been an average salary increase of 8 percent this time compared to last year. In fact, in 2020, the salary of employees of only 60 percent companies has increased.
According to this survey, salaries of private employees are expected to increase by 8.6 percent in 2022 and the same was in the level before the 2019 pandemic. Around 25 per cent of the companies covered in this survey have predicted a good salary hike for 2022.
More than 450 companies were included in the survey
The ‘2021 Workforce Increment Trends Survey’ survey was launched in July 2021. The survey first got to know their attitude from experienced HR professionals. More than 450 companies were covered in the survey.
According to the survey, companies will continue to increase salaries based on the performance of the employees and the best performing employee is expected to increase the salary of about 1.8 times more than the average performing employee.
Uncertainty related to COVID-19 remains
Anandorup Ghosh, Partner, Deloitte Touche Tohmatsu India LLP said, “Most companies are anticipating better wage hikes in 2022 than 2021. We are working in an environment where there is uncertainty due to COVID-19. This makes it difficult for companies to forecast. Some of the respondents in the survey have also talked about discontinuing their 2021 wage hike cycle just now. In such a situation, the salary hike of 2022 is still far away for them.
Which sector will grow the most?
Looking at this survey, it is being estimated that in 2022, the information technology (IT) sector is likely to give the highest salary increase, followed by the life sciences sector. IT is the only sector that is expected to witness double digit pay growth with some digital/e-commerce companies planning to offer the highest increments.
There will be less salary increase here
Conversely, retail, hospitality, restaurant, infrastructure, and real estate companies may offer the lowest wage growth commensurate with the dynamics of their business.
