Salary Hike: Engineering, manufacturing and retail industries are expected to see a 10 percent salary hike. This year, an average of 16.9 percent employees left their jobs. Whereas this ratio was 18.7 percent in 2023 and 21.4 percent in 2022.
Salary Hike: Amid positive business scenario in various sectors of the economy, India is expected to see a 9.5 percent salary hike in the next calendar year. This possibility has been expressed in a survey report. According to the ’30th Annual Salary Increase and Business Survey’ of global professional services firm Aon PLC, the total salary of employees is expected to increase by an average of 9.5 percent in the year 2025. Whereas in the current calendar year 2024, the salary will increase by 9.3 percent. According to the survey report, engineering, manufacturing and retail industries are expected to see a 10 percent salary hike. After this, there may be a salary increase of 9.9 percent in financial institutions. Although the year 2024 started on a cautious note for the technology sector, employees of global capability centers and technology products and platforms are expected to get salary increases of 9.9 percent and 9.3 percent respectively.
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Increments will remain low in technology consulting and service sector
However, salary increases in the technology consulting and services sector may remain low at 8.1 percent. Rupank Chaudhary, partner at Aon, said, “Despite global economic challenges, our study reflects a positive business scenario in many sectors in India. This sentiment continues in many sectors growing on the strength of the local market and is evident from the projected salary increases in manufacturing, life sciences and retail industries.” According to the survey, to retain talented employees in a competitive job market, organizations should stay aware of changing market data and understand the rapidly evolving salary trends.
Attrition rate decreased
According to the report, an average of 16.9 percent of employees left their jobs this year. Whereas this ratio was 18.7 percent in 2023 and 21.4 percent in 2022. Tarun Sharma, Co-Director (Talent Solutions), Aon, said, “The softening of the attrition rate provides companies with a unique opportunity to focus on internal development, capacity building and increasing long-term productivity. By developing talent internally, firms can reduce the high cost associated with new appointments. ” This survey of Aon was based on information received from more than 1,176 employer organizations across 40 industries.
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