Salary Hike Update: The salary of employees in auto companies is expected to increase by 10 percent. Last year it was 8.8 percent. This has been possible due to the increase in electric vehicles and the ‘Make in India’ initiative led by the government.
Salary Hike Update: There is good news for the people engaged in jobs. There can be a good hike in salary this year. Due to strong economic growth and increasing demand for skilled talent, an average salary increase of 9.4 percent is expected in various industries this year. According to the Total Remuneration Survey (TRS) of human resources consultancy company Mercer, the salary of employees has increased steadily in the last five years. The salary increase is expected to increase from eight percent in 2020 to 9.4 percent in 2025. More than 1,550 companies from India’s technology, consumer goods, financial sector, service sector, manufacturing, automotive, engineering etc. participated in this survey.
Good increase expected in auto companies
The salary of employees in auto companies is expected to increase by up to 10 percent. Last year it was 8.8 percent. This has been possible due to the increase in electric vehicles and the ‘Make in India’ initiative led by the government. Salary growth in the manufacturing and engineering sector is expected to increase from eight to 9.7 percent, which reflects the revival in the manufacturing environment. Mercer’s ‘India Career Leader’ Mansi Singhal said that India’s talent landscape is changing significantly. Salary booms are also reshaping the workforce. Apart from this, the adoption of performance-based salary plans by more than 75 percent of organizations, giving importance to performance in both short term and long term, shows overall change. He said, companies that give priority to these trends will be in a better position to attract and retain talent in the competitive market.
Companies should focus on retaining good employees
According to the survey, to retain talented employees in the job market, companies should be aware of the changing market data and understand the rapidly evolving salary trends. According to the report, an average of 16.9 percent of employees will leave their jobs in 2024, compared to 18.7 percent in 2023 and 21.4 percent in 2022. The softening of the attrition rate provides companies with a unique opportunity to focus on internal growth, capacity building and increasing long-term productivity.
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