Salary Increment Update: The survey has claimed that the attrition rate has fallen from 21.4 percent in 2022 to 18.7 percent in 2023. In the future, the impact of Artificial Intelligence on jobs and salary increase will also be clearly visible in this survey.
This year, employees may have to face disappointment in terms of salary increment. According to the report of Aon PLC, the salary increase this year will be slightly less than last year. According to the survey, the salary of employees in India is expected to increase by 9.5 percent this year. This is a slight decrease compared to the 9.7 percent increase in 2023.
Top performers will get more increment
But top performers have been claimed to get 1.74 times more increment than other employees. However, despite the decrease in the average salary increase, this time due to decrease in inflation, it is expected that the employees will get more salary in their pockets. According to the survey, after minus inflation, employees will get 4.9 percent more increment this year, which is much more than 4.2 percent in 2023.
Sluggish increment since Covid
The survey said that since Covid-19, the annual increment has not been able to move beyond single digit average. In terms of increment, there is a possibility of highest salary increase in financial institutions, engineering, automotive and life sciences. Whereas the lowest salary increase is expected in retail, technology, advisory and services sectors.
There will be huge increment in some sectors
According to the survey, this year, employees can get an average salary increase of 11.1 percent in NBFCs, 10.1 percent in manufacturing companies, 9.9 percent in life sciences and financial institutions, 9.8 percent in Global Capital Centers, 9.2 percent in e-commerce and IT services. There is a possibility of 8.2 percent increase.
Highest increment in India
In the survey, data of 1,414 companies from about 45 industries has been analyzed. According to this, amidst geopolitical tension, the highest salary increment among major economies is taking place in India. After this, the average salary has increased by 7.3 percent in Bangladesh and 6.5 percent in Indonesia.
Impact of global recession continues
However, the global slowdown has affected some sectors and companies troubled by this are now carrying out layoffs. Along with improving efficiency and increasing productivity, the focus of companies has increased on proper utilization of resources.
Attrition rate decreased
The survey has claimed that the attrition rate has fallen from 21.4 percent in 2022 to 18.7 percent in 2023. In the future, the impact of Artificial Intelligence on jobs and salary increase will also be clearly visible in this survey. In this, India has been claimed to be at the forefront in terms of new technology.
