As the salary hike season approaches, there's positive news for those in the corporate world, as companies are gearing up to implement an average salary increase of 10 percent this year. This information comes from a survey by consultancy firm Mercer, known as the Total Remuneration survey (TRS). The survey suggests that employees in the automobile, manufacturing, engineering, and life sciences sectors will witness the highest salary hikes.

Mercer conducted the survey from May to august 2023, collecting data from 1,474 companies, covering 6,000 job roles, and representing 2.1 million employees. The survey focused on salary trends across various industries, considering employee performance, organizational performance, and job position as parameters for determining the increment range.

According to the findings, the average salary increase in the corporate world for 2024 is projected to be 10 percent, up from 9.5 percent in 2023. The report attributes this trend to India's strong economic performance and its increasing attractiveness as an innovation and talent hub. The sectors of automobile, manufacturing, engineering, and life sciences are expected to witness the highest salary hikes.

The survey also revealed an increase in voluntary attrition rates, rising from 12.1 percent in 2021 to 13.5 percent in 2022. Half-yearly data for 2023 indicates a further increase in employee turnover compared to 2022. Mansi Singhal, Mercer's Rewards Consulting leader in India, noted that the salary increase estimates reflect growing confidence and optimism in the indian markets, driven by improved economic indicators and the business landscape.

 He highlighted the impact of artificial intelligence (AI) and automation propelling major industries, such as automobile, manufacturing, engineering, and life sciences, into a new phase of growth.

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