Indian employees likely to get double digit salary hikes in 2023, says survey
Double digit salary hikes for Indian employees in 2023.
Salaries in Indian companies are expected to increase by 10.3 per cent in 2023, according to Aon plc.According to a report quoting Aon Hewitt Global’s ‘Annual Salary Increase Survey’ in India, double-digit salary growth will continue in India despite economic instability, largely as a response to high attrition rates.
“Organisations are gradually prioritising their spends towards top performances, key talent and high potential talent,” said Pritish Gandhi, Aon Director & India Practice Leader, Executive Compensation & Governance.
According to the leading global professional services firm, strong business growth has led to higher proportion of population being assessed in higher tiers of performance. “Increments of top-performances are approximately four-times the increment of bottom performances (in companies which have given increments to both categories).Interestingly, almost 8 in 10 companies give 0 increment to bottom performances,” Gandhi said.
The studyanalysed data across 1,400 companies from more than 40 industries andnoted that India continues to have the highest salary increases in the region and among major world economies.
Last year, the salaries in India Inc saw a rise of 10.6 per cent in 2022.
(With inputs from agencies)
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