Deloitte India's latest survey forecasts an average salary increase of 9 per cent for corporate executives in India in 2024, slightly lower than the 9.2 per cent projected in the last&nbsp;year. <o:p></o:p>

Despite this marginal dip, the projections suggest a positive trend compared to pre-Covid levels across most sectors, barring IT (Information Technology) and BPOs (Business Process Outsourcing).<o:p></o:p>

Deloitte India's report, titled 'Deloitte India Talent Outlook 2024,' indicates that junior management personnel might witness double-digit increments, reflecting a continued emphasis on performance-based remuneration. <o:p></o:p>

However, the report also highlights a potential challenge for top performers, with companies expected to be more stringent with their bell curves, potentially making it harder to secure top ratings.<o:p></o:p>

Anandorup Ghose, Partner and CHRO Programme Leader at Deloitte India, highlighted the importance of performance management strategies amid a backdrop of controlled attrition and core inflation. <o:p></o:p>

"With attrition and core inflation in check, organisations focus more on performance management strategies to protect and boost margins," Ghose said.<o:p></o:p>

While the overall average increment is anticipated to dip slightly, one in every three organisations plans to offer double-digit increments in 2024, the report indicated.<o:p></o:p>

Furthermore, the survey predicts a downward trend in promotions, with only 11.5 per cent of employees expected to be promoted, down from 12.3 per cent in the previous year.<o:p></o:p>

Regarding bonuses, the Deloitte survey suggests a positive outlook, with a potential for one out of every two companies to offer at-target or above-target bonuses in 2024. <o:p></o:p>

This optimism is fuelled by a reduction in attrition rates, which fell to 18.1 per cent in 2023 from 20.2 per cent in 2022, largely due to a slower hiring pace. <o:p></o:p>

Deloitte's report brings out the changing landscape of learning and development within organisations. <o:p></o:p>

It notes a shift towards a more scientific approach to upskilling the workforce, with the adoption of common skills frameworks to identify talent gaps. <o:p></o:p>

Despite this, the report highlights a challenge in updating these frameworks regularly to align with evolving business needs, indicating a gap between strategy and execution in many organisations.<o:p></o:p>

While most CXOs (Chief Experience Officers) have improved visibility of skill demand and supply across job roles, only 30 per cent of companies track and maintain this data, a modest increase from 19 per cent in the previous year. <o:p></o:p>

Additionally, there's a noted prioritisation of usage and cost efficiency over directly linking learning interventions to financial improvements, suggesting a potential area for further refinement in talent development strategies. <o:p></o:p>

Deloitte India's latest survey forecasts an average salary increase of 9 per cent for corporate executives in India in 2024, slightly lower than the 9.2 per cent projected in the last year.

Deloitte India's latest survey forecasts an average salary increase of 9 per cent for corporate executives in India in 2024, slightly lower than the 9.2 per cent projected in the last year. Despite this marginal dip, the projections suggest a positive trend compared to pre-Covid levels across most sectors, barring IT (Information Technology) and BPOs (Business Process Outsourcing). Deloitte India's report, titled 'Deloitte India Talent Outlook 2024,' indicates that junior management personnel might witness double-digit increments, reflecting a continued emphasis on performance-based remuneration. However, the report also highlights a potential challenge for top performers, with companies expected to be more stringent with their bell curves, potentially making it harder to secure top ratings. Anandorup Ghose, Partner and CHRO Programme Leader at Deloitte India, highlighted the importance of performance management strategies amid a backdrop of controlled attrition and core inflation. "With attrition and core inflation in check, organisations focus more on performance management strategies to protect and boost margins," Ghose said. While the overall average increment is anticipated to dip slightly, one in every three organisations plans to offer double-digit increments in 2024, the report indicated. Furthermore, the survey predicts a downward trend in promotions, with only 11.5 per cent of employees expected to be promoted, down from 12.3 per cent in the previous year. Regarding bonuses, the Deloitte survey suggests a positive outlook, with a potential for one out of every two companies to offer at-target or above-target bonuses in 2024. This optimism is fuelled by a reduction in attrition rates, which fell to 18.1 per cent in 2023 from 20.2 per cent in 2022, largely due to a slower hiring pace. Deloitte's report brings out the changing landscape of learning and development within organisations. It notes a shift towards a more scientific approach to upskilling the workforce, with the adoption of common skills frameworks to identify talent gaps. Despite this, the report highlights a challenge in updating these frameworks regularly to align with evolving business needs, indicating a gap between strategy and execution in many organisations. While most CXOs (Chief Experience Officers) have improved visibility of skill demand and supply across job roles, only 30 per cent of companies track and maintain this data, a modest increase from 19 per cent in the previous year. Additionally, there's a noted prioritisation of usage and cost efficiency over directly linking learning interventions to financial improvements, suggesting a potential area for further refinement in talent development strategies.

Corporate salary hike in India set to average 9 pc in 2024: Deloitte report

Companies in India are projected to dole out an average salary hike of 9.1 per cent this year, the highest level in the Asia Pacific region, as they look for key talent and niche skills, says a report.

However, the quantum is lower than 9.3 per cent increase seen in 2019 and also the lowest in a decade.

Leading HR consultancy Aon's annual salary hike survey released on Tuesday also showed that around 39 per cent of the companies surveyed are expected to give as much as 10 per cent increase in pay.

The results are based on responses from over 1,000 organisations spread across more than 20 industries.

In the Asia-Pacific region, India is expected to dole out the highest salary hike at 9.1 per cent, followed by China at 6.3 per cent this year.

For India, the previous lowest quantum of the hike was 6.6 per cent in 2009, as per Aon.

As per the survey, Philippines is anticipated to see a salary rise of 5.8 per cent, followed by Malaysia (5.3 per cent), Singapore (3.8 per cent) and Australia (3.1 per cent) in 2020.

"Despite economic challenges in 2019, organisations in India are taking a positive view. Pay increases in India continue to be the highest in the region," Tzeitel Fernandes, Partner (Rewards Solutions) at Aon told reporters.

A big reason for India's higher salary increase, as compared to other growing economies, is the high inflation rate and the war for key talent and niche skills, Fernandes noted.

In 2019, companies in India gave an average pay increase of 9.3 per cent, reflecting a slowdown in the economy compared to 2018, the survey said.

According to the survey, 39 per cent of firms are expected to raise the salary over 10 per cent while 42 per cent would go for an increase between 8-10 per cent.

In the manufacturing segment, pharmaceuticals is expected to give the highest salary hike followed by FMCG and chemicals, among others.

E-commerce and professional services businesses are expected to give double-digit salary increase this year in the services sector.

"We see a reduction in the differences between pay increases across industries, with 85 per cent of the organisations projecting between 7-11 per cent, a sign of maturing business ecosystems.

"However, the premium for high performance and new-age skills continues to rise," Navneet Rattan, Director (Organisation, Performance and Rewards) at Aon India, said.

About business outlook, 92 per cent of the firms surveyed expect their business improving or stabilising in 2020 while the rest 8 per cent felt there would be a decline in business.&nbsp;

Companies in India are projected to dole out an average salary hike of 9.1 per cent this year, the highest level in the Asia Pacific region, as they look for key talent and niche skills, says a report.

Companies in India are projected to dole out an average salary hike of 9.1 per cent this year, the highest level in the Asia Pacific region, as they look for key talent and niche skills, says a report. However, the quantum is lower than 9.3 per cent increase seen in 2019 and also the lowest in a decade. Leading HR consultancy Aon's annual salary hike survey released on Tuesday also showed that around 39 per cent of the companies surveyed are expected to give as much as 10 per cent increase in pay. The results are based on responses from over 1,000 organisations spread across more than 20 industries. In the Asia-Pacific region, India is expected to dole out the highest salary hike at 9.1 per cent, followed by China at 6.3 per cent this year. For India, the previous lowest quantum of the hike was 6.6 per cent in 2009, as per Aon. As per the survey, Philippines is anticipated to see a salary rise of 5.8 per cent, followed by Malaysia (5.3 per cent), Singapore (3.8 per cent) and Australia (3.1 per cent) in 2020. "Despite economic challenges in 2019, organisations in India are taking a positive view. Pay increases in India continue to be the highest in the region," Tzeitel Fernandes, Partner (Rewards Solutions) at Aon told reporters. A big reason for India's higher salary increase, as compared to other growing economies, is the high inflation rate and the war for key talent and niche skills, Fernandes noted. In 2019, companies in India gave an average pay increase of 9.3 per cent, reflecting a slowdown in the economy compared to 2018, the survey said. According to the survey, 39 per cent of firms are expected to raise the salary over 10 per cent while 42 per cent would go for an increase between 8-10 per cent. In the manufacturing segment, pharmaceuticals is expected to give the highest salary hike followed by FMCG and chemicals, among others. E-commerce and professional services businesses are expected to give double-digit salary increase this year in the services sector. "We see a reduction in the differences between pay increases across industries, with 85 per cent of the organisations projecting between 7-11 per cent, a sign of maturing business ecosystems. "However, the premium for high performance and new-age skills continues to rise," Navneet Rattan, Director (Organisation, Performance and Rewards) at Aon India, said. About business outlook, 92 per cent of the firms surveyed expect their business improving or stabilising in 2020 while the rest 8 per cent felt there would be a decline in business.

Lowest in a decade! India Inc to dole out average 9.1% salary hike in 2020

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Corporate salary hike in India set to average 9 pc in 2024: Deloitte report

Lowest in a decade! India Inc to dole out average 9.1% salary hike in 2020