This year is going to be the best in the last five years for the salaried person in terms of salary increase. Domestic companies are expected to increase the salaries of their employees by up to 9.9 percent this year, the highest since the 10.2 percent increase in 2016. Last year i.e. in 2021, there was an increase of 9.3 percent in the salary of the employees.
Global professional services firm Aon said in its 26th wage growth survey that India is expected to see the highest salary increase this year in the BRICS, a grouping of five countries comprising Brazil, Russia, India, China, and South Africa. Workers' salaries are projected to increase by 5 percent this year in Brazil, 6.1 percent in Russia, and 6 percent in China. The survey report is based on an analysis of data from 1,500 companies from over 40 industries.
Salary increased in unit points after 2016
2016 - 10.2 percent
2017 - 9.3%
2018 - 9.5%
2019 - 9.3%
2020 - 6.1%
2021 - 9.3%
The biggest growth in e-commerce
This year the e-commerce sector is expected to see the highest wage growth of 12.4 percent.
Hi-tech/information technology could grow by 11.6 percent and professional services by 10.9 percent.
IT-enabled services are expected to grow by 10.7 percent, metals and mining at 8.3 percent, restaurants at 8.5 percent, and cement at 8.6 percent.
These reasons will increase
According to the survey, due to strong improvement in the financial position of the companies and positive business sentiments, the companies are going to make a record salary increase this year. Companies are planning to invest in new-age capabilities to build a combative workforce. The job loss rate has risen sharply during the pandemic. Hence companies are also resorting to wage hikes to stop their energetic and efficient employees.
Job abandonment rate highest in 2 decades
The report said that in 2021, the job loss rate of employees stood at 21 percent, which is the highest in two decades. In 2020, this rate was 12.8 percent. Nitin Sethi, CEO & Partner, Aon Human Capital Solutions, said that the wage hike is like a double-edged sword for companies considering the rate of employee quitting. At the same time, this is good news for the employees in turbulent times.
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