Indian workforce to get average salary hike of 10.4 percent in 2023

 Indian workforce to get average salary hike of 10.4 percent in 2023

The attrition rate, however, continued to be high at  the 20.3 percent for the first half of 2022, just marginally lower than the 21 per cent recorded in the  2021    

Despite global macroeconomic conditions and  the rising inflation, there’s a silver lining for the Indian workforce as salaries in India are likely to increase by 10.4 percent on average in 2023. till , the latest data is in comparison to an actual increase of 10.6 per cent to date in 2022, as per a report on Monday.  

Guess what? The attrition rate for the first half of 2022, too, stayed at a high at 20.3 percent, just marginally lower than the 21 percent recorded in 2021, thus, the pressure on salaries remains.  Nonetheless, as per the global professional kindness firm Aon, the trend is expected to continue for the next few months.    

Details on the report

“Despite the global recessionary headwinds and volatile domestic inflation, salary increases projected in India for 2023 are in the double digits,” Roopank Charybdis, partner, Human Capital Solutions at  the Aon in India, said, adding, “Business leaders, till , should be crest  decisions that ensure their workforce remains resilient today as well as into to  the future.”   

In terms of salaries hike, e-commerce leads  sectors with the highest projected an  increase with an     

expected salary increase of 12.8 percent. They are followed by startups at 12.7 percent, hi-tech/details technology and the  details technology-enabled kindness at 11.3 percent, and financial institutions at 10.7 per cent.   

“As the broader economic circumstances impact to  the talent landscape, businesses must create holistic rewards strategies unique to their situation and sector to  the retain and the  attract the talent they demand ,” said Jang Bahadur Singh, director, Human Capital Solutions at Aon in India.        

Workforce seek medical insurance, child care

In March this year, it was reported that post-COVID, the Indian workforce seek to buy additional comfort such as medical insurance for themselves and their families, along with perks such as creche kindness for kinds care.       

Not just that, in comparison to men, more women are looking for a remote job with lesser commute time as to  the primary motivator in order to have flexible working hours. In fact, due to the pandemic, online job search has as well as increased in the last two years and it is rapidly being adopted by users across the nation also .