As per the projections of Deloitte India, corporate executives may get a average salary increment of 9% this year in 2024.
Deloitte India Salary Report
As per the report ‘Deloitte India Talent Outlook 2024’, the increments across all sectors in the year 2024 will be better than the ones in pre-Covid pandemic years.
The only exception, industry-wise, shall be the information technology (IT) and business process outsourcing (BPOs).
It was said by Deloitte India that double-digit increments shall be offered to the junior management but “organisations may be stricter with their bell curves, making it harder to secure top ratings.”
What Can Top Performers Expect?
Top performers, unlike the average-rated employees, can expect 1.8 times the increment. For those who are below par, the increment can be expected to be lower at 0.4x this year than 0.6x in 2023, it stated.
Companies & Bonus Pay-outs
As per the report, 50% of companies could pay at-target or above-target bonuses in 2024. The report said that organisations are likely to maintain a 7.5% increment for promotions to retain talent.
Attrition Rates
As compared to 2023’s 18.1%, the attrition in 2022 was 20.2% which can be attributed slow hiring.
Speaking on the attrition, inflation and focus on performance management, the CHRO programme leader and Partner at Deloitte India, Anandorup Ghose said that “With attrition and core inflation in check, organisations focus more on performance management strategies to protect and boost margins. On a global scale, India continues to be the fastest-growing major economy and could witness the highest increment compared with other geographies.”
