According to a study, senior executives in India can expect to see an average pay increase of 9.1% from 8.9% in 2022 to 2023. AON India made this statement in the twelfth and most recent edition of its yearly Executive Rewards Survey.
The forecast, however, is less optimistic than AON India’s forecast for the prior year, which called for a 9.7% increase in senior executives’ pay. On the other hand, for the period from 2017 to 2021, its projections were: 8.6% in 2017, 8.5% in 2018, 8.1% in 2019, 5.1% in 2020 (Covid-19 year), and 7.9% in 2021.
The multinational financial services firm made these findings as well:
1. An increase of 21% over the previous four years has resulted in an average Chief Executive Officer (CEO) salary of Rs. 8.4 crore.
2. The Chief Financial Officer (CFO) is the position with the highest pay among companies on the Bombay Stock Exchange (BSE) 100, followed by the Chief Technical Officer (CTO).
3. The average total cost to the company for one of these is 3.99 crore, which is more than double the cost of a CTO (1.97 crore).
4. The Chief Marketing Officer (CMO), whose total cost to the business is Rs. 1.28 crore, comes next. The Chief Human Resource Officer (CHRO) and Chief Business Development Officer (CBDO) have the lowest salaries among senior executives, earning 1.21 crore and 69 lakh rupees, respectively.
5. Thirty of these companies offer long-term incentives (LTI), which are paid at a rate of 103% for other c-level executives (COO, CFO, sales leader, and CHRO) and 176% of the fixed pay for CEOs.
6. The average LTI amount for CEOs across these organisations is ₹10 crore.
7. One out of every three organizations is focusing on increasing the diversity levels for board and senior managerial positions.
AON India 12th Annual Executive Rewards Survey:
AON India was using 519 companies from more than 25 industries to analyse the information for the exercise.
The investigation is one of the largest and most thorough of its kind in the whole nation.
