Which Employees Will Get Highest Salary Hike In 2024? Check This Survey Results!


Mohul Ghosh

Mohul Ghosh

Feb 29, 2024


Auto, Manufacturing, Lifesciences Lead Salary Jump in India

A report by human resources advisory firm Mercer outlining Indian salary growth trends across industries suggests that employees in the automobile, manufacturing, engineering and life sciences fields may witness highest median pay hikes of around 10% this year amid economic uncertainties.

The survey signals that beyond IT’s digital skills remaining coveted, deepening penetration of automation, data analytics and AI across traditional sectors like automotive and production is spurring targeted recruitment and retention activity.

Top-3 Factors Influencing Increments

Mercer highlights individual worker performance, overall company performance and their current positioning within peer salary bands as the three foremost aspects that will govern magnitude of raises beyond macro environment and industry outlooks.

Voluntary attrition rates also continue showing an incrementally rising trend – 13.5% in 2022 over 12.1% in 2021 per mid-year statistics. This signals why firms especially those witnessing robust demand growth are compelled to boost pay packets as migration options expand.

Technological adoption aids demand momentum

The report compiled data from almost 1500 entities with 6,000 distinct job types and over 2.1 million workforce representation. Specialized tech roles also remain sought after.


Mohul Ghosh
Mohul Ghosh
  • 1727 Posts

Subscribe Now!

Get latest news and views related to startups, tech and business

You Might Also Like

Business
Dec. 8, 2022

Beat The Burden Of Medical Inflation With A Health Insurance

As disease rates rise and medical technology develops, treatment costs climb. It’s essential to understand that medical costs are not exclusively associated with hospitals. The cost of prescription drugs, diagnostic procedures, ambulance and operating room fees, consultations with doctors, and other costs are also constantly increasing. All of them could put a big strain on […]

Business
Dec. 8, 2022

3 Biggest Changes Of iOS 16.2 Update That Every iPhone User Should Know!

In its latest update Apple said that it is preparing for the iOS 16.2 update for iPhones across the world. Notably, like the previous release, there are a couple of changes coming for the iPhones.  iOS 16.2 Update Release Date So far, Apple has not announced a release date for iOS 16.2 update. Reportedly, the […]

Business
Dec. 8, 2022

300 Microsoft Employees Create Employee Union, First Time Ever: This Is How Microsoft Reacted

Around 300 workers at Microsoft Corp.’s ZeniMax Studios have commenced the process of forming a union which is said to be the first at the software giant in the US.  Here, Microsoft Corp.’s ZeniMax Studios known for popular video games including Skyrim and Fallout. Forming Union In Microsoft Corp Moreover, the quality assurance employees at […]

Business
Dec. 7, 2022

India Beats China In Air Travel Safety: Ranking Jumps From 102 To 48 In Global Aviation Safety

India’s air safety protocols and executions have improved drastically over the years, as validated by the findings of a specialized agency of the United Nations, the International Civil Aviation Organization or ICAO. The UN watchdog has upgraded India’s ranking in terms of aviation safety to the 48th position, jumping past the rankings of countries like […]

Recent Posts

Related Videos

   

Subscribe Now!

Get latest news and views related to startups, tech and business

who's online