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.
