{"id":1275514,"date":"2023-11-03T13:07:19","date_gmt":"2023-11-03T07:37:19","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1275514"},"modified":"2023-11-03T13:07:56","modified_gmt":"2023-11-03T07:37:56","slug":"indian-employees-will-get-highest-salary-hike-in-asia-pacific-region-9-8-salary-hike-expected","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/indian-employees-will-get-highest-salary-hike-in-asia-pacific-region-9-8-salary-hike-expected\/","title":{"rendered":"Indian Employees Will Get Highest Salary Hike In Asia Pacific Region: 9.8% Salary Hike Expected!"},"content":{"rendered":"\n<p>A report says the median salary increase in India is predicted to rise by 9.8% in 2024.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/11\/Untitled-design-27-1-1280x720-3-1024x576-4-2-1.jpeg\" alt=\"Indian Employees Will Get Highest Salary Hike In Asia Pacific Region: 9.8% Salary Hike Expected!\" class=\"wp-image-1275516\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/11\/Untitled-design-27-1-1280x720-3-1024x576-4-2-1.jpeg 1024w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/11\/Untitled-design-27-1-1280x720-3-1024x576-4-2-1-300x169.jpeg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/11\/Untitled-design-27-1-1280x720-3-1024x576-4-2-1-768x432.jpeg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>What\u2019s it all about?<\/strong><\/p>\n\n\n\n<p>This makes it very slightly less but close to the actual salary increase of 10% in 2023<\/p>\n\n\n\n<p>Willis Tower Watson&#8217;s latest &#8216;Salary Budget Planning India Report&#8217; conducted a survey in April and May 2023.<\/p>\n\n\n\n<p>In this, approximately 32,512 responses were received from companies across 150 countries worldwide.<\/p>\n\n\n\n<p>This included 708 participants from India.<\/p>\n\n\n\n<p><strong>APAC<\/strong><\/p>\n\n\n\n<p>In Asia Pacific, 7,372 organisations from 22 markets responded.<\/p>\n\n\n\n<p>As an emerging market, it is striking that salary increases in India remain the highest across Asia Pacific (APAC).<\/p>\n\n\n\n<p>In comparison, the 2024 salary increase for Vietnam is projected at 8%, followed by China at 6%, Philippines at 5.7% and Thailand at 5%.<\/p>\n\n\n\n<p><strong>How&#8217;s it going at IT?<\/strong><\/p>\n\n\n\n<p>&#8220;Companies across industries are still closely monitoring their cost structures.&nbsp;<\/p>\n\n\n\n<p>Within the IT sector, a noticeable correction is expected with salary increments reducing from approximately 11 to 12% in the past to a projected 10% for 2024,&#8221; said Rajul Mathur, Consulting Leader, Work and Rewards, WTW India.<\/p>\n\n\n\n<p>Sectors like manufacturing, pharmaceuticals, media, gaming, and global captive centres (GCCs) are expanding.<\/p>\n\n\n\n<p><strong>Why is it happening?<\/strong><\/p>\n\n\n\n<p>Mathur said this is evident from their hiring plans and salary allocations for 2024.<\/p>\n\n\n\n<p>The report further remarked tighter labour markets and rising inflation have been cited as some of the major concerns influencing salary increase budget changes for 2024.<\/p>\n\n\n\n<p>However, compared to last year, over half of the companies have increased their salary hike budgets this year, while a quarter have raised their budgets from earlier projections in December 2022.<\/p>\n\n\n\n<p>As per the survey, slightly more than one-third (36%) of the companies have projected a positive business revenue outlook for the next 12 months in Q2 2023 compared to 42% in Q2 2022.<\/p>\n\n\n\n<p><strong>Potential positive outlook?<\/strong><\/p>\n\n\n\n<p>Coming to hiring, nearly 28% of companies said they intend to recruit in the next 12 months while about 60% companies have increased headcount in 2023, as compared to the previous year.<\/p>\n\n\n\n<p>The report also identifies &#8216;hot jobs&#8217; for recruitment in the next 12 months.<\/p>\n\n\n\n<p>These include, particularly, roles in information technology (61%), engineering (59.8%), sales (42.9%), technical skills trade (38.6%), finance (11.8%), marketing (10.6%) and human resources (3.1%).<\/p>\n\n\n\n<p>Voluntary attrition rate in India has gone down from 15.3% in 2022 to 14.6% in 2023.<\/p>\n\n\n\n<p>However, this is still one of the highest among the APAC markets, the survey said.<\/p>\n\n\n\n<p><strong>Which sectors will witness the best hikes?<\/strong><\/p>\n\n\n\n<p>Per the sectoral trends, technology, media and gaming, financial services and retail sectors are expected to see the highest salary increase at 10% in 2024.<\/p>\n\n\n\n<p>&#8220;Companies in the financial services, retail sectors and captive setups have <a href=\"https:\/\/www.thehindu.com\/business\/companies-in-india-likely-to-give-98-salary-raise-in-2024-highest-in-apac-report\/article67485229.ece\">projected <\/a>marginally higher increases for 2024, as compared to the actual salary increase in 2023 due to the continued talent demand,&#8221; the survey said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A report says the median salary increase in India is predicted to rise by 9.8% in 2024. What\u2019s it all about? This makes it very slightly less but close to the actual salary increase of 10% in 2023 Willis Tower Watson&#8217;s latest &#8216;Salary Budget Planning India Report&#8217; conducted a survey in April and May 2023. [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":1275516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[3827,377],"class_list":["post-1275514","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-apac-region","tag-salary-hike"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Indian Employees Will Get Highest Salary Hike In Asia Pacific Region: 9.8% Salary Hike Expected! - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/indian-employees-will-get-highest-salary-hike-in-asia-pacific-region-9-8-salary-hike-expected\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indian Employees Will Get Highest Salary Hike In Asia Pacific Region: 9.8% Salary Hike Expected! - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"A report says the median salary increase in India is predicted to rise by 9.8% in 2024. 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