{"id":1279261,"date":"2024-02-22T10:27:18","date_gmt":"2024-02-22T04:57:18","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1279261"},"modified":"2024-02-22T10:27:38","modified_gmt":"2024-02-22T04:57:38","slug":"less-than-10-salary-hike-expected-for-indian-employees-in-2024","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/less-than-10-salary-hike-expected-for-indian-employees-in-2024\/","title":{"rendered":"Less Than 10% Salary Hike Expected For Indian Employees In 2024"},"content":{"rendered":"\n

Leading HR solutions firm Aon has projected an average salary increment<\/a> of 9.5% across industries in India for 2024 in its annual compensation survey – marginally lower than last year’s actual 9.7% hike. Manufacturing, financial services and global in-house tech centres may see 10%+ raises. But IT services could lag at 8.2% amid cost pressures.<\/p>\n\n\n\n

\"Less<\/figure>\n\n\n\n

Manufacturing Leads with 10.1% Projected Hikes<\/strong> <\/p>\n\n\n\n

The Aon survey on salary trends estimates manufacturing sector in India to offer the highest salary hikes this year at 10.1%, underlining continued investments in the space amid policy catalytic measures like PLI schemes. Infra demand is also spurring related sectors.<\/p>\n\n\n\n

Within services, financial institutions are projected to give nearly 10% increments, aided by strong credit appetite and retail loan growth. New-age technology firms are not far behind at 9.8%, leveraging high-value digital skills.<\/p>\n\n\n\n

IT Services Salary Hikes Trail at 8.2%<\/strong><\/p>\n\n\n\n

However, legacy Indian IT services companies are expected to play cautious at 8.2% average hikes – lagging product companies, startups and most others. This indicates margin pressures weighing amid volatile global macros forcing trimming of discretionary IT projects.<\/p>\n\n\n\n

Widespread hiring over last few years also means benched staff percentages have climbed, necessitating tighter talent cost optimization. But niche digital skills still command premiums as cloud transformation continues.<\/p>\n\n\n\n

Focus on Engagement, Retention Improving<\/strong> <\/p>\n\n\n\n

The report notes that with attrition cooling off from the highs of 2021-22 to reach 18.7%, corporates seem focused on engagement, upskilling programs to retain talent rather than market-matching raises alone. Flexible work models are also getting encouraged.<\/p>\n\n\n\n

Nonetheless, sectors like manufacturing and financial services project robust mid-term outlooks, requiring cultivated investments in human capital. The discretionary spend environment augurs positive despite near term uncertainty.<\/p>\n\n\n\n

Salary Hikes Still Healthy vs Regional Peers<\/strong>
Despite the projected moderation, India still fares better than rest of Asia at 6.0% average hikes. And remains aligned with major economies like China while outpacing UK, EU.<\/p>\n\n\n\n

With localization and cost management compulsions for global CAPEX cycles, India’s consumption story stays largely positive. Hence salary increments continue tracking in high single digits, cementing its competitiveness edge.<\/p>\n","protected":false},"excerpt":{"rendered":"

Leading HR solutions firm Aon has projected an average salary increment of 9.5% across industries in India for 2024 in its annual compensation survey – marginally lower than last year’s actual 9.7% hike. Manufacturing, financial services and global in-house tech centres may see 10%+ raises. But IT services could lag at 8.2% amid cost pressures. […]<\/p>\n","protected":false},"author":30,"featured_media":1279264,"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":[377],"class_list":["post-1279261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-salary-hike"],"acf":[],"yoast_head":"\nLess Than 10% Salary Hike Expected For Indian Employees In 2024 - Trak.in - Indian Business of Tech, Mobile & 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\/less-than-10-salary-hike-expected-for-indian-employees-in-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Less Than 10% Salary Hike Expected For Indian Employees In 2024 - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"Leading HR solutions firm Aon has projected an average salary increment of 9.5% across industries in India for 2024 in its annual compensation survey – marginally lower than last year’s actual 9.7% hike. 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