These Employees Will Get Double-Digit Salary Hike This Year; Upto 1.8X Hike Expected For Top Performers
According to a survey reported by Deloitte on possible salary hikes for employees in 2022, it was concluded that the average salary increment for employees in the upcoming year stands at around 8.6%.
This means that if true, the salary increment levels of employees in India will reach the pre-pandemic levels.
Not just salary increments, companies across the country, both Tier-I and Tier-II have ramped up their hiring numbers, with the IT and BFSI sectors showing the most results. Companies are increasing their hiring standards from engineering colleges by 100%.
It is the ‘Deloitte Workforce and Increment Trends’ survey that has revealed data about early estimates of salary increments for Indian employees.
92% Cos Incremented Salaries of Employees by 8%
According to the findings of the survey, the average hike of salary provided by companies to their employees in 2022, through early estimates come out to be about 8.6%.
Additionally, about 25% of the companies participating in the survey showed a double-digit salary hike for 2022.
Furthermore, compared to only 60% companies extending a salary hike of an average of 4.4% to their employees in 2020, nearly 92% companies in 2021 extended a salary increment at an average of 8% to their employees.
This is a clear indication of businesses reviving as the economy continues to pace up its momentum if similar conditions thrive (or better) in the upcoming year.
“Some of the survey respondents have also just closed their 2021 increment cycle so 2022 increments are a fair distance away for them. GDP forecasts for FY 2021-22 were revised down after the second wave and we expect organisations to closely watch similar developments while managing their fixed cost increases next year,” stated Anandorup Ghose, a partner at Deloitte Touche Tohmatsu India LLP.
IT Sector Takes the Lead Again
Trak.in has covered multiple stories informing about the catastrophic growth the information sector is undergoing in the country.
Not only is the IT sector hiring the most candidates, both freshly graduated and experienced professionals, it is also providing the most highly paid jobs for new-age digital skills to interested candidates.
As per the survey report, the IT sector is found out to be providing the highest salary increments to employees in 2022. Following closely would be the Life Sciences sector in terms of increment levels.
The IT sector is also the only sector that is expected to extend double-digit increments with the highest of all increments potentially coming from digital/E-commerce companies.
Furthermore, sectors like retail, hospitality, restaurants, infrastructure and real-estate companies continued showing the lowest increments in salary increments for their employees.