Salary Survey: Salaried class can get great news about salary hike this year as they can get the highest increment in five years in 2022.
Salary Survey: The salaried class can get great news about the increase in salary this year as they can get the highest increment in five years in 2022. According to a survey by Aon India, the salary of the salaried class may increase at the rate of 9.9 percent in 2022 this year. Last year there was a hike of 9.2 percent. However, the survey also revealed that the attrition rate in the last year 2021 was the highest in the last two decades. Attrition data shows how many employees have left the company’s jobs. Last year the attrition rate was 21 percent while in 2020 it was at 12.8 percent.
The highest salary hike among BRICS countries is expected to happen in India this year. BRICS countries mean Brazil, Russia, India and China. Hike workers can get 5 percent this year in Brazil, 6.1 percent in Russia and 6 percent in China. In comparison, India is expected to get a salary hike of 9.9 percent.
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Highest hike possible in e-commerce and IT sectors
According to a recent survey by Aon India, the highest salary hikes this year can be in the IT and e-commerce sectors. This survey is based on data taken from 1500 companies from more than 40 industries. Apart from IT and e-commerce sector, the salary hike is expected to be highest in life sciences as well. Talking about the highest hike in these too, the e-commerce sector can get the highest increment of 12.4 percent, while the average hike is expected to be 11.6 percent in Hi-Tech / Information Technology.
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Attrition rate may remain high for now
Last year the attrition rate was the highest in the last two decades. According to McKinsey, a record number of workers around the world are leaving their jobs or are planning to leave, which led to the situation of Great Attrition. It is estimated that this situation is going to continue. Most of the companies are offering more salary or financial facilities to their employees regarding this, but it is not being effective in stopping the attrition figures. According to Nitin Sethi, Partner and CEO, Aon’s Human Capital Solutions (India), salary hike is like a double-edged sword for companies between high attrition numbers and cost of employment. At the same time, it is good news for the employees in the midst of the volatile period that companies are offering or increasing salaries sharply. According to Roopank Choudhary, Partner, Aon’s Human Capital Solutions (India), the Indian economy is very strong and the business sentiment is positive. Even retail, logistics and click service restaurants, which were badly affected in the first wave of Corona, have seen a sharp recovery and salaries have increased at the rate of 8 percent or more in these sectors.
(Article: Aakriti Bhalla)
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