In comparison to other large nations like the USA, the UK, China, and Japan, the average pay increases in percentage terms for 2022 are largest in India, the survey stated. According to an Aon plc survey, salaries in India are predicted to climb by 10.4% in 2023 as opposed to a 10.6% annual rise thus far in 2022. This multinational professional services company examined data from 1,300 Indian businesses in more than 40 different industries.
According to the Hindustan Times’ business website Livemint, India is the only nation that saw the greatest pay increase this year, at 10.6%, greater than China (6%), Brazil (5.6%), the United States (4.5%), the United Kingdom (4%), Germany (3.5%), and Japan (3%).
India reported a single-digit salary increase of 9.3% in 2019 prior to the Covid epidemic. In the pandemic era, it increased to 9.3% last year from 6.1%t in the previous year. The industry with the highest anticipated salary growth is e-commerce, at 12.8%. Following closely behind are startups with 12.7%, IT-enabled services with 11.3%, and financial firms with an anticipated pay increase of 10.7%.
The report also noted that the attrition rate for the first half of 2022 remained high at 20.3% and was only slightly lower than the rate for the same period in 2021 (21%). According to the survey, the pattern is anticipated to endure for the upcoming few months.
When discussing jobs, Even as businesses closely monitor the global financial headwinds and the U.S. recession, consulting and professional services organisations like McKinsey, BCG, EY, PwC, and Deloitte are considering expanding their campus employment in India this year.
The top four consulting firms allegedly stated they would hire more freshers in the upcoming months, despite the fact that major organisations, including Google and HCL, have made steps to reduce their personnel counts.
In the approaching months, they plan to hire 80,000 people, according to a Financial Express story. Business analysts, finance experts, devops, data scientists, cybersecurity experts, and other professional categories in both the non-tech and tech sectors would be in demand in the firms.
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