Winning Bizness Desk

Mumbai. If you are an employee, you must be trying to know how much your salary will increase this year. So some things have come to the fore in this report. India Inc is likely to see an average salary hike of 9.8 per cent in 2023, slightly higher than the 9.4 per cent increase expected in 2022, a survey said. According to Korn Ferry's latest India Compensation Survey, organizations are focused on retaining critical and key talent through various talent management initiatives and formal retention and compensation plans. The survey, which covered 818 organizations with over 8 lakh headcounts, said salaries in India are set to increase by 9.8 per cent in 2023. While salary growth was significantly lower at 6.8 percent in 2020 affected by the pandemic, the current growth trend reflects the ability of leaders and employees to reimagine and rebuild for a sustainable future.

Talk of recession and economic slowdown!

In line with India's focus on increasing digital capacity building, the survey forecast substantial growth in the life sciences and healthcare and high technology sectors at 10.2 percent and 10.4 percent, respectively. Navneet Singh, Chairman and Regional Managing Director, Korn Ferry, said that there is talk of recession and economic slowdown across the world, but there is optimism about the Indian economy with a projected GDP growth of 6 per cent. For top talents, the pay hike can be anything from 15 per cent to 30 per cent.

Companies adopted hybrid model

60 percent of organizations in the survey indicated that they have adopted some sort of hybrid model. Meanwhile, employees in Tier 1 cities continue to get higher salaries in India than those in Tier 2 and Tier 3 cities. However, with hybrid models and remote work evolving as an accepted norm, we are seeing a shift in the direction of work helping Tier 2 cities like Ahmedabad and Pune compete with Tier 1 cities in the fixed annual cash received by employees. are meeting.