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Higher salaries in India are experiencing a resurgence, with a 9.3% increase projected in 2022, up from 8% in 2021, according to a report. The employers are preparing to give staff larger rises as they witness rising issues recruiting and retaining employees.
According to the ‘Salary Budget Planning Report’ by global advising, broking, and solutions firm Willis Towers Watson, salaries are expected to climb by 9.3% next year, compared to an actual increase of 8% in 2021.
According to the survey, India’s expected pay increase for the coming year is the biggest in Asia-Pacific, as optimism returns over a stronger business outlook in the coming 12 months.
The Salary Budget Planning Report is a bi-annual survey done online between May and June 2021, with 1,405 organisations from 13 Asia-Pacific markets, including 435 companies in India, participating.
The report also indicated that the majority of Indian enterprises (52.2%), up from 37% in the fourth quarter of 2020, had predicted a favourable company revenue outlook for the following 12 months, indicating a much-anticipated economic recovery.
This leads to greater hiring across firms, with 30% of companies expected to hire in the next 12 months, according to the survey, which is nearly three times higher than 2020.
The survey also revealed that important tasks such as engineering (57.5%), information technology (53.4%), technically skilled crafts (34.2%), and sales (34.2%) are projected to account for a considerable portion of recruiting across industries.
India’s voluntary and involuntary attrition rates have been lower than those of other countries in the region, according to the research.
It also said that the voluntary attrition rate was 8.9% and the involuntary attrition rate was 3.3%.
“Greater company optimism is manifesting itself in increased pay budgets and hiring activities. The epidemic was a turning point in the way businesses budget for their workforce ” said Rajul Mathur, talent and rewards leader at Willis Towers Watson Consulting.
“This trend is likely to transform the way individuals spend and think about total rewards in India in the future,” Mathur added.
According to the survey, salaries in the high-tech sector are predicted to rise by 9.9% in 2022, followed by 9.5% in the consumer products and retail sector and 9.30% in manufacturing.