Employees in India may get the greatest pay raise in five years, outpacing China and Russia, according to a survey. As a result, India is expected to have the highest wage growth among the BRIC (Brazil, Russia, India, and China) countries in 2022. Salary increments in India will hit a five-year high of 9.9% in 2022, according to a poll, giving employees a reason to smile. According to a survey by top global professional services business Aon, organizations across industries in the country expect a 9.9% pay increase in 2022, compared to 9.3% in 2021.
Salaries will be increased by 6% in China. According to the report, salary increases in Russia will be 6.1 percent and in Brazil will be 5%. Report from PTI.
In India, 88 percent of companies expect their business to improve by 2022. This is an increase of 11% from 2021. In 2022, approximately 45.8% of employers are expected to provide an increase of 8-10%, with 32.3 percent offering a raise of 10% or more. In 2020, these figures were 38.6 percent and 27.5 percent, respectively.
E-commerce, high-tech/information technology, and professional services are the sectors with the biggest forecast wage increases in 2022, with 12.4 percent, 11.6 percent, and 10.9 percent, respectively, while metals/mining, QSR/restaurants, and cement have the lowest expected salary increases.
Employee Projections Across Industries In India.
E-commerce and venture capital, hi tech/IT and IT enabled services (ITES), and biological sciences are the industries with the largest predicted compensation increases. In the report of the PTI survey, which analyzed data from 1,500 organizations across more than 40 industries, the rate of attrition is high. The highest attrition rate in over a decade was recorded by survey participants in 2021, according to the report. It added that the highest attrition rate in over two decades symbolizes the impact of the ‘Great Resignation’ on India. Salary rises should provide a pleasant reprieve for employees in the middle of a tumultuous moment.
When the rising cost of talent is combined with record-high attrition rates, it might be a double-edged sword for employers, according to Nitin Sethi, Aon’s Human Capital Solutions in India. This trend, according to Sethi, is fueled by the economic recovery and the necessity for businesses to invest in new age capabilities in order to build a more resilient workforce.
Performance Projections Across Industries In India.
According to the survey’s findings, in 2021, organizations adopted a socialist strategy by levelling rewards for high and average performers. Employees who considerably exceeded expectations received a performance rating increase of 1.7, while employees who frequently exceeded expectations received a performance rating increase of 1.5. The poll indicates the war for talent has centered on gaining digital skill sets across industries.
The existing talent supply is straining to keep up with demand. As a result, companies will face increased costs as a result, and attrition rates may rise. To fight this, businesses should consider offering permanent remote working options to employees, gig workers, and university hires, as well as a stronger emphasis on inclusivity and diversity. The Indian economy’s fundamentals are thought to be healthy, and there is a favorable corporate sentiment. Even industries that struggled during the initial wave of the pandemic, have seen by pay rises of 8% and higher. Industries, such as retail, logistics, and quick-service restaurants, have recovered by focusing on modern trade and digital channels. However, there are possible headwinds from expected strong inflationary pressures and the ongoing COVID-19 threat.
The Great Resignation Continues Nationwide With No Exception.
Employees are quitting their jobs in historic numbers, whether it’s due to remote work boosting workers’ employment options, the opportunity to increase salary, employee burnout. Employers are realizing that in today’s market, compensation alone may not be enough to keep workers. According to Aon, organizations must focus on developing workplace culture, recognizing employees’ objectives, and assisting managers in leading remote or hybrid teams to thrive.
The most difficult occupations to recruit and retain are those in the internet, engineering, and sales and marketing. Almost all firms are reverting to pre-pandemic levels of investment in rewards and incentives, according to the poll
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