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Amid positive business scenarios in various sectors of the economy, India is expected to witness a 9.5 percent salary hike in the next calendar year. This possibility has been expressed in a survey report. According to the ’30th Annual Salary Increase and Business Survey’ of global professional services firm Aon PLC, the total salary of employees is expected to increase by an average of 9.5 percent in the year 2025. Whereas in the current calendar year 2024, the salary will increase by 9.3 percent. According to the survey report, engineering, manufacturing, and retail industries are expected to see a 10 percent salary increase. After this, there may be a salary increase of 9.9 percent in financial institutions. Although the year 2024 started with caution for the technology sector, employees of global capability centers and technology products and platforms are expected to get a salary increase of 9.9 percent and 9.3 percent respectively.
The increment will be less in technology consulting and the service sector.
However, salary growth in the technology consulting and services sector may remain low at 8.1 percent. Rupank Chaudhary, partner at Aon, said, “Despite the global economic challenges, our study shows a positive business scenario in many sectors in India. This sentiment continues in many sectors growing on the strength of the local market and is evident from the projected salary growth in manufacturing, life sciences, and retail industries. “According to the survey, to retain talented employees in the competitive job market, organizations should stay aware of the changing market data and understand the rapidly evolving salary trends.
Decrease in job attrition rate.
According to the report, an average of 16.9 percent of employees left their jobs this year. Whereas this ratio was 18.7 percent in 2023 and 21.4 percent in 2022. Tarun Sharma, Co-Director (Talent Solutions), Aon, said, “The softening of the rate of leaving the job provides a unique opportunity for companies to focus on internal development, capacity building, and increasing long-term productivity. By developing talent internally, the firm can reduce the high cost associated with new appointments. ” This survey of Aon was based on information received from more than 1,176 employer organizations across 40 industries.
