Employees in India may receive the greatest income increase in five years, surpassing China and Russia: SURVEY
Employees dealing with job market instability have reason to rejoice since wage increases in India will reach a five-year high of 9.9 per cent in 2022, according to a poll.
As per a poll conducted by prominent global professional services business Aon, organisations throughout the country anticipate a 9.9 per cent wage increase in 2022, up from 9.3 per cent in 2021.
SALARY INCREASE BETTER THAN IN CHINA AND RUSSIA
With this, India is on track to have the biggest wage gains amongst the BRIC (Brazil, Russia, India, and China) countries in 2022.
In China, pay increases will be 6%. According to the report, salary increases in Russia will be 6.1%, while in Brazil they will be 5%.
As per a PTI report, the survey, which examined data from 1,500 firms in more than 40 industries, found that the industries with the largest predicted pay increases include e-commerce and venture capital, Hitech/IT and IT-enabled services (ITeS), and life sciences.
THE ATTRITION RATE IS EXTREMELY HIGH
The greatest attrition rate in over a decade – 21% – was recorded by survey participants in 2021, according to the research, adding that the highest attrition ratio in over two decades symbolises the impact of the ‘Great Resignation’ on India, according to the PTI report.
Salary rises should be a pleasant relief for employees in the middle of a turbulent moment. When the growing cost of people is combined with record-high attrition rates, it might be a double-edged sword for employers, according to Nitin Sethi, partner and CEO of Aon’s Human Capital Solutions in India.
Sethi went on to say that the economic recovery is fueling this trend, as is the necessity for enterprises to invest in new-age competencies in order to develop a resilient workforce.