Salary Increment Expectation In India: According to the survey, employees in automobile, manufacturing, engineering and life sciences may see the maximum increase of 9.7 percent to 10 percent. According to the survey, the least growth of 9.5 percent will be recorded in the consumer and retail sector.
Salary Increment Expectation In India: According to the new Total Remuneration Survey of American consulting firm Mercer, the median merit salary increment (average salary growth) in India is expected to be 10 percent in 2024, which was 9.5 percent last year. According to the survey, employees in automobile, manufacturing, engineering and life sciences may see the maximum increase of 9.7 percent to 10 percent in salary. According to the survey, the least growth of 9.5 percent will be recorded in the consumer and retail sector.
The number of people leaving their jobs voluntarily increased
According to the survey, the voluntary attrition rate in India has gradually increased from 12.1 percent in 2021 to 13.5 percent in 2022. There has been a slight increase in the number of people leaving jobs in the same period of 2023 compared to the first half of 2022.
This shows the continuous increase in the number of people voluntarily leaving the job every year. A similar trend is also visible in other parts of the world including Brazil, China, Australia and Japan. The survey conducted in India collected data from 1,474 companies, covering more than 6,000 job positions.
What is the role of AI?
India is on an impressive growth path, according to Mercer’s rewards consulting leader in India, Moneycontrol reports. These anticipated wage increases highlight both confidence and optimism in the Indian market, driven by strong economic indicators and an improving business outlook.
At the same time, the increasing focus on AI and automation has taken major industries like automobile, manufacturing and engineering and life sciences into a new phase of development.
