Salary Hike 2023: There is important news for the job seekers. If you also do a job and are waiting for the appraisal, then this time companies in India can increase the salary of employees by an average of 9.8 i.e. about 10 percent. This is slightly more than last year 2022. In the year 2022, this figure was 9.4 percent.
According to the latest Korn Ferry survey, this increment will be much higher for those employees who are performing better. Companies are focusing on retaining critical and key talent through various talent management steps and compensation plans.
The figure was 6.8 percent in 2020
The survey covered approximately 818 organizations with over 800,000 employees. According to this survey, in 2023, there is an estimate of 9.8 percent increase in salary in India. In the year 2020 affected by the epidemic, the salary increase was much less than 6.8 percent, but the current growth trend reflects a strong and better situation.
More than 10 percent growth expected in technology
In line with India’s growing focus on building digital capability, the survey forecasts growth in the life science and healthcare and high technology sectors at 10.2 per cent and 10.4 per cent, respectively.
Know what is the opinion of the Speaker?
Navneet Singh, Chairman and Regional Managing Director, Korn Ferry, has said that there is talk of recession and economic slowdown all over the world, but in the context of the Indian economy, it is expected to grow at the rate of six per cent of the Gross Domestic Product (GDP). is going. Singh further said that the salary hike for key talent could be as high as 15 per cent to 30 per cent.
How much growth is expected for which sector?
For some other sectors, this wage increase is estimated to be 9.8 per cent for the services sector, 9 per cent for vehicles, 9.6 per cent for chemicals, 9.8 per cent for consumer goods and 9 per cent for retail.