9.6% average salary increase for India Inc in 2024: EY Future of Pay 2024 report
India Inc is set to see a 9.6% salary increase on average in 2024, similar to the actual increase last year, according to the second edition of EY ‘Future of Pay 2024’ report.
Overall attrition fell to 18.3% in 2023 (from 21.2% in 2022) and is set to gradually decline over the next few years as companies prioritise cost management and employee well-being, stabilising the workforce amid high talent demand, it said.
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Offering CollegeCourseWebsiteIIM LucknowIIML Chief Operations Officer ProgrammeVisitUniversity of Western AustraliaUWA Global MBAVisitIIM KozhikodeIIMK Chief Product Officer ProgrammeVisitIn light of India's position as a global hub for technology and outsourcing services, e-commerce is expected to have the highest salary growth of 10.4% this year, followed by financial services (10.1%), as per the projections in the EY report.
Professional services salaries are set to increase 10% in 2024, it said, suggesting a rebound as companies invest in strategy alignment to navigate global business complexities. The impact of real estate and infrastructure as an emerging sector is also visible, as increments continue to be stable at 10%.
As per the EY report, 35-40% of the technology workforce is made up of digital talent, a figure that is expected to become more crucial in the future. Among digital skills, super niche skills in domains such as artificial intelligence (AI), machine learning (ML) and blockchain are highly sought-after, commanding a
