Indian firms to raise employee salaries by 9.8% in 2024: WTW report

livemint.com:

High talent demand: These industries are experiencing rapid growth, and as a result, they require a skilled workforce. The heightened demand for talent is a key driver behind the salary uptick. Competitive environment: Companies within these sectors are engaged in intense competition to both attract and retain top-tier talent, intensifying the upward pressure on salaries.

Emphasis on innovation: These sectors heavily rely on innovation to remain competitive. To stay ahead in the innovation race, companies in these fields often invest in their employees, which often translates into higher salaries. Additionally, the marginally higher salary increases projected by companies in the BFSI, retail, and captives sectors for 2024 signify positive prospects.

This indicates confidence in their future growth and underscores their commitment to investing in their workforce. “Companies across industries are still closely monitoring their cost structures," said Rajul Mathur, Consulting Leader - Work and Rewards, WTW India. The WTW Salary Budget Planning Report stands as an expansive and all-encompassing survey, comprising over 32,000 responses from companies spanning 150 countries.

This scale imparts significant statistical validity to the survey results, allowing for broad, overarching conclusions regarding salary increase trends. Notably, the substantial participation of 708 Indian companies in this survey holds significance. It signals a keen awareness among Indian companies regarding the vital nature of salary budget planning, underlining their dedication to offering competitive compensation packages to their workforce.