Indians may get the highest pay hikes in apac this year’
India Inc is likely to see a median pay hike of 9.7% in 2024, compared to 9.5% last year, said the survey, as companies try to balance a focus on cost management with a strong emphasis on retention of critical talent.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Chief Technology OfficerVisitIIM KozhikodeIIMK Chief Product Officer ProgrammeVisitIIM LucknowIIML Chief Marketing Officer ProgrammeVisitIn the Asia-Pacific region, Vietnam comes a far second, with a 6.7% median pay hike expected in 2024 (6.8% in 2023), followed by Indonesia with 6.5% (6.4% last year), according to the survey. Employees in Japan are likely to get the lowest increment at 2.5% (2.7% last year).
“India is a shining star in the global economy with the country’s GDP growth expected to outpace others in the global economic slowdown,” Navnit Singh, chairman and regional managing director at Korn Ferry, told ET. “Indian companies are still on a growth path and there continues to be a shortage of critical talent.”
In 2024, the highest salary increments of 10% are expected across financial services, global capability centres (GCCs) and product companies, chemicals, industrial goods and retail industries, while IT services are likely to see the lowest increments of 7.8%.
Automotive (9.7%), construction and building material (9.6%), life sciences and health care (9.5%) and oil & gas, including utilities (9.5%), are among those offering median increments upwards of 9% while consumer goods companies are likely to give lower pay raises of around 8.7%, found the survey of 706 companies.
Top and critical talent will be retained through higher differentiation. As per the survey, in
