COMPANIES IN INDIA ARE ANTICIPATED TO OFFER 10% INCREASE IN 2023, WITH THE GREATEST INCREASE IN APAC

According to a survey, businesses in India are anticipated to increase salaries by 10% in 2023 as they battle increased attrition in the competitive labour market.

In its Salary Budget Planning study, the global advice, broking, and solutions company Willis Towers Watson discovered that companies in India are budgeting an overall increase of 10% for 2022–2023 as opposed to the actual growth of 9.5% in the prior year.

More than half (58%) of Indian companies budgeted for bigger salary increases for the current fiscal year than they did for the previous one, while a quarter of them (24.4%) made no changes to their plans. In comparison to 2021–22, just 5.4% of the budget has been cut, it was added. According to the research, India continues to have the largest salary growth in the Asia Pacific (APAC) region, at 10%.

The research is based on a survey that was conducted in 168 countries, including 590 organisations in India, in April and May 2022.

In 2022, we observed strong salary growth across industries, and a comparable trajectory is anticipated in 2023. The demand for digital capabilities is driving wage rises for tech personnel, particularly in the technology, media and gaming, banking and financial services industries. This is due to the increased focus on technology-enabled growth.

It is crucial for organisations in India to design a compensation strategy that is in line with macroeconomic realities, sector dynamics, company objectives, and employee expectations given the country’s dynamic business climate and competitive talent market.

Organizations are putting more of an emphasis on long-term rewards, creative career advancement opportunities, flexible working, and general welfare to address the present talent supply issues.

For any query/registration/advisory related to GST, Company, Taxation laws, and Updates, Kindly visit www.onfiling.com

Contact: +91 9599935573

Please follow and like us:

Leave a Comment