How much will your salary increase this time or how much will the increment be…? The survey conducted across the country revealed

By the end of March 31, 2024, filling of valuation forms will start in corporate and private companies. After which the salary increment process starts. All employees are happy with the salary increase in April. But do you know how much your salary will increase this time? How much will be the increment...?

4 Month ago

Counting days are now left for the month of March to end and lakhs of employees working in various sectors are waiting for their salary hike. By the end of March 31, 2024, filling of valuation forms will start in corporate and private companies. After which the salary increment process starts. All employees are happy with the salary increase in April. But do you know how much your salary will increase this time? How much will the increment be…? Now that there is a survey about this, let us also tell you…

The survey revealed

According to a recent survey by consulting firm Deloitte, average salary growth in India is likely to be 9% in 2024, marginally lower than last year's 9.2%. The Deloitte India Talent Outlook 2024 survey also reveals that one in three organizations in the country are planning to pay double-digit salaries this year. While the average salary increase is less than last year. All sectors except IT and Business Process Outsourcing (BPO)/Knowledge Process Outsourcing (KPO) have salary growth projections for 2024 above pre-Covid levels.

The survey revealed

They can get double digit raises

The survey also estimates that companies can offer double-digit salary increases to junior management employees. But it will be based on performance. Deloitte's report said companies may become stricter about their bell curves, making it harder to achieve top ratings. However, top performers can still expect a salary increase of 1.8 times that given to employees with an “average” rating.

For employees with a “below average” rating, salary increases are expected to be lower than last year. 0.4x in 2024 compared to 0.6x in 2023. The percentage of employees who will be promoted in 2024 has decreased from 12.3% to 11.5%. According to the survey, by 2023, organizations are likely to maintain a 7.5% increase in promotions to retain key talent.

Which sector will see the highest salary increase?

Another survey said that the biggest salary increases will be in fields related to financial institutions, engineering, automobiles and life sciences. Life sciences and financial institutions are reporting a 9.9% salary increase. E-commerce will pay 9.2 percent, manufacturing 10.1 percent, manufacturing 10.1 percent. Salary growth may decrease in companies like consulting and services, retail, technology. Wages in the manufacturing sector are projected to grow at an average rate of 10.1%.