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Shivam Jadoun|Dec 9, 2021
NEW DELHI, MARCH 7: The 23rd edition of its annual Salary Increase Survey in India by Aon has revealed that companies in India gave an average pay increase of 9.5% during 2018, reflecting improved business sentiment compared to 2017.
The projections for 2019 are stable yet favourable at 9.7% as companies expect a positive economic outlook backed by high economic growth expectation, high domestic demand and low inflation. A decline in voluntary attrition and controlled incremental hiring continue to keep the sentiment mild.
Anandorup Ghose, Partner and Head Emerging Markets, Aon, commented, “Pay increases are marginally positive compared to earlier years – a big highlight is the reducing difference in pay increases across industries year on year. A lot of the pay increase decline is also reflected in the constant drop in voluntary attrition levels across industries.”
While there is an improvement in the overall increment projection, pay increase budgets across sectors are increasingly tending towards the overall average. Sectors projecting a double-digit increment have come down over the years with only five sectors projecting a double-digit increment for 2019. These include sectors such as Consumer Internet Companies, Professional Services, Life Sciences, Automotive and Consumer Products.
The increment projections in other sectors are also a reflection of the expected growth prospects during the year. With government focus on infrastructure investment, sectors such as cement, metal, engineering services saw a revival in demand and an improvement in increment projections for 2019.
While India Inc. saw a positive shift in increment percentages, attrition continues to maintain the downward trend. Attrition has declined from 18.5% in 2013 to 15.8% in 2018, indicating blunting the edge of the ‘push’ forces at work. At the same time, the ‘pull’ forces have abated as well with fewer industries attracting talent from the market.
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