Korn Ferry latest survey has revealed that this year the salary of Indians will increase the most in the entire Asia Pacific region. This is because amidst the economic slowdown worldwide, India’s economy remains more flexible than other countries. The Compensation Survey says India Inc. could see an average pay rise of 9.7% in 2024, compared to 9.5% last year. This growth is also due to companies trying to focus on cost management with an emphasis on retaining key talent.
According to the survey, in the Asia-Pacific region, Vietnam ranks second with an average salary growth of 6.7% in 2024 (6.8% in 2023), followed by Indonesia with 6.5% (6.4% last year). . Employees in Japan are least likely to get a salary hike of 2.5% (2.7% last year).
Also read: Most Indian employees hold managers responsible for happiness: report
Navneet Singh, Chairman and Regional Managing Director of Korn Ferry, says that India is a shining star in the global economy and the country’s GDP growth is expected to be ahead of others in the global economic recession, according to aNews published in ET.
Navneet says Indian companies are still on a growth path and there remains a shortage of critical talent. In such a situation, there is every possibility of a good salary hike to maintain the need for talent. In 2024, financial services, global competence centers (GCC), and product companies, chemicals, industrial goods, and retail industries are expected to see the highest salary hikes at 10%, while IT services are likely to see the lowest salary hikes at 7.8%. Is.
Oil and gas, including automotive (9.7%), construction and building materials (9.6%), life sciences and health care (9.5%), and utilities (9.5%), are among those offering average wage growth above 9%, while consumer goods companies are likely to get lower pay increases by about 8.7%, a survey of 706 companies found.
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