According to a survey, where there was an average salary increase of 9.2 percent in 2022, but it is expected to increase by 9.8 percent in 2023 and even more talented people can see their salary increase.

According to the latest survey of Korn Ferry, the focus of the companies is that more talented people should not leave the companies and go elsewhere. For this, companies are trying to stop the high performing employees by giving different types of talent management steps and formal retention and higher salary. This survey was conducted in 818 companies, in which it was believed that in 2023, there could be an increase in the average salary of 9.8 percent.

During the Corona period in 2020, the average salary of the employees was increased by only 6.8 percent. According to the survey, an average salary increase of 10.2 percent can be seen in life sciences and healthcare and 10.4 percent in high technology sectors. Apart from this, the average salary increase is expected to be 9.8 per cent in services, 9 per cent in automotive, 9.6 per cent in chemicals, 9.8 per cent in consumer goods and 9 per cent in retail.

Korn Ferry’s Regional Managing Director Navneet Singh said that there is talk of recession and global economic crisis all over the world, but there is a positive thinking about the Indian economy that India’s GDP is estimated to be above 6 percent. He said that 15 to 30 percent salary hike can be seen in the salary of top talent people in companies.

According to the survey, the macroeconomic outlook is positive, but due to the constantly changing customer preferences, digital transformation, increasing participation, new types of pressure are increasing on the business. To stay ahead in this pressure and face the demand, corporates will have to transform the workforce. 60 percent of the companies said in the survey that they have adopted the hybrid model.

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The salary budget plan report by Willis Towers Watson, a global advisory, broking and resolution services company, found that companies in India are budgeting for a 10 per cent wage increase during 2022-23. The actual wage increase in the previous year was 9.5 per cent

According to the report, more than half (58 percent) of employers in India have budgeted for higher wage hikes for the current financial year than last year. Of these, a quarter (24.4 percent) did not make any changes to the budget.

The report said that compared to 2021-22, only 5.4 percent have reduced the budget.

According to the report, the highest salary increase in the Asia Pacific (APAC) region will be in India. Next year salaries will increase by six percent in China, four percent in Hong Kong and Singapore.

The report is based on a survey conducted in 168 countries in April and May 2022. Talked to 590 companies in India.

The post Salary Increased 2023: Good News for Employees! Companies will increase salaries more in 2023 than in 2022, Check Details Immediately first appeared on Rightsofemployees.com.