Key Points
A recent report by EY has said that India Inc may offer an average salary hike of 9.6 per cent in 2024, just as in 2023..
The report, Future of Pay 2024, highlighted that e-commerce is expected to have the highest salary growth in 2024, at 10.9 per cent, followed by financial services with a projected growth of 10.1 per cent...
It further noted that overall attrition dropped to 18.3% in 2023 (from 21.2% in 2022) and is set to gradually decline over the next few years as companies prioritise cost management and employee wellbeing, stabilising the workforce amidst high talent demand...
The report further stated that professional services salary will grow by 10% in 2024, suggesting a rebound as companies invest in strategy alignment to navigate global business complexities..
Abhishek Sen, Partner and Leader, Total Rewards, HR Technology and Learning, People Advisory Services, EY India said, While overall average salary increase in India Inc. holds steady compared to last year, certain sectors such as ecommerce, financial services and professional services firms are poised for significant pay raise in 2024..
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