Deloitte India Talent Outlook 2024 Survey shows that while overall average increment is lower than last year’s, increment projection for 2024 is higher than the pre-Covid levels across all sectors, except IT and BPO/ KPO. The survey also predicts that companies are likely to offer double-digit increments to junior management employees but with a high focus on performance-based differentiation.
The average salary for a salaried position at fixed prices (deducted by the monthly consumer price index) was 11,056 Shekels (USD 3,100) per month an increase of 1.9 per cent compared to 2022 when it was 10,822 Shekels (USD 3,020) per month.
Companies in India are expected to give an average salary hike of 9.6 per cent in 2024, similar to the actual increase witnessed last year, according to a report.
The Singapore-based bank had, in February, said that the 2023 variable compensation for its CEO and other members of the group management committee has been cut, holding them accountable for the series of digital disruptions that took place last year.
Venture capitalists, recruitment services and executive search firms told ET that lower pay packets are becoming the new normal after the pandemic-induced hiring frenzy during 2021-22. Most of the hiring is currently being done by early-stage startups after series A funding, they said.
A recent survey by Deloitte showed that attrition for India Inc. dropped to 17% in 2023 compared with 19.7% in 2022. However, key talent attrition continues to be between 1.5-1.7 times of overall attrition, indicating that there are enough opportunities even in a tighter job market.
The highest package offered during campus hiring in 2023 was Rs 72.8 lakh, while the average salary package for the GMBA class increased by 33% from the previous year to touch Rs 32 lakh, according to a statement issued by the institute.
Globally, the paycheque increase was 6.7% on average for men compared with 6% for women, says the ‘ADP Research Institute's People at Work 2023: A Global Workforce View’ report.
Foreign workers will need a salary of more than 30,000 pounds to come to Britain as ministers set out proposals to reduce net migration levels by raising the salary threshold for skilled professionals, according to a media report.
UAW President Shawn Fain has repeatedly cited the figure, contrasting it with the 6% pay raises autoworkers have received since their last contract in 2019. He opened negotiations with a demand for a similar 40% wage increase over four years, along with the return of pensions and cost of living increases. The UAW has since lowered its demand to a 36% wage increase but the two sides remain far apart in contract talks, triggering a strike.
Employers with at least four workers will be required to disclose salary ranges for any job advertised externally to the public or internally to workers interested in a promotion or transfer.
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