Anticipating 2024: Salary Hike Predictions Across Indian Sectors

As we step into 2024, professionals eagerly await salary hikes that reflect their hard work and contributions. Aon’s Annual Salary Increase and Turnover Survey 2023-2024 offer valuable insights into the expected landscape of salary increments across various sectors in India.

Current Landscape: India stands out in the Asia-Pacific (APAC) region for offering the highest salary increases, showcasing resilience and adaptability amidst global and internal economic fluctuations.

Survey Analysis: Aon’s survey gathers data from 1414 companies across diverse industries, revealing trends and patterns dictating salary hikes in the upcoming year.

Projected Salary Hikes: With the arrival of 2024, expectations are high for salary increments. The average projection across all sectors is an encouraging 9.5 percent, indicating a rise in real wage growth compared to previous years.

Sector-wise Breakdown: Different sectors show distinct patterns of salary hikes. The manufacturing sector, for instance, emerges as a beacon of optimism, poised to offer substantial increments averaging an impressive 10.1 percent.

Key Sectors: Professionals in financial institutions and life sciences anticipate significant increments, highlighting the strategic importance and value proposition of these sectors in driving economic growth and innovation. Additionally, sectors such as technology, consumer goods, retail, and professional services are expected to witness noteworthy hikes, reflecting their pivotal roles in India’s socio-economic fabric.

Conclusion: As we enter 2024, professionals are ready for a promising trajectory of salary hikes, supported by robust economic fundamentals and strategic imperatives. Insights from Aon’s survey guide individuals and organizations in navigating the evolving landscape of compensation and rewards, fostering a culture of recognition and prosperity in the workplace.