Want a decent salary hike? The best place to be right now could be India.
According to insights from Randstad India, corporate salary increments in India are projected to range from 8-11% this year, with junior professionals expected to receive the highest increases of 10-11%.
This shift reflects a growing trend towards skill-based compensation, allowing professionals with specialized expertise to negotiate salaries more flexibly.
It amounts to a big financial boost for India’s growing middle class.
Companies are increasingly focusing on hiring and upskilling freshers and junior-level candidates to meet organizational needs, yielding positive outcomes across industries.
Conversely, senior professionals may see “lower” salary hikes, averaging 8-9%, while medium-level professionals can expect around 9-10% increments.
Why pays the best?
Sectors like internet/e-commerce, manufacturing, and BFSI are likely to offer the highest increments, driven by factors such as value-added models in e-commerce and technological advancements in manufacturing.
Read more here:
https://www.businesstoday.in/industry/top-story/story/average-salary-hike-to-be-around-8-11-this-year-in-india-randstad-india-424497-2024-04-05
Author: Stephen Manallack
Former President, Australia India Business Council, Victoria and Author, You Can Communicate; Riding the Elephant; Soft Skills for a Flat World (published by Tata McGraw-Hill INDIA); Communicating Your Personal Brand.
Director, EastWest Academy Pty Ltd and Trainer/Speaker/Mentor in Leadership, Communication and Cross Cultural Communication.
Passionate campaigner for closer western relations with India.
Stephen Manallack is a specialist on “Doing Business with India” and advisor/trainer on “Cross-Cultural Understanding”. He is a Director of EastWest Academy Pty Ltd which provides strategic advice and counsel regarding business relations with India.
A regular speaker in India on leadership and global communication, his most recent speaking tour included a speech to students of the elite Indian university, Amity University, in Noida. He also spoke at a major Federation of Indian Chambers of Commerce and Industry (FICCI) global summit, the PR Consultants Association of India in Delhi, the Symbiosis University in Pune and Cross-Cultural Training for Sundaram Business Services in Chennai. He has visited India on business missions on 10 occasions and led three major trade missions there. He provides cross-cultural training – Asia and the west.
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