This year, sectors including automobile, manufacturing & engineering, and life sciences, are projected to offer the highest pay hikes to their employees, according to a survey by HR consulting firm Mercer.
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The median merit salary increments for 2024 are likely to reach 10%, as against 9.5% for last year, Mercer’s Total Remuneration Survey found.
Why salaries in the sector are projected to rise?
According to Mansee Singhal, rewards consulting leader, Mercer India, the continuous focus on artificial intelligence (AI) and automation by these industries, has propelled each into ‘a new phase of growth.’
The estimated strong salary hike in these sectors can be attributed to ‘several factors,’ she stated.
“The factors include technological advancements, increasing demand for skilled professionals, and a focus on innovation and research. These industries have demonstrated resilience and adaptability, driving economic growth and creating employment opportunities,” Singhal told The Economic Times.
Nearly 1500 (1474) companies participated in the survey, which covered more than 6000 job roles, representing over 2.1 million (21 lakh) employees.
‘Emphasis on building strong talent pool’
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Singhal, the Mercer India member, further told ET how businesses have started to recognise the transformative potential of AI and data science.
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Singhal, the Mercer India member, further told ET how businesses have started to recognise the transformative potential of AI and data science.
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“As businesses across sectors recognise this potential, there is a growing emphasis on building a strong talent pool in these domains,” she said.
“Therefore, salary increments in on-demand roles in India, such as AI and data science, also reflect the scarcity of skilled professionals, as organisations compete to attract and retain top talent,” she added.
Voluntary attrition in India
As per ET, India's voluntary attrition rose to 13.5% in 2022, from 12.1% for the previous year. The half-yearly attrition data for 2023 too points towards a slight rise from 2022, suggesting a continuing upward trend in voluntary attrition each year. This trend is being seen in countries like Australia, Brazil, China, and Japan as well, it noted.
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