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Salary Increase in 2024: Deloitte India says average corporate salary hike will be around 9% in 2024
Salary Hike in 2024: Top performers may expect 1.8x in increments given to average-rated employees, Deloitte India said in its report.
Salary Hike in 2024: Deloitte India projected that corporate executives in India may get an average salary increment of 9 per cent in 2024. In the report titled ‘Deloitte India Talent Outlook 2024’, it said that increments in 2024 will be better than pre-Covid pandemic levels in all sectors. The only exceptions will be information technology (IT) and business process outsourcing (BPOs) as per the report. The projection is lower than what Deloitte India had predicted in 2023 when it said that hike in salaries will be 9.2 per cent.
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Deloitte India said that companies are likely to offer double-digit increments to junior management but “organisations may be stricter with their bell curves, making it harder to secure top ratings.”
Deloitte India salary report: How much can top performers expect?
Top performers may expect 1.8x in increments given to average-rated employees, it said. For employees rated below average, increment is expected to be lower at 0.4x this year than 0.6x in 2023, it stated.
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Deloitte India salary report: How many companies could pay bonuses in 2024?
One out of two companies could pay at-target or above-target bonuses in 2024, the report said adding that organisations are likely to maintain a 7.5 per cent increment for promotions to retain talent.
Deloitte India salary report: What about attrition rate?
The report said that the attrition rate fell from 20.2 per cent in 2022 to 18.1 per cent in 2023 due to slower hiring. Anandorup Ghose, partner (CHRO Programme Leader) at Deloitte India said, "With attrition and core inflation in check, organisations focus more on performance management strategies to protect and boost margins. On a global scale, India continues to be the fastest-growing major economy and could witness the highest increment compared with other geographies."
Earlier reports on salary hikes in 2024
EY said that India Inc may offer an average salary hike of 9.6 per cent in 2024, just as in 2023 saying that e-commerce is expected to have the highest salary growth in 2024, at 10.9 per cent.
