Increment

Average increments are likely to drop to 9.1 per cent this year in almost all sectors following inflation, higher interest rates and a slowdown in the economy, according to a study. The average increment in 2022 was 9.4 per cent, Deloitte India Talent Outlook 2023 stated on Wednesday. The study found that in 2023 increments are expected to be lower across almost all sectors, compared to 2022 actual increments. While the Life Sciences sector is expected to witness the highest increments in 2023, the IT sector will likely witness a major drop in increments as compared to last year, the study said. Additionally, attrition in India reached 19.7 per cent in 2022, up from 19.4 per cent in 2021, it stated. "The significant attrition levels across industries in late 2021 continued until early 2022. We saw Indian organisations budgeting the highest increment in 2022 over the last four years. What they also did was hire aggressively. This led to employee costs rising faster than revenue gro

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The changes come at a time when the industry is seeing demand constraints from its majority market and budgets are under pressure and deals are taking time to close

E-commerce and tech start-ups, healthcare, and allied industries plan salary hikes of more than 10 per cent.

Early estimates peg the increase higher than 8% in 2021, 4.4% in 2020

The top three sectors with the highest salary increase projected for 2022 are technology, e-commerce, and IT-enabled services

A study has shown that 59 per cent of companies in India are intending to give salary increments to their employees in 2021

As many as 92 per cent companies that participated in the survey plan to give an increment in 2021 compared to only 60 per cent last year

Only four in 10 companies ready for give staff a pay hike, says Deloitte Touche Tohmatsu India

Says e-commerce reported highest increment of 12.5% and logistics reported lowest at 8.1%

The benchmark for performance appraisal for promotion and financial upgradation has been enhanced to 'very good' from 'good' level