With February and March marking the period of employee reviews and appraisals across workplaces in India, AmbitionBox, the company reviews and salary insights platform, recently conducted the Salary Increment Outlook 2024 survey amongst 2500 employees.
According to Deloitte India Talent Outlook 2024, the average pay increase that employers are expected to roll out in India is expected to be 9.0% in 2024, a slight dip from the 9.2% recorded in 2023. Despite this slightly lower projected increase and concerns about an economic slowdown, the AmbitionBox survey revealed employees remain optimistic about their salary prospects.
The timing of this survey couldn’t be more pertinent to capture their sentiments from a multitude of industries and gather insights on their salary increment expectations and outlook for 2024.
Salary hike expected: Key findings;
A significant 65% of total respondents expressed confidence in expecting favourable appraisals, highlighting prevailing optimism amidst challenging economic conditions.
While 44% of total respondents anticipate smaller pay raises for 2024 compared to the previous year, reflecting cautious sentiments due to economic uncertainties. Interestingly, 22% of all respondents anticipate a salary hike exceeding 30%.
Furthermore, a resounding 54% of the participants emphasised the significance of non-salary perks such as insurance coverage, benefits, bonuses, workplace amenities, and leave policies within their comprehensive compensation structures. This underscores the evolving preferences of modern employees across tiers who are cognizant of the constraints of the current economic landscape on salary increments.
Employees in these roles are increasingly prioritising holistic benefits beyond monetary remuneration, indicative of a broader shift towards stability and long-term career considerations.
Mayur Mundada, founder and business head of AmbitionBox, said, “This time our survey reflects the resilience of Indian employees amidst their fear of economic challenges. While optimism persists, employers need to navigate this period delicately, managing employee expectations effectively while aligning with market realities- formulating policies, and programs fostering a positive work environment and sustaining motivation among employees.”
Methodology:
A diverse pool of about 2500 employees on the platform participated in the survey, with a 77% male representation. 77% of respondents were from the age group of 20-35 with 55% of those being between the ages of 25-34 years. Among the dozens of listed sectors in this survey, the majority of respondents came from the IT Services and Consulting sector at 17%.
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