You will get a huge salary hike this year
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Salary Increase in 2024: There is a good news for the employed people of the country in the year 2024. Deloitte India has released a report related to salary increase of employees in the year 2024. According to this report, corporate houses in India may see an average salary increase of 9 percent in 2024. This report has been released in the name of ‘Deloitte India Talent Outlook 2024’. The report claims that salary increases this year will be better than pre-Covid pandemic levels. However, there will be pressure in the IT and BPO sectors. Also, the number of employees getting promotion this year will be 11.5 percent. In the year 2023 it was 12.3 percent. The report claims that companies can increase the salaries of small employees by double digits. However, his performance will be taken into consideration. The salary of better employees will increase by 1.8 times the salary of average employees.
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Many companies can pay bonus
The Deloitte India Talent Outlook 2024 report claims that one in two companies may pay bonuses at or above target this year. Saying that organizations are likely to maintain the 7.5 percent increase in promotions to retain talent. Regarding the work force of the companies, it has been said in the report that this year Indian companies are using scientific vision more than before to increase the skills of their workforce. At present most companies have 75 percent of the required skill set. Still it needs improvement.
Attrition rate decreased
It has been claimed in the report that the attrition rate has decreased from the year 2022 to the year 2023. The attrition rate in the country was 20.2 percent in the year 2022. Which reduced to 18.10 percent in the year 2023. This happened because the recruitment process in the country became slow. Anandorup Ghosh, partner (CHRO program leader) at Deloitte India, said that with attrition rates and core inflation under control, corporate organizations focus more on strategies to save and boost margins. At the global level, India is the fastest growing economy in the world. There is faster growth here than any other geographical area.
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