AON India recently conducted the most recent edition of its twelfth yearly Executive Rewards Survey that has found that Top executives to receive an average salary hike of 9.1% in 2023.
The survey had the following finding:-
- The senior executives in India can expect to see an average pay increase of 9.1% from 8.9% in 2022 to 2023.
- There will be an increase of 21% over the previous four years has resulted in an average Chief Executive Officer (CEO) salary of Rs. 8.4 crore.
- The average total cost to the company for one of these is 3.99 crore, which is more than double the cost of a CTO (1.97 crore).
- The Chief Marketing Officer’s (CMO) total cost to the business is Rs. 1.28 crore. The Chief Human Resource Officer (CHRO) has earned 1.21 crore. Followed by the Chief Business Development Officer (CBDO) of 69 lakh rupees.
“Senior executives’ salary increases continue to focus on pay at risk, indicating the emphasis on rewarding executives for the value they bring to the organization,” said Nitin Sethi, chief executive officer, of Human Capital Solutions, India and South Asia at Aon.
Nitin Sethi added, “Organisations can therefore benefit from a data-driven approach to make better decisions regarding complex executive compensation issues while navigating business volatility.”
According to the survey findings, Thirty of these companies offer long-term incentives (LTI), which are paid at a rate of 103% for other c-level executives (COO, CFO, sales leader, and CHRO) and 176% of the fixed pay for CEOs. The survey was conducted using 519 companies from more than 25 industries to analyze the information for the exercise.