According to the survey by Korn Ferry, the companies in India are projected to dole out an average salary hike of 15 to 30 per cent more, in Asia’s biggest pay increase this year, as they look for key talent and niche skills, says a report.
According to the survey, found that 61% of organizations are providing retention payments to key individuals.
The survey has found that the average, salary hike in the South Asian nation will increase by 9.8% in 2023 after a 9.4% bump last year.
“The 9.8% rise for India compares with 3.5% in Australia, 5.5% China, 3.6% Hong Kong, 7% Indonesia, 4.5% Korea, 5% Malaysia, 3.8% New Zealand, 5.5% Philippines, 4% Singapore, 5% Thailand, 8% Vietnam,” according to a Bloomberg report. Nearly 60% of companies asked employees to follow a hybrid model of work.
Korn Ferry surveyed 818 companies in India employing more than a combined 800,000 staff. In another survey, it is found that 4 In 5 Professionals In India Are Looking For a New Job In 2023. The data further showed that the hiring levels in India were 23% slower in December 2022 as compared to December 2021.
Nirajita Banerjee, LinkedIn Career Expert and Head of Editorial for LinkedIn India said, “Despite tough economic conditions, the Indian workforce is relying on their own abilities to grow and push forward. Since the pandemic, it’s clear that professionals have built up a bank of resilience, and we’re seeing this in their response to tackle the year ahead.”
“They are striving for the ideal role that offers the right wage and allows for appreciable work-life balance and flexibility. While the future remains dynamic, it is essential for professionals to invest in themselves by building transferable skills that will make their profiles more versatile and adaptable to different roles”, Nirajita Banerjee added.
“We have seen a 43% year-on-year increase in members adding skills to their LinkedIn profile – 365 million have been added in the last 12 months. This is a smart way to secure a sustainable and successful career,” Nirajita added.
The economic graph data stated that this sentiment is largely led by Gen Z and has also revealed that 88% of professionals aged 18-24 considering a switch, compared to 64% of those aged 45-54.