Pay hikes in India may go back to pre-Covid levels
Companies are upbeat about the economy and consumer confidence as most see Covid-19 as being unlikely to have an impact on the business cycle this year
Source | economictimes.indiatimes.com | Sreeradha Basu | Saumya Bhattacharya
Spurred by the great resignation wave, India Inc is moving to normalise salary increments to pre-Covid levels with average increments projected at 9.4% for 2022 against an actual average raise of 8.4% in 2021, according to the latest Korn Ferry India annual rewards survey.
Plus, companies are upbeat about the economy and consumer confidence as most see Covid-19 as being unlikely to have an impact on the business cycle this year. For the current financial year, business has recovered from the pandemic and come out strongly, resulting in healthy financial and operational performance, said Vedanta group chief human resources officer (CHRO) Madhu Srivastava.
“While we are currently deliberating on the overall budgets for increment which will largely depend on business performance, industry metrics and benchmarking trend, the level of increment that we are targeting this year will be better than last year,” Srivastava said.