Despite the COVID-19 second wave hitting the nation hard, resilience has been marked by the Indian organization, and in 2022, the salary increment is being projected to grow from an average of 8.8 percent this year to an estimated average of 9.4 percent- according to a survey by Aon.
On Tuesday, Aon’s 26th Annual Salary Increase Survey released that most businesses have an optimistic view going into 2022, with 98.9 percent of companies intend to give salary increases in 2022, as compared to 97.5 percent of companies in 2021.
Positive sentiment can be seen across most sectors, and India Inc is firmly on the path to recovery, with most firms projecting salary hikes back to FY 2019 levels by FY 2022.
Roopank Chaudhary, a partner in Aon’s human capital business said in a release, “This is a strong indication of financial health and buoyancy in the economy. There is a clear uptick, from a 6.1 salary increase in 2020, we have gone up to 8.8 percent actual in 2021 and the projected salary increase for 2022 is 9.4 percent, which is at par with the pandemic number that we had seen in 2018 and 2019.”
According to the survey, the pandemic has accelerated the digital journey for organizations and this has led to an unprecedented war for digital talent in the short term and is driving up salary increase budgets and attrition numbers across sectors.
“Employees with digital and technological skills are the most successful in 2021, as we see the highest salary increase for employees with these skills across sectors. We expect that this trend will intensify over time, as organizations have an increased need for this talent to transform their business models and build resilient workforces,” Chaudhary added.