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Employers in India are expected to give an average pay increment of 9% in 2024, a slight dip from 9.2% recorded last year, according to the Salary Increment Outlook 2024 survey by AmbitionBox, an online platform for company reviews and salary insights.
The survey, conducted among 2,500 employees to gather insights on their salary increment expectations and outlook for 2024, found that despite the slightly lower projected increase and concerns about an economic slowdown, employees remain optimistic about their salary prospects.
A significant 65% of the respondents expressed confidence in favourable appraisals, highlighting prevailing optimism amid challenging economic conditions. While 44% of the respondents said they anticipated smaller salary increase for 2024 compared to the previous year, reflecting cautious sentiment due to economic uncertainties, about 22% said they expected a salary hike exceeding 30%.
“This time our survey reflects the resilience of Indian employees amid their fear of economic challenges,” said Mayur Mundada, founder, AmbitionBox. “While optimism persists, employers need to navigate this period delicately, managing employee expectations effectively while aligning with market realities – formulating policies and programmes fostering a positive work environment and sustaining motivation among employees.”
About 54% of the participants emphasised the significance of non-salary perks such as insurance coverage, benefits, bonuses, workplace amenities and leave in their comprehensive compensation structures.
This underscores the evolving preferences of modern employees across tiers who are cognisant of the constraints of the current economic landscape on salary increments.
Employees in these roles are increasingly prioritising holistic benefits beyond monetary remuneration, indicative of a broader shift towards stability and long-term career considerations.
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