2022 is set to invigorate employees with a combination of high turnover in several sectors, improved performance by companies, and cost savings through a hybrid work model. There are even double-digit salary increases for certain niche skill sets.
Human resources development firms Willis Towers Watson and Aon forecast salary increases of 9% and 9.3% in 2022, respectively, and Indian companies are among the best payroll managers in the Asia-Pacific region, according to a Willis study. There is a high possibility that it will surface. Year. According to authorities, the 2021 increments were 7.4% and 8.8%, respectively.
The initial forecast for a 8.6% increase in 2022 by consulting firm Deloitte is an increase from the 8% signed in 2021.
“We will see an increase of nearly 10% in 2022. In the 3-4 years before the pandemic, the average was 6-8%. Next year, we will see a significant increase compared to pre-pandemic levels. Increasing productivity, despite some suffering for employees over the past year, has helped companies move slightly away from compensation for performance to compensation for a resilient workforce. “.
He added that it is also a by-product of companies that are willing to pay extra to get the talent to prepare the organization for the future.
Roopank Chaudhary, a partner in the human capital business of Aon, a global professional services company, said the company raised around 9.3% in 2019 and is heading towards 2022.
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“Even in 2020, when companies cut wages, the average hike was 6%. In 2021, companies raised 8.8%. Although 2021 figures can be seen on a lower basis. The 2022 forecast is clearly demand for buoyancy and technology and digital talent. These are expensive because they are driving the growth of today’s businesses. Wherever technology talent goes, wages go up. ” He said.
Floating salaries are a function of performance, and even bonuses will certainly be better than in 2021, he added.
Randstad’s Viswanath pointed out that 9-10% is likely to be an average rise across the industry, but the tech sector can expect above-average growth.
“We’re seeing the highest levels of growth in the tech sector, but some niche skills can almost double that number. For example, blockchain technology is 20-22%, robotic process automation, cyber. Security and artificial intelligence can be 16-20%. SEO and SCM, mobile platforms and cloud computing are likely to rise 14-16%. “
Meanwhile, retail, consumer products and manufacturing are expected to rise by an average of 9-9.5%.
Aon’s Chaudhary added that the highest growth was seen in industries with high declines, such as IT / ITeS, e-commerce and start-ups. He said a good rise is expected in 2022 due to high demand, strong markets and economies, even in other industries such as financial services and professional services (consulting, auditing, tax companies). rice field. “If the company goes well, the professional services will go well, given the derivative demand.”
Hospitality, manufacturing, aviation, engineering services and energy are one of the sectors expected to reward the fewest hikes in 2022.
When it comes to roles, data science, big data, UI and cloud interfaces are the most profitable in the technology arena. Even management functions such as finance and risk compliance are considering a significant increase, Chaudhary said.
“Traditional roles are expected to work, but roles with digital technology elements such as risk compliance, digital sales, digital marketing, digital design, and data management seem to have the highest premium,” Chaudhary said. Mr. says.
According to experts, the main reason for support is that intermediate to intermediate employees have the highest turnover rates.
“We see the biggest increase in the 5-8 year experience. Demand is very high as companies want people with some experience. As they climb the ladder, incentives, bonuses and retention There are more changes in planning .. The shift to higher levels of variable compensation is further progressing. “
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We will support our employees in 2022.
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