Sixty five percent of employees in India expressed confidence in expecting favourable appraisals, highlighting prevailing optimism amidst challenging economic conditions, according to a survey.
However, ‘AmbitionBox Salary Increment Outlook 2024’ survey revealed that 44 percent of total respondents anticipate smaller pay raises for 2024 compared to the previous year, reflecting cautious sentiments due to economic uncertainties.
Interestingly, 22 percent of all respondents anticipate a salary hike exceeding 30 percent.
The survey of 2,500 employees had 77 percent male representation. 77 percent of respondents were from the age group of 20-35 with 55 percent of those being between the ages of 25-34 years.
Among the dozens of listed sectors in this survey, the majority of respondents came from the IT Services and Consulting sector at 17 percent.
Further, 54 percent of the survey participants emphasised the significance of non-salary perks such as insurance coverage, benefits, bonuses, workplace amenities, and leave policies within their comprehensive compensation structures.
Employees are increasingly prioritising holistic benefits beyond monetary remuneration, indicative of a broader shift towards stability and long-term career considerations, AmbitionBox said in a statement.
"We at AmbitionBox are continually fascinated by the insights our surveys uncover. This time our survey reflects the resilience of Indian employees amidst their fear of economic challenges. While optimism persists, employers need to navigate this period delicately, managing employee expectations effectively while aligning with market realities- formulating policies, and programs fostering a positive work environment and sustaining motivation among employees,” said Mayur Mundada, Founder and Business Head of AmbitionBox.
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