Indian employees are set for Asia’s biggest pay increases this year, with top talent earning as much as 15%-30% more, according to a survey by Korn Ferry.
On average, pay in the South Asian nation will increase by 9.8% in 2023 after a 9.4% bump last year, the consulting firm said in a report. High-tech industries, life sciences and healthcare lead the pack with jumps of more than 10%.
India is one of the world’s fastest-growing major economies. While it is also one of the most populous — with millions entering the workforce each year — gaps in education make the fight for talent acute even as the overall unemployment rate stays high.
More Findings:
· Korn Ferry, which surveyed 818 companies in India employing more than a combined 800,000 staff, found 61% of organizations are providing retention payments to key individuals
· The 9.8% rise for India compares with 3.5% in Australia, 5.5% China, 3.6% Hong Kong, 7% Indonesia, 4.5% Korea, 5% Malaysia, 3.8% New Zealand, 5.5% Philippines, 4% Singapore, 5% Thailand, 8% Vietnam
· 60% companies asked employees to follow a hybrid model of work
While employees in major metropolitan centers, known as Tier 1 cities, still receive higher compensation, there is a pattern for firms to become “location agnostic” as hybrid and remote working becomes the norm, the survey found.
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