With compensation being the main priority for jobseekers to shift, salary expectations across the Asia-Pacific (APAC) region are high in 2024. Around 21 percent of respondents from India and 9 percent from Malaysia received more than 20 percent salary hikes as part of their current role, according to a report by staffing firm Adecco.
In contrast, 91 percent and 72 percent of respondents from India and Malaysia expect more than a 20 percent increase in their base salary while changing employers, according to the ‘Adecco India Salary Guide 2024’ report.
In India, a sizable 50 percent of employees believe their remuneration and benefits align with the industry average, suggesting a sense of fairness and competitive compensation within their respective fields.
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However, a concerning 29.5 percent feel they fall below the industry average, highlighting potential compensation gaps and a need for reassessment in various sectors or job roles. Meanwhile, 14.83 percent aspire to remuneration exceeding the industry average, showcasing ambition and a drive for greater rewards aligned with skillsets and performance.
On the performance appraisal, 52.5 percent received raises between 5 percent and 10 percent and 15 percent bagged increases exceeding 20 percent, highlighting recognition of exceptional merit and efforts to retain star talent. Further, 10.66 percent received raises below 5 percent, potentially indicating company challenges, budgetary constraints, or specific role characteristics.
The Adecco India Salary Guide 2024 is based on a survey conducted in January 2024 of employees and employers across sectors.
Compensation and benefits emerged as the primary motivators for talent movement, with 67 percent of respondents from across APAC citing it as the top factor influencing their decision to change roles. This highlights the significance of competitive salary packages and comprehensive benefit offerings in attracting and retaining top talent.
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