Corporate India has increased the average salary of its employees by 8 percent in 2021
There is good news for the employees working in the private sector. According to the information, Corporate India has increased the average salary of its employees by 8 percent in 2021 and initial estimates suggest that the average salary increase for 2022 could be up to 8.6 percent. Which is in line with a healthy economy and improving confidence. Let us tell you that this thing has come to the fore in a survey. According to this report, in 2021, 92 percent of companies increased their salaries by an average of 8 percent, while in 2020 it was just 4.4 percent. Only 60 percent of companies paid their employees in 2020.
The survey said that the average wage growth is expected to increase to 8.6 percent in 2022, which will be equal to the first level of the 2019 pandemic. About 5 percent of the companies surveyed have forecast a large wage increase in 2022. The 2021 workforce and wage growth survey was launched in July 2021. The survey was first conducted by an experienced HR professional. More than 450 companies were included in the survey. According to this survey, companies will continue to increase pay increases based on skills and performance, and the best performing employee is expected to get around 1.8 times the salary increase over and above average performance.
Significantly, according to the survey, in 2022, the information technology sector is expected to provide the highest salary increase. Next comes the field of life sciences. IT is the only sector in which some digital/e-commerce companies are expected to grow further and they are planning to increase the salary the most.