A new study by AON India has found that top executives in India can expect to receive an average salary hike of 9.1% in 2023. The study, which analyzed the compensation packages of top executives in India, found that the average salary hike is higher than the 7.9% hike seen in the previous year.
According to the study, the highest salary hikes will be seen in the pharmaceutical and technology sectors, with executives in these industries expected to receive an average hike of 10.1% and 9.5% respectively. The study also found that executives in the banking and finance sector can expect to receive an average salary hike of 8.7%, while those in the retail sector can expect to receive an average salary hike of 7.9%.
The study attributed the higher salary hikes to the strong economic recovery seen in India in recent months, as well as the increasing demand for top talent in key industries. It also noted that companies are focusing on attracting and retaining top talent by offering competitive compensation packages and benefits.
In addition to the higher salary hikes, the study also found that companies are increasing their focus on performance-based pay. This means that executives can expect to receive a larger portion of their compensation in the form of bonuses, which are linked to their individual performance and the performance of the company.
The study also found that companies are increasing their focus on providing flexible benefits and wellness programs, such as telecommuting, flexible work schedules, and health and wellness programs. These benefits are aimed at improving the overall well-being of employees and helping them to achieve a better work-life balance.
In conclusion, the AON India study highlights the strong economic recovery in India and the increasing demand for top talent in key industries. Top executives in India can expect to receive an average salary hike of 9.1% in 2023, with the highest salary hikes seen in the pharmaceutical and technology sectors. Companies are also increasing their focus on performance-based pay and flexible benefits to attract and retain top talent.