According to the latest survey, Indian employees will likely receive a 9.8 per cent salary hike in 2023 – which is higher than its other Asian counterparts The news is even better for top talent which is likely to receive a 15 to 30 per cent pay hike, according to the Korn Ferry’s latest India Compensation Survey.
“Although recession and economic slowdown are being discussed across the globe, there is optimism about the Indian economy with a projected GDP growth of six per cent upwards,” Navnit Singh, Chairman and Regional Managing Director, Korn Ferry said.
As per the survey, this comes as organisations in 2023 remain focussed on retaining critical and key talent through various talent management initiatives and formal retention and compensation plans.
Industry wise, sciences & healthcare and technology sectors will give higher hikes between 10.2 and 10.4 per cent.
The 9.8 per cent salary hike expected for Indian employees is higher than Asian counterparts such as China (5.5 per cent), Vietnam (8 per cent), Thailand (5 per cent), Singapore (4 per cent), Philippines (5.5 per cent), Indonesia (7 per cent), Malaysia (5 per cent) and South Korea (4.5 per cent).