Corporates handed out 8% hike in 2021, more to come in 2022: Survey

One-fourth of the companies surveyed plan to offer a double-digit hike in 2022.

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The second phase of the Deloitte’s Workforce and Increment Trends survey 2021 reveals that corporates in India are expecting to hike the salary of their workforce by an average of 8.6 per cent in 2022.

The survey also reveals that the corporate workforce of India were given an average increment of 8 per cent in 2021.

In fact, about 92 per cent of companies gave an average increment of eight per cent to their employees in 2021— almost double the average hike given in 2020, which stood at 4.4 per cent, when only 60 per cent companies had given a pay hike.

The 2022 projections show results similar to the findings of 2019. It shows that about one-fourth of the companies surveyed were planning to offer a double-digit hike in 2022.

Organisations would be rewarding their top performers to a greater extent than the average performers, differentiating on the basis of skills and performance. Increments of top performers could be 1.8 times than the average performers.

In line with the boom in IT hiring, the survey reveals that the sector would be likely to award the highest increments to professionals in 2022. The life sciences sector is expected to give out the second highest increments.

Retail, hospitality, infrastructure and real estate are projected to provide the lowest increments, which is in line with their business dynamics.

Deloitte’s 2021 Workforce and Increment Trends survey was launched in July and more than 450 organisations were covered in the study, with the primary audience comprising seasoned HR professionals.

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