Come 2024, and the technology, financial services, media and gaming, and retail sectors in India may see the highest increments. A report by Willis Towers Watson (WTW) reveals that financial services and retail companies, as well as captive organisations have anticipated slightly higher increments of 10 per cent for 2024 compared to the actual pay hikes in 2023 thanks to the ongoing demand for talent. The hottest jobs over the next 12 months are expected in information technology (IT), engineering and sales.
India’s median salary hike is predicted to go up by 9.8 per cent in 2024, which is quite close to the actual salary hike in 2023, that is, 10 per cent.
The survey reveals that the IT sector will probably reduce hikes to 10 per cent, compared to the 11 to 12 per cent hikes of the past. This reduction is a result of close monitoring of cost structures in the IT space.
In other sectors, including pharmaceuticals, manufacturing, media, gaming and global captive centres (GCC) significant expansion is happening, as is reflected in their hiring outlook. Hiring is steady in the GCCs of financial services firms, mid-sized firms, as well as product and platform companies.
India’s voluntary attrition rate has fallen from 15.3 per cent in 2022 to 14.6 per cent in 2023. However, it still remains the highest in the Asia Pacific.
About 36 per cent of the companies surveyed anticipate good business-revenue outlook for the next one year compared to 42 per cent during the same time in 2022. About 28 per cent of companies are looking to hire in the next one year, while about 60 per cent have already increased team size in 2023 by more than what they did in 2022.
The WTW survey reveals that job opportunities remain highest in IT, engineering and sales in the next one year. While 61 per cent of the hot jobs will be in the IT space, 59.8 per cent will be in the engineering space, 42.9 per cent in sales, 38.6 per cent in technical skills trade, 11.8 per cent in finance, and 10.6 per cent in marketing. About 3.1 per cent of the hottest jobs in the next 12 months will be in human resources.
