While last year the average salary hike across different industries in India was projected as 9.5 per cent, this year it will be about 9.7 per cent —0.2 per cent higher— according to the Aon Salary Increase Survey 2019.
The Survey covered more than a 1000 companies from over 20 industries. The results of the study revealed that the organisations in India offered an average pay increase of 9.5 per cent during 2018, which showed an improvement over the year before that. As for 2019, the projection is 9.7 per cent because companies are optimistic about the economic growth and expect inflation to be low and domestic demand to be high.
The top three industries that are expected to witness highest salary hikes in 2019 are, consumer internet companies (11.1 per cent), professional services (11.1 per cent) and automotive (10.1 per cent). Consumer products, life sciences and hi-tech follow in the fourth, fifth and sixth positions, with 10.1, 10.1 and 9.9 per cent respectively. Over 9.5 per cent hike will be witnessed in the ITes, retail, chemicals, engineering manufacturing, entertainment, and hospitality industries.
HRKatha had recently carried a story about India being the second most optimistic country when it came to job growth. Fifty-seven per cent of its senior executives were hopeful about growth in senior job roles in 2019.