Annual salary increments expected to touch 8.6% in 2022
2021 increments pegged at 8% level; only 25% companies project double-digit increments for 2022
Early predictions from Deloitte’s Workforce and Increments Trends Survey show that average annual pay increments will reach pre-pandemic levels of 8.6% in 2022. According to the analysis, roughly 25% of the organizations polled expect a double-digit increase in 2022, keeping with recent improvements in business confidence.
In 2020, average pay increases fell to 4.4 percent due to pandemic-related lockdowns and travel restrictions. According to the study, the average India increments in 2021 are expected to be around 8%, as business sentiment has strengthened in recent months.
HR experts from 450 organizations from more than two dozen sectors and sub-sectors participated in the India-specific B2B survey conducted in July 2021.
Employees were promoted at around 12% in 2021, compared to 10% in 2020. Regarding hiring, 78 percent of employers said they have resumed recruiting at the same rate as before the Covid-19 outbreak.