India Inc may see 9.8% salary hike in 2023: Survey

NEW DELHI: India Inc is likely to see an average salary increment of 9.8 per cent in 2023, slightly higher than a 9.4 per cent hike in 2022, and for top talent the increase will be much more, says a survey.

According to Korn Ferry’s latest India Compensation Survey, organizations are focused on retaining critical and key talent through various talent management initiatives and formal retention and compensation plans.

The survey that covered 818 organisations with more than 800,000 incumbents noted that salaries are set to increase by 9.8 per cent in India in 2023. While the increment was significantly down at 6.8 per cent in the pandemic-hit 2020, the current growth trend reflects the resilience and ability of leaders and employees to reimagine and rebuild for a sustainable future.

In alignment with India’s focus on accelerated digital capability building, the survey has projected substantial increments in life sciences & healthcare and high technology sectors at 10.2 per cent and 10.4 per cent, respectively.

For top talent, the salary increment can be anything as high as 15 per cent to 30 per cent, the survey said.