A study revealed that the corporates in India are likely to hike the salary of their workforce by an average of 8.6% in 2022 as compared to 8% in 2021.
According to the statistics, in 2020, only 60% of companies gave a pay hike that also of just 4.4%. Whereas, as per the latest reports, in 2021, 92% of companies gave an average increment of 8% to their employees.
It is expected that the companies would offer a double-digit hike in 2022. Top performers of the organisation would be awarded a decent hike as compared to the average performers based on their skills and performance.
The survey reveals that the IT sector will provide the highest hike rate, followed by the life sciences sector that will provide the second-highest hike. Retail, hospitality, infrastructure and real estate are estimated to provide the lowest rates of increments.
The survey included testimonies from seasonal HR professionals from around 450 organisations.