EY Report 2023: Private Firm Employees likely to get 10.2% Hike in Average Salary
E-commerce witnessed the highest growth of 12.5%
NEW-DELHI: With the end of March, private companies have initiated the process regarding increment. Better performance report of employees is being prepared. Employees are eagerly excited about their salary increment.
In the year 2023, the average wage growth in India is expected to be 10.2%, which is lower than the 10.4% (actual) growth in FY 2021-22. The EY report revealed that projected wage growth for 2023 is slightly lower than actual growth for 2022 at all job levels except for blue-collar workers. In the case of blue-collar workers, there is a slight decrease in compensation in 2023.
E-commerce witnessed the highest growth of 12.5%, followed by business services at 11.9% and information technology i.e. IT at 10.8%. The average salary growth in these three sectors in the year 2022 was 14.2 percent, 13 percent and 11.6 percent respectively.
According to the report, the current talent market in India is evolving rapidly, largely shaped by a combination of global economic trends, technological advancements and changing employee expectations. As the Indian economy continues to grow, competition for talent in various industries is intensifying. The most emerging sectors for jobs in India in 2023 include renewable energy, e-commerce, digital services, healthcare, telecommunications, educational services, retail and financial technology.