While 2020 was truly a challenging year that brought with it a hoard of bad news like job loss, pay cuts, and professional life uncertainties, 2021 might be the year to bring back the good news once again. The Indian government might allow companies to have 4-day work weeks with longer shifts. And now, Aon’s latest Salary Trends Survey in India projects that over 90 percent of the surveyed companies will give salary hikes in 2021. So you can expect some percentage of salary hike this year. Read on to know more.
Survey Reveals That 90 Percent Of Companies Will Give Salary Hikes In 2021
This might seem like the good news you’d been waiting for for a long long time, a survey conducted by global professional services company, Aon in India revealed that 90 per cent of companies will give salary hikes in 2021. Salary Trends Survey in India suggests that the pandemic hit the workforce in the country will soon have a reason to celebrate. With 90 per cent for companies agreeing to offer some percentage of salary hikes to their workforce, it’s good news in every way. After all, in 2020 the COVID-19 pandemic took a toll on promotions across all sectors. At that time, along with pay cuts, there was a severe concern about job losses.
Also Read: Indian Government To Allow Companies To Have 4-Day Work Weeks With Longer Shifts
IT Sectors & Life Sciences To Give Highest Salary Hikes
Salary hikes are all set to witness an improvement this year. Around 61 per cent of the 90 per cent of companies plan to give salary hikes in the range of 5-10 per cent. Average hikes itself have a jump of 3 percentage points. A Deloitte survey also finds out that 10.2 per cent of employees will get a promotion letter as compared to 7.4 per cent in 2020. The reasons behind these increments are a quicker rate of economic recovery and revival in business and customer confidence.
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Anandorup Ghose, partner at DTTILLP Workforce and Increment Trends Survey stated “Many people lost out on promotions because of the pandemic. The higher number of promotions implies huge costs even as companies are trying to get back into shape.” The highest increments will be given by IT sectors and Life Sciences. Manufacturing and services will offer relatively lower packages. Well, folks, we hope you do get salary hikes this year. Meanwhile, here’s how every work from home video call goes like.