In most companies, work like salary hike and promotion of employees is completed by the month of April of the financial year. Employees who changed jobs this year are expecting a good salary hike.
Salary Hike Report: Expectations have increased among Indian employees regarding increase in salary in the year 2024. According to a report by staffing firm Adecco, 21 percent of Indian and 9 percent of Malaysian employees want a 20 percent salary hike in their current job.
In contrast, according to the ‘Adecco India Salary Guide 2024’ report, 91 percent of Indian and 72 percent of Malaysian employees expect a salary increase of more than 20 percent when changing jobs.
50 percent workers are happy with their salary, 50 percent are unhappy
According to the report titled ‘Adecco India Salary Guide 2024’, 91 percent of the employees in India expect a 20 percent salary hike at the time of changing jobs. In the report, 91 percent of employees in India and 72 percent in Malaysia believe that they can get a 20 percent increase in base salary.
In the same report, it has also been told that 50 percent of the employees of India believe that their salary and allowances are as per the industry standard and they do not feel discrimination regarding their package and have no complaints about it. This means that half of the salaried workers of the country are unhappy with their income.
Salary expectation high in 2024
In this report of Asia-Pacific, it was told that the expectations of people changing jobs in this year i.e. 2024 are very high regarding salary hike. Last year people’s expectations were up to 10 percent, which has now increased to 20 percent. After Covid, many countries of the world have reduced salary hikes. But it is believed that now the salary hike may increase again rapidly. It is believed that in countries like India and Malaysia, employees are expected to get a good salary hike.
According to the report, more than 50 percent of the employees in India have got a hike of between 5 percent to 10 percent regarding performance based appraisal, while 15 percent of the people have got a hike of more than 20 percent in salary.
Salary hike in India highest in Asia
The salary increase in India is the highest compared to other countries in Asia Pacific. Wage growth forecast for Vietnam in 2024 is 8%, followed by China at 6%, Philippines at 5.7% and Thailand at 5%
According to Willis Tower Watson’s latest ‘Salary Budget Planning India Report’, secondary wages in India are expected to increase in 2024, which is close to expectations for real wage increases in 2023. The survey was conducted in April and May 2023. There were 708 participants from India, and 7,372 organizations from 22 markets in Asia Pacific.
