AmbitionBox, a platform for company reviews and salary insights, recently conducted the AmbitionBox Salary Increment Outlook 2024 survey amongst 2500 employees to gather insights on their salary increment expectations and outlook for 2024.
With February and March marking the period of employee reviews and appraisals across workplaces in India, the timing of this survey couldn’t be more pertinent to capture their sentiments from a multitude of industries.
According to a report the average pay increase that employers are expected to roll out in India is expected to be 9.0% in 2024, a slight dip from the 9.2% recorded in 2023. Despite this slightly lower projected increase and concerns about an economic slowdown, the AmbitionBox survey reveals employees remain optimistic about their salary prospects. A significant 65% of total respondents expressed confidence in expecting favorable appraisals, highlighting prevailing optimism amidst challenging economic conditions. While 44% of total respondents anticipate smaller pay raises for 2024 compared to the previous year, reflecting cautious sentiments due to economic uncertainties. Interestingly, 22% of all respondents anticipate a salary hike exceeding 30%.
AmbitionBox Salary Increment Outlook 2024 Survey findings: Expected Salary Hike
|
Expected Hike Percentage |
% of respondents |
|
<15% |
21.4% |
|
15% – 20% |
25.1% |
|
21% – 25% |
14.2% |
|
25% – 30% |
17.9% |
|
>30% |
21.5% |
Mayur Mundada, Founder and Business Head of AmbitionBox, commented on the findings, saying, “We at AmbitionBox are continually fascinated by the insights our surveys uncover. This time our survey reflects the resilience of Indian employees amidst their fear of economic challenges. While optimism persists, employers need to navigate this period delicately, managing employee expectations effectively while aligning with market realities- formulating policies, and programs fostering a positive work environment and sustaining motivation among employees.”
Furthermore, a resounding 54% of the participants emphasized the significance of non-salary perks such as insurance coverage, benefits, bonuses, workplace amenities, and leave policies within their comprehensive compensation structures. This underscores the evolving preferences of modern employees across tiers who are cognizant of the constraints of the current economic landscape on salary increments. Employees in these roles are increasingly prioritising holistic benefits beyond monetary remuneration, indicative of a broader shift towards stability and long-term career considerations.
Methodology:
A diverse pool of about 2500 employees on the platform participated in the survey, with a 77% male representation. 77% of respondents were from the age group of 20-35 with 55% of those being between the ages of 25-34 years. Among the dozens of listed sectors in this survey, the majority of respondents came from the IT Services and Consulting sector at 17%.
