9.8 per cent hike likely in 2023 for Indian corporate employees: Survey

According to Korn Ferry’s latest India Compensation Survey that covered 818 organisations with more than 800,000 incumbents, salaries are set to increase by 9.8 per cent in India in 2023. The report highlights that organisations are focused on retaining critical and key talent through various talent management initiatives and formal retention as well as compensation plans.

While the increment was significantly down at 6.8 percent in the pandemic-hit 2020, the current growth trend reflects the resilience and ability of leaders and employees to reimagine and rebuild for a sustainable future.

“Although recession and economic slowdown are being discussed across the globe, there is optimism about the Indian economy with a projected GDP growth of 6 per cent upwards,” Navnit Singh, Chairman, and Regional Managing Director, Korn Ferry further noted.