2022 likely to usher in fatter pay cheques, let's keep our fingers crossed
image for illustrative purpose
HR services firms Willis Towers Watson and Aon have projected salary hikes of 9 per cent and 9.3 per cent for 2022, respectively, with the Willis study even saying that Indian companies are likely to emerge as one of the best paymasters in the Asia Pacific region in the year. The respective 2021 increment figures stood at 7.4 per cent and 8.8 per cent, according to the agencies.
Consulting firm Deloitte's early projection of 8.6 per cent hike for 2022 is an increase from the 8 per cent it concluded for 2021.
Global professional services firm Aon's partner for human capital business, Roopank Chaudhary, said companies gave out hikes of 9.3 per cent or so in 2019, and that is where 2022 seems to be headed towards.
With variable pay being a function of business performance, even bonuses will certainly be better than it was in 2021, he added.
Randstad's Viswanath pointed out that 9-10 per cent is the average hike likely across industries, but the tech sector can expect an above average increment.
"Hi-tech sectors will see the highest levels of increase, while some niche skills could get almost double those numbers. For instance, blockchain technology can see 20-22 per cent, robotic process automation, cybersecutiy and artificial intelligence could see 16-20 per cent, while SEO & SCM, mobile platforms and cloud computing are likely to get 14-16 per cent hikes," Viswanath said.
The industries seeing high attritions, such as IT/ITeS, e-commerce and startups, will see the highest increments, added Aon's Chaudhary. Even other industries like financial services and professional services (consulting, audit and tax firms) are in high demand and are expected to generate good hikes in 2022 because the markets and the economy are doing well, he said. "If companies do well, professional services also do well, given the derived demand."
Hospitality, manufacturing, aviation, engineering services and energy are among the sectors expected to reward the least hikes in 2022.
