90% of workers in India looking for a hike in salary: Report
US-headquartered human capital management (HCM) solutions provider ADP has accumulated some interesting data following a survey among 32,000 workers in 17 countries, including 2,000 in India.
According to the report, People at Work 2023: A Global Workforce View, 90% of workers interviewed in India are looking for a hike in salary this year, and on average, almost 20% of the respondents are anticipating a raise of 4% – 6%, followed by 19% anticipating a 10% – 12% raise.
78% of workers in India received a pay hike averaging 4% – 6% last year, the report revealed, adding despite an absence of hikes in the country this year, a whopping 65% of workers are looking for some form of merit bonus, travel compensation or paid holidays.
The findings come amid the ongoing cost of living crisis and as a number of employees across the globe express their willingness to take industrial action to compel their employers to be more flexible with conditions and more generous on pay, it said.
According to ADP India Managing Director Rahul Goyal, pay hikes have become increasingly important for workers in lower- and middle-income brackets as people are struggling to afford essentials and therefore skipping luxuries amid higher rents, increasing interest rates and at times, unaffordable food items.
“Even higher earners are feeling the pressure,” he added.
Employers around the world now likely have a difficult road ahead as they need to juggle higher pay with their own challenges around increasing costs and tightening profit margins. And employers who aren’t in a financial position to release decent hikes might need to think of certain creative ways like offering greater flexibility to appease staff, Goyal noted.
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