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The overall rate of attrition in India fell from 21.4% in 2022 to 18.7% in 2023.
Salaries in India are expected to increase by 9.5% this year, according to an Aon survey.
Released on 21 February 2024 (Wednesday), the Annual Salary Increase and Turnover Survey 2023-24, which, analysed data across 1414 companies from 40 industries, noted that the projected figure would be a slight drop in comparison to 9.7% in 2023.
The report broke down the data by individual sectors in 2024, as follows:
Rate of attrition in India:
The survey also revealed that the overall rate of attrition in India fell from 21.4% in 2022 to 18.7% in 2023, highlighting a competitive job market and that turnover rates may have reached its peak.
Jang Bahadur Singh, Director for Talent Solutions, Aon, India commented “In 2023, organisations navigated a challenging environment, balancing a generous average salary increment amidst high attrition rates.
"As leaders prepare for 2024, their focus is likely to shift towards building a supportive work environment to foster employee engagement in a dynamic job market."
READ MORE: 6 key global talent trends to note in 2024 | Human Resources Online
Lead image / 123RF
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