Empowering MSMEs with News & Insights

E-commerce industry projected to witness highest salary growth in 2023: Report

Updated: Mar 21, 2023 04:44:09pm
image

E-commerce industry projected to witness highest salary growth in 2023: Report

New Delhi, Mar 21 (KNN) The average salary hikes in India are expected to be 10.2 per cent in 2023 with the e-commerce Industry is projected to witness the highest salary growth at 12.5 per cent, according to a report by Workforce Advisory Services, EY India.

FOLLOW US on GOOGLE NEWS

EY in its Future of Pay 2023 report launched on Tuesday said, “The top three sectors with the biggest forecasted salary increases are tied to technology. E-commerce has the highest projected salary growth at 12.5 per cent, followed by professional services at 11.9 per cent, and information technology at 10.8 per cent.”

In 2022, these three sectors recorded an average salary hike of 14.2 per cent, 13 per cent and 11.6 per cent, respectively.

The average salary hike in India is expected to be marginally lower than 10.4 per cent in 2022, the report stated.
The report added that attrition in India had shown signs of easing. At 21.2 per cent, it is now below 2021 levels. The voluntary attrition rate was 16.8 per cent, and the involuntary was 3.6 per cent.

The top reasons behind high voluntary attrition were limited career growth opportunities, inequity in compensation, role stagnation and lack of recognition.

The financial institutions, e-commerce and technology sectors recorded the highest attrition at 28.3 per cent, 27.7 per cent and 22.1 per cent, respectively. The lowest attrition was recorded in the metals and mining sector (8.2 per cent), hospitality sector (9.1 per cent) and aerospace sector (10.9 per cent).

Abhishek Sen, partner and Total Rewards Practice leader, Workforce Advisory Services, EY India said, "As the Indian economy continues to grow, competition for top talent is intensifying across various industries. Top talent with critical skills and high-performance history command compensation premiums ranging from 1.7 to 2X of average talent.”

As per the report, that technology skills like AI and cloud computing are in high demand. These command a 15-20 per cent premium over basic software engineering compensation. Analytical skills like risk modelling, data architecture and business analytics command a higher 20-25 per cent premium.  (KNN Bureau)

COMMENTS

    Be first to give your comments.

LEAVE A REPLY

Required fields are marked *