What you may get as salary hike and incentives this year

According to Mercer's Total Remuneration Survey, after a brief dip in 2020, organisations are reverting to pre-pandemic levels of investment in incentives and the industry average for increment this year is expected to be 9 per cent.

As per the survey, which was conducted with 988 companies, around 5,700 job functions and over 14 lakh cumulative employee strength, sectors such as consumer, life sciences and technology have all forecasted increments to be higher than the industry average in 2022, said a PTI report.

Across all employee categories, increments in tech were back to 2019 levels of 9 per cent and higher than all industries average of 8 per cent for 2021, the report added.

Key specializations which command a premium are Software Development, R&D, pre-sales product consulting and Data Sciences to a tune of 12 per cent within the Internet job family, the survey added.

The survey also found that the salaries for new hires across tenure continued to remain highly competitive with the Premium for last 1 year joiners across levels, more prominent at mid to senior managerial roles.

Campus Talent

Also, due to the infusion of campus talent at the entry level, there was higher investment in reward for Techno functional roles (especially in IT product organizations), the survey said.

Salary Trends

Salary trends across hierarchy designations are seeing volatile differentials. While a management-level employee in the manufacturing sector commanded a premium of 10.2 per cent, an executive in the sector is in fact witnessing lower than the level median pay, it added.

Location wise

From a location standpoint, while Bengaluru still commands a significant premium for software development engineering roles, average high-tech salaries in Delhi and Mumbai have started showing an upward trend due to the majority of the Internet / e-commerce companies being based out of these two locations.

(With PTI inputs)