Aon Salary Increase and Turnover Survey India 2023-24 - Phase II - Detailed Report

AON ANNUAL
SALARY INCREASE
AND TURNOVER
SURVEY 2023-24
INDIA - PHASE II
Prepared by Talent Solutions
Proprietary & Confidential

1
FOREWORD
landscape. Furthermore, a decline in overall attrition

A year of consolidation amidst rates suggests a more stable talent market with the
power shifting back to employers. With the year
cautious business sentiment turning out to be one of consolidation, organisations
will use this opportunity to focus on refining their
talent processes and building a more sustainable talent
In an economic landscape characterized by volatility pipeline.
and transformative trends, India's growth narrative
continues to be a beacon of optimism. The Aon Annual Aon's perspective brings a strategic lens to these
Salary Increase and Turnover Survey 2023-24 India, findings, emphasizing the criticality of navigating
drawing on in-depth data from over 1,400+ short-term economic risks while preparing for the
organizations across 40+ diverse sectors, offers a seismic shifts heralded by AI/ML and the emerging
panoramic view of the evolving dynamics of salary business models of the future. The talent landscape is
trends, attrition rates, and business sentiment in an era in flux, with new paradigms of work, ethical and
of uncertainty and opportunity. inclusive talent strategies, and a workforce
increasingly defined by its adaptability to learning and
At the macroeconomic level, India's robust growth new experiences. India stands at a unique juncture,
trajectory is powered by strategic government with its scale and capability poised to contribute
spending and a burgeoning consumer base, yet it significantly to the global narrative of talent and
navigates through the headwinds of global geopolitical innovation in the age of AI-led disruption.
tensions and economic variability. Despite these
challenges, the business outlook reflects a tempered As we stand at the precipice of change, this report
optimism, with projections indicating sustained serves as a compass for navigating the complex
revenue growth. The sentiment is mirrored in salary interplay of economic indicators, sector-specific
trends, where there is a notable dispersion in salary trends, and talent strategies. It is a testament to the
increase projections, suggesting a cautiously collective insights of leaders across industries, and a
optimistic remuneration strategy moving into 2024. guide to inform the strategic decisions that will shape
the workforce of the future. The findings of the Aon
Sector-specific analysis reveals a complex tapestry of Annual Salary Increase and Turnover Survey 2023-24
increments, with NBFCs, Financial Institutions, India thus provide critical waypoints for businesses
Engineering, Automotive, and Life Sciences sectors looking to chart a course through the uncertainties of
anticipating higher salary increases, while Retail and today's economic waters, towards a horizon of growth
Technology Consulting services anticipate more and transformation.
modest growth. These variations underscore the
nuanced responses of different sectors to the
overarching economic conditions, with strategic salary Roopank Chaudhary
increments serving as a barometer for sector health
Partner and
and competitiveness.
Chief Commercial Officer,
The survey's key findings resonate with the Talent Solutions
overarching themes of resilience and adaptability.
Three in four organisations are expected to offer
salary increases above 9%, highlighting the
importance of retaining top talent in a competitive
2
Media Coverage
More than 175 media mentions & broadcasts
3
About the Survey
and Key Considerations
This edition of the report unveils the insights from Aon have adopted in the face of the reward challenges and
Annual Salary Increase and Turnover Survey 2023-24 attrition trends of today’s corporate milieu. This year’s
India - Phase II , a distinguished and comprehensive survey results are especially telling, capturing the post-
review of evolving salary trends, which has become pandemic stabilization of salary increments and attrition,
a cornerstone of reward strategies and performance and the strategic emphasis on junior management
management across the nation. The survey delves into compensation.
the intricacies of compensation changes for the year
All numbers that have been reported are including 0s.
2023-24, offering a forward-looking perspective into
the anticipated trends and projections that are shaping • Number of Respondents (Ns) across each question
India’s economic and employment landscape. in the survey are varying and hence the average
across employee groups may not be equal to the
Capturing responses from more than 1,400 organizations
overall analysis.
spanning 45 sectors, including cutting-edge fields like
Information Technology, E-Commerce, and Professional • Data has not been represented across those
Services, alongside foundational sectors such as FMCG/ questions wherein the number of respondents are
FMCD, Engineering, and Energy, this survey presents less than 5.
an in-depth analysis of current and emerging salary
trends. The scope of this study provides a holistic view • Percentages will total more than 100% across
of the salary increments and attrition rates, crucial for certain analysis due to multiple responses shared by
understanding both present circumstances and future participants.
directions. • Variable Pay has been represented as a percentage

of Total Fixed Pay.
The dataset for this report includes submissions gathered
between December 2023 and January 2024, reflecting • Attrition numbers have been represented for the
on the Actuals for 2023; Projected salary trends for calendar year 2023-24 (YTD).
2024, and the strategic responses that organizations
4
4
NOTE BY THE
SURVEY TEAM
2023 gave us a dispersed talent market
activity, with firms trying to balance
productivity and growth. As we enter
2024, there is an air of caution with
firms and employees both adopting a
wait and watch approach. With firms
now adjusting to the realities of post-
pandemic era, new challenges emerge
on the back of global geopolitical
dynamics. Given the strong strategic
Roopank Chaudhary Jang Bahadur Singh
and demographic advantage in India, it Partner Director
will be interesting to see how firms
approach their talent strategy to
succeed in the volatile environment.It is
in this backdrop that we are proud to
bring you results from the Aon Annual
Salary Increase and Turnover Survey
2023-24 India. The survey aims to help
you make better decisions, by bringing
you critical insight into the status of
economy for businesses, how salaries
are likely to change, emerging talent
trends, and more.The survey garnered Tarun Sharma Faraaz Saeed
Associate Director Senior Consultant
participation from over 1400
organizations, spanning across a broad
spectrum of more than 40 sectors, pan
India. In this edition, we share insights
for organizations to help them plan for
2024 salary increase budgets,
improving employee engagement and
managing rewards in a hybrid
environment while creating an inclusive
workplace.We thank you for your
participation and the continuous
patronage you have accorded Aon over Komal Tiwari Sanatvikram Singh Bisht
the years, and hope that the report Consultant Manager
proves useful as organisations set
policies and strategies to improve the
odds of thriving in the new normal.
Marketing & Media Team
Jini Pillai
Abhilasha Hoon
Carol Rego
5
Overall Survey
Highlights
Salary Increase
27% organisations are expected to give
double digit salary increases in 2024;
a significant drop from 2023
9.7% 9.5%
2023 (Actual) 2024 (Projected)
Pay for Performance

Organisations continue to give high
increment differential for top performers.
1.74x 13.3%
increment Actual Variable Payout
differential for Top in 2023
performers in 2023
Attrition
Attrition eases down in 2023 after
witnessing an all-time high in 2022.
18.7% 4.0%
Overall Attrition Involuntary Attrition
27%
of organisations are expected
to give double digit salary
increases in 2024
6
TABLE OF CONTENTS
1 Business Outlook
Business Growth
Macroeconomic Tailwinds and Headwinds
9
10
11
2 Salary Increments
Highlights
Strategic Increments: Navigating 2024
12
13
with Cautious Optimism 14

Salary Increase by Employee Groups 16
Salary Increase by Size of Firm 17
Sector-wise Increments 18
3 Pay for Performance

Highlights
Variable Payout Trends
20
21
22
Sector-wise Variable Pay 24
Salary Increases and Performance 25
Performance Bell Curve for 2023 26
Employee Distribution by Performance 27
Sector with Highest Performance
Distribution 28
Performance Management Practices 29
4 Attrition
Introduction
Top Attrition Drivers
30
31
32
Attrition Highlights 33
Conclusion 35
7
1
TABLE OF CONTENTS
5 Diversity, Equity and

Inclusion (DEI)
36
Introduction 37
Gender continues to be the prime focus
dimension for DEI in India 37
Current state of gender diversity 38
Are promotions and pay equitable for the
women in India Inc.? 39
Accountability for DEI 40
Building an equitable ecosystem for
diverse groups through policies, benefits,
programs and infrastructure 41
Conclusion 43
6 Hot Skills
Introduction
Hot Skills in Technology Sector
44
45
46
7 Sectoral Analysis
Financial Institutions
Technology
47
48
57
Manufacturing, Life Sciences,
Consumer and Services 67
8 Conclusion 89
Our Perspective on the Road Ahead 90
8
1
Business
Outlook
9
Business Outlook
Amidst the increasing global economic uncertainty and looming fears
of recession, India projects a cautious optimism in business sentiment
The business outlook over the past two years and the downward shift in growth sentiment with high revenue
projection for the next year shows a trend of cautious growth segment showing significant decline. With many
optimism. Growth has been a consistent theme, with a economists predicting a global slowdown in 2024, it will
notable shift towards moderate revenue growth expected be interesting to see if India Inc. can stay resilient through
in the future. Compared to 2022, there is a slight the storm.
Business growth 2022 Business growth (2023 A)
7% 7%
17%
26%
46%
48%
19% 30%
Business growth (2024 P)
2%
16% Moderate Revenue Growth (5% to 20%+)
53% No Impact (0% to 5% Revenue Growth)
High Revenue Growth (20%+)
29% Negative Revenue Growth
10
Macroeconomic Tailwinds and Headwinds
India displays steady growth and strategic adaptation as it

navigates economic expansion in the face of global uncertainty.
India’s economic landscape is charting a resilient growth path, bolstered by strategic government spending
in infrastructure and logistics. This decisive focus is elevating India’s status as an attractive hub
for investment. Furthermore, the easing of inflationary pressures is leading to an uptick in real wage
growth, laying the foundation for robust domestic consumption. The nation is witnessing a surge in
spending power, urbanization, and industrialization, which, in turn, is driving up energy consumption – a
sign of an active, expanding economy. These positive indicators are part of the tailwinds propelling
the country forward. On the flip side, India is not immune to the global geopolitical churn. External
headwinds, primarily fueled by geopolitical tensions and conflicts in the Middle East, cast a shadow of
uncertainty over the global economic canvas. Additionally, apprehensions regarding lagging private
investments are heightened due to fears of economic contractions in leading economies such as the
US, UK, and Japan. Despite these challenges, India’s economic ship steadies itself with a keen focus
on domestic strengths and adaptive policy measures. The resilience woven into the country’s economic
fabric is helping to maintain a steady course amidst global turbulence.
Easing Inflationary pressure -
Headwinds
increasing the real wage growth
Tailwinds
External Headwinds:
Geopolitical tensions driven by
Government spending in
war in middle east
Infrastructure and Logistics
- making India a preferred
investment destintion Lagging private investments
amidst fears of US, UK and
Higher spending power, Japan recession
Urbanisation, Industrialisation,
and energy consumption
11
11
2
Salary
Increase
2023-2024
12
Salary Increase 2023-2024 Highlights
9.7% 9.5%
Overall Salary Increase Overall Salary Increase (P)
(A) 2023 2024
9.7% 9.4%
Overall Salary Increase in
Overall Salary Increase
in Manufacturing Services
(P) 2024 (P) 2024
11.1% 8.2%
Highest Projected Lowest Projected Increase
Increase Sector: Sector: Technology
NBFC Consulting & Services
13
13
Salary Increase
2023-2024
Strategic Increments: Navigating 2024 with
Cautious Optimism
The trajectory of India’s salary increments in 2024 reflects a landscape

of cautious yet strategic growth, with the average increments slightly
moderating from the previous year’s high.
The fiscal landscape of 2023-24 presents a nuanced economic fluctuations. The projection for 2024, while not
picture of India’s salary trends. Despite the high increments surpassing the previous year’s peak, still demonstrates
observed in certain sectors, the overall average salary a strong commitment to competitive compensation,
increment has seen a slight recalibration to 9.5%. This indicative of the careful optimism that organizations are
adjustment aligns with a broader economic strategy adopting.
of balancing growth with sustainability amidst global
India Inc. Overall Salary Increase Trend Over the Years:
High to Low Double Digit High Single Digit
12.6
11.7
10.7 10.2 10.4 10.4 10.6
10.2 9.7
9.3 9.5 9.3 9.3 9.5
6.1
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023(A) 2024(P)
*This represents the Total salary increase including merit, promotion, inflation, and salary corrections.
14
Proportion of companies across salary increment buckets
(Comparison of 2024 projection vs 2022 actuals)
2024 (Projected) 2022 (Actual)
47%
23%
41%
18% 18% 22%

11%
9%
7% 2%
0-5% 5-8% 8-10% 10-12% 12%+ 0-5% 5-8% 8-10% 10-12% 12%+
A closer look into the data reveals that 27% organizations are set to provide double digit increase in 2024, which
is a significant drop from 45% in 2022. This resonates with the cautious market sentiment surrounding the global
macroeconomic cues.
The projection for 2024,

while not surpassing the
previous year’s peak, still
demonstrates a strong
commitment to competitive
compensation, indicative
of the careful optimism that
organizations are adopting
15
Salary Increase by Employee Groups
2023 (Actual) and 2024 (Projected)
The salary increment trend for middle management in India displays a slight dip from 9.6% in 2023 to a projected
9.4% in 2024, reflecting a nuanced approach in compensation adjustments. This marginal change underscores the
balancing act organizations are engaging in—prioritizing financial prudence while ensuring that their compensation
packages remain attractive to retain key managerial talent. It also mirrors the broader economic sentiment of cautious
optimism as businesses navigate the post-pandemic recovery phase and recalibrate for sustainable growth.
Overall Salary Increase by Employee Groups
Salary Increment %
2023 A
2024 P 9.2%
Top Executives/
Senior Management 9.1%
9.6%
Middle Management
9.4%
All Junior Management/ 10.2%

Employees Professional/Supervisor
9.9%
7.8%
Clerical Administration
7.8%
5.1%
Manual Workforce 5.3%
9.7% 9.5%
Overall Salary Increase Across Projected Salary Increase Across
Employee Groups 2023 (A) Employee Groups 2024(P)
16
Salary Increase by Size of Firm (Revenue and Headcount)
2023 (Actual) and 2024 (Projected)
Impact of Revenue on Salary Increase:
The salary increase trends across firms of varying revenue sizes suggest a cautious scaling back in 2024, with the
most significant adjustments seen in smaller firms (revenue less than INR 400 Cr.). Larger firms, especially those with
revenues exceeding INR 8000 Cr., appear to maintain their increment rates, indicating a stable financial positioning to
attract and retain talent despite market variances.
10.5% 10.5% 10.0%

9.9%
9.5% 9.3% 9.6% 9.6%
Revenue Less than Between INR 400 Cr Between INR 4000 Between INR 8000
INR 400 Cr to 4000 Cr Cr to 8000 Cr Cr to 40,000 Cr
2023 (A) 2024 (P)
Impact of Headcount on Salary increase:
In terms of headcount, there’s a notable reduction in projected salary increments for 2024 across all categories, with
the most pronounced decrease in organizations employing over 20,000 people. This trend may reflect a strategic
shift towards optimizing cost structures and could indicate a growing emphasis on non-monetary benefits to sustain
employee satisfaction and loyalty.
10.1% 10.4% 10.1%

9.7% 9.8% 9.7% 9.6%
9.2% 9.1%
8.6%
Headcount Under 500 500 to 2000 2001 to 5000 5001 to 20,000 Above 20,000
2023 (A) 2024 (P)
17
Sector-wise Increments
2023 Actuals and 2024 Projections
Highlights
Increment % 2023 2024
India Inc. Manufacturing Services

9.7% 9.5% 9.7% 9.7% 9.7% 9.4%
Aerospace Engineering Chemicals

10.2% 9.4% 9.7% 9.7%
Automotive/Vehicle Manufacturing Engineering Design Services

10.6% 9.9% 10.3% 9.9%
Real Estate/Infrastructure
Energy (Oil/Gas/Coal/Power)
9.9% 9.3% 10.2% 10.0%
Engineering/Manufacturing Financial Institutions

10.0% 10.1% 10.1% 9.9%
FMCG/FMCD Banking
9.6% 9.6% 9.8% 9.8%
Durable Investment Banking

10.0% 10.1% 10.9% 9.8%
Non-Durable : Foods, Beverages, Tobacco,

Personal care, Wellness Wealth Management
9.5% 9.5% 10.7% 9.1%
Metals & Mining Funds/Asset Management

9.5% 9.4% 10.3% 9.8%
Lifesciences / Pharmaceuticals NBFC

9.9% 9.9% 10.7% 11.1%
CRO
Housing Finance
10.5% 10.3%
10.9% 11.1%
Pharmaceutical Micro Finance
10.0% 10.1% 11.7% 11.9%
Medical Technology Life Insurance

9.9% 9.7% 8.9% 8.8%
18
18
Sector-wise Increments
2023 Actuals and 2024 Projections
Highlights
Increment % 2023 2024
India Inc. Manufacturing Services

9.7% 9.5% 9.7% 9.7% 9.7% 9.4%
General Insurance/ Reinsurance Retail and Supply Chain GCC

10.9% 11.3% 10.2% 9.8%
Healthcare GCC
Technology Platform & Products 8.9% 9.0%
9.9% 9.5%
BFSI GCC
Fintech 9.7% 9.7%
9.6% 9.4%
ER&D GCC
10.7% 9.8%
Consumer Tech
9.3% 8.8% Professional Services GCC
10.8% 10.4%
Cloud Platform
9.9% 9.2%
Retail (incl. Wholesale & Distribution)
ICT 9.2% 8.4%

9.0% 9.2%
Telecommunications Services
Enterprise Product
9.6% 8.6%
10.3% 9.9%
Entertainment & Media
Semiconductors
9.4% 9.0%
10.3% 9.5%
Professional Services
Technology Consulting & Services
9.1% 8.2% 9.7% 9.7%
Application Services Other - Services

9.1% 8.4% 8.2% 8.6%
Third Party Services

Hospitality/Restaurants
9.1% 7.6%
9.7% 9.4%
Global Capability Centers
10.1% 9.8% E-commerce
9.6% 9.2%
19
19
3
Pay for
Performance
20
20
Pay for Performance Highlights
13.3%
Average variable
37.8%
Employees in the
(bonus) payout in 2023 top two performance
rating categories
Sectors with highest variable payout
Financial Professional E-Commerce

Institutions Services
1.74X
Salary Increase Multiplier
for Top Performers
21
21
Pay for Performance
Actual variable payouts dropped in 2023 compared to previous
years. This reflects the ongoing business challenges as firms struggle
to meet performance targets.
Variable Payout Trends

Post-pandemic, there was a recovery in 2021, an initial targets and bonus allocations. The slight uptick projected
bounce-back as businesses adjusted. However, the trend for 2024 to 14.3% could suggest an adaptation to the
did not sustain, with payouts falling again to 13.3% in ‘new normal’ and a gradual return to pre-pandemic payout
2023. This indicates that the economic repercussions levels, but it remains below the peak figures observed in
may have been more prolonged, affecting performance the years before 2020.
Variable Payout Trends Over the Years (as % of total fi ed pay)

Variable Payout over the years
16.1
15.1 15.3 15.3 15.2
15.0
14.5 14.3
13.2 13.4 13.3
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024(P)
22
Variable Payout by Level of Management
The variable pay trends across

different management levels
over a period indicate modest
recovery and subsequent
adjustment following the
pandemic. Top and middle
management display volatility
with initial gains followed by a
decrease and a modest
projected recovery. Junior
management’s variable pay
appears to fluctuate modestly,
ending slightly lower than where
it had peaked.
Variable payout by levels of management
24.1% 23.4%
20.9%
20.1%
17.2%
16.5%
14.5% 14.7%
10.8% 11.4% 11.2%

10.6%
Top/Senior Management Middle Management Junior Management
2021 2022 2023 (A) 2024 (P)
Overall, the trends suggest a cautious approach to variable pay in the wake of economic challenges,
with a nuanced impact across the hierarchy levels that could be indicative of strategic realignments or
cost management efforts within organisations.
23
Sector-wise Variable Pay
2023 Actuals (%)
Top & Senior Middle Junior

Industry/ Sub-industry Overall
Management Management Management
India Inc. 13.3 20.9 14.7 10.6
Aerospace 13.2 23.0 12.0 8.0
Automotive/Vehicle Manufacturing 13.8 21.8 15.1 9.3
Engineering Design Services 14.0 15.0 11.0 5.0
Engineering/Manufacturing 14.7 24.7 16.4 9.0
Chemicals 9.9 13.0 10.8 9.4
Energy (Oil/Gas/Power) 13.5 31.5 18.0 12.3
Metals & Mining 13.6 24.0 15.0 9.0
Real Estate/Infrastructure 9.4 15.6 11.3 6.6
FMCG/FMCD 15.0 25.5 15.4 12.7
Life Sciences 13.5 20.9 13.7 10.6
Financial Institutions 19.6 29.8 18.1 13.1
Retail (incl. Wholesale & Distribution) 15.7 26.2 17.1 9.3
Telecommunications Services 14.1 25.0 13.8 8.9
Entertainment & Media 16.1 24.3 14.0 11.3
Professional Services 17.2 27.3 17.8 12.0
E-Commerce 16.5 25.6 16.1 8.0
Hospitality/Restaurants 16.2 26.0 16.8 10.4
Technology Platform & Products 13.5 18.3 15.5 11.3
Global Capability Centers 11.2 19.1 13.5 8.4
Technology Consulting & Services 11.5 18.1 11.4 6.9
24
Salary Increases and Performance
Performance Distribution and Salary Increases 2023
Overall Salary Increase by Performance Rating

Distribution of Salary Increase by employee groups
Far Often Often Did Not Did Not

Met
Exceeding Exceeded Meet Meet
Expectations
Expectations Expectations Expectations Expectations
51.8%
26.2%
% Employees
All Employees
11.6%
7.0% 3.4%
% Increment 15.6% 12.1% 9.0% 2.5% 0.5%
48.4%
28.7%
Top Executive/ % Employees
Senior Management 12.7% 8.1%
2.1%
% Increment 15.6% 12.1% 9.0% 2.5% 0.5%
52.1%
26.6%
% Employees
Middle Management
11.8% 6.5%
3.0%
% Increment 15.6% 12.1% 9.0% 2.5% 0.5%
51.5%
Junior
28.4%
Management/
% Employees
Prof/Supervisor
9.6% 7.6%
2.9%
% Increment 15.6% 12.1% 9.0% 2.5% 0.5%
25
Performance Bell Curve for 2023
“ Organisations continue to reward the top performers distinctively

with up to 1.74x salary increment differential compared to average
performers.
The performance curve for 2023 illustrates a typical distribution where a majority of the workforce (52%) meets
expectations, while a smaller proportion exceed or do not meet expectations to varying degrees. The visual suggests
a performance management strategy where rewards in terms of salary increases are clearly aligned with performance
outcomes, from significantly exceeding expectations to not meeting them. This curve is indicative of a meritocratic
approach to compensation, where higher performance yields greater financial rewards, and underperformance results
in minimal salary growth.
11% 26% 52% 7% 4%
Far Exceeded Exceeded Met Often not Meet Not Met

Expectations Expectations Expectations Expectations Expectations
15.6% 12.1% 9.0% 2.5% 0.5%
1.74X 1.3X X 0.3X 0.1X
Salary Increment Differential
26
Employee Distribution by Performance
Performance distribution trend over the years indicates a move

to higher differentiation for top performers leading to sharper bell
curves.
Performance Distribution Trend
Horizon 2 (2012 -2016) 4.2 9.1 55.0 23.5 8.2
Horizon 1 (2017 -2019) 3.5 9.4 54.4 24.7 8.0
2020 2.8 8.3 55.9 23.3 9.7
2021 8.1 7.5 48.5 24.7 11.2
2022 0.5 8.9 50.4 27.8 12.4
2023 3.4 7.0 51.8 26.2 11.6
Not Met Expectations Often not Meet Expectations Met Expectations Exceeded Expectations Far Exceeded Expectations
Employee performance evaluations over different periods development, or shifts in company expectations. The
highlights shifts in the proportion of employees meeting visual data implies a dynamic performance landscape,
or exceeding expectations. Notably, there seems to be where the companies are progressively raising the bar
a variation in the distribution of performance ratings, for excellence or experiencing fluctuations in employee
with sections for those who far exceed, meet, or do not performance outcomes.
meet expectations. Over time, the trend may suggest
changes in performance management criteria, workforce
27
Sectors with Highest Performance Distribution
Top Performance Differentiators
Retail 5.0 9.0 58.0 22.0 6.0 2.01X
Professional Services 2.0 4.0 40.0 37.0 17.0 1.78X
Global Capability Centers 2.0 4.0 55.0 30.0 10.0 1.73X

0.0124.680
Technology Platforms and

Products
4.0 7.0 53.0 28.0 10.0 1.72X
Consumer Goods 4.0 8.0 52.0 26.0 10.0 1.71X
Not Met Expectations Often not Meet Expectations Met Expectations Exceeded Expectations Far Exceeded Expectations
Performance distribution in various sectors emphasises the differentiation in performance ratings. It potentially reflects
a focus on performance-based compensation, indicating that there is a significant emphasis on rewarding those who
far exceed expectations. This might be part of a strategic approach to encourage high performance and retain top
talent within these industries.
28
Performance Management Practices
Curve Fitting Methodology 3% No forced

9% ranking
Bell-curve
36%
While around half of the Under review
fi ms use a bell-curve, Discontinued
approximately 1/3rd of the

fi ms do not have any forced 52%
ranking.
Performance Review Frequency

Annually
As industries recover 56% 62%
from the great Bi-annually
resignation, organisations 29%

26%
Quarterly
are moving towards less 15% 12%

regular performance
reviews. 2022 2023
Variable Payout Frequency 1%

Annually
6% 3%
5%
Bi-annually
There is a dominant
preference for annual Quarterly
variable payouts, with a small Monthly
percentage conducting these Differentiated

by Level
more frequently. 85%
29
4
Attrition
30
30
Attrition
The aftermath of the pandemic’s pent-up demand has given way
to a more stabilized attrition landscape. The overall attrition trend
showcases a descending trajectory, signalling a subdued job market
activity.
The initial surge, influenced by the pandemic’s disruption seems to have tapered. With the increasing global
macroeconomic volatility, organizations are taking a cautious approach to hiring, while employees are also focusing
on stability. Sectorial shifts and sentiments in Manufacturing and Services, sectors that form the crux of the economy,
display distinct patterns in attrition rates.
Attrition Trends Over the Years (%)
21.4
21.0
19.8
19.3 18.7
18.9 18.5 18.1
16.3 16.4 16.3
15.8 16.1
15.4
10.3
12.8
5.1
4.4 3.9 4.2 4.4 4.0
3.7 3.9 3.5 3.9
3.1 3.3 3.4
2.1
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Overall Attrition Involuntary Attrition
Sectors such as Financial Institutions and Retail bear the brunt of higher voluntary attrition, due to rapid sectoral growth
and the resulting opportunities. On the other end of the spectrum, sectors like Automotive/Vehicle
Manufacturing and Chemicals have witnessed slightly lower attrition, owing to tightening manpower budgets in
the face of looming recession. A closer analysis reveals that some sectors such as IT Services & Global
Capability Centres have seen significant drop in attrition indicating the cautious market sentiment.
31
Top Attrition Drivers
While compensation and growth opportunities remain the primary motive for employees, in the aftermath
of the pandemic, people are becoming more conscious of health and wellness and prioritizing work-life
balance. People also cited issues with people managers as one of the reasons for leaving their organisation,
indicating importance of focusing on workplace culture.
Priority in 2020 Priority in 2023
External Inequity of Limited Growth Opportunities Personal Reasons (Family, Location

Compensation constraints etc.)
1 1 2 2 - 3
Role Stagnation Issues with People Manager Internal Inequity of Compensation
5 4 7 5 11 6
Top Retention Measure

Organisations continue to retain employees by applying proactive measures such as recognition awards
and providing work-life balance. Additionally, we see organisations realizing the importance of internal
equity in compensation as a key measure for retention.
Priority in 2020 Priority in 2023
Recognition Measures Work Life Balance Fair & Equitable Treatment in

(Monetary/ Non-Monetary) Rewards for all Employees
2 1 3 2 7 3
Cross Functional Mobility Timely and Meaningful Feedback Retention Bonuses

from the Manager
6 4 5 5 - 6
32
Attrition Highlights
Attrition % Overall Voluntary Involuntary
Overall Manufacturing Services

18.7% 14.7% 4.0% 15.6% 12.4% 3.2% 19.9% 15.6% 4.3%
Sectors with highest attrition Sectors with lowest attrition
Hospitality/ Restaurants Automotive/ Vehicle Manufacturing

30.7% 26.6% 4.1% 11.6% 9.7% 1.9%
Financial Institutions Chemicals

29.2% 25.1% 4.1% 13.0% 8.7% 4.3%
Retail (incl. Wholesale and Distribution) Global Capability Centers

23.4% 21.7% 1.7% 13.0% 11.7% 1.4%
Entertainment and Media Aerospace & Defence

20.4% 18.0% 2.4% 13.1% 11.5% 1.6%
Professional Services Energy (Oil/ Gas/ Power)

19.6% 15.9% 3.7% 13.4% 11.7% 1.7%
Sector Wise Attrition (2023 YTD)
Chemicals Real Estate/ Infrastructure

13.0% 8.7% 4.3% 17.4% 11.9% 5.5%
Aerospace & Defence FMCG/ FMCD

13.1% 11.5% 1.6% 18.5% 16.0% 2.5%
Automotive/ Vehicle Manufacturing Durable

11.6% 9.7% 1.9% 19.2% 16.5% 2.7%
Engineering/ Manufacturing Non-Durable

15.3% 11.3% 4.0% 15.6% 13.9% 1.7%
Engineering Design Services Life Science

19.1% 17.0% 2.1% 17.7% 14.9% 2.8%
Energy (Oil/ Gas/ Power) E-Commerce

13.4% 11.7% 1.7% 16.0% 11.1% 4.9%
33

18.7% 14.7% 4.0% 15.6% 12.4% 3.2% 19.9% 15.6% 4.3%
Entertainment and Media Housing Finance

20.4% 18.0% 2.4% 49.9% 44.5% 5.4%
Professional Services Micro Finance

19.6% 15.9% 3.7% 57.5% 51.7% 5.8%
Telecommunications Life Insurance

17.7% 14.9% 2.8% 53.6% 42.7% 10.9%
Retail (incl. Wholesale and Distribution) General Insurance/ Reinsurance

23.4% 21.7% 1.7% 29.3% 25.2% 4.1%
Other Services Technology Platform & Products

20.4% 19.2% 1.2% 15.0% 11.3% 3.8%
Hospitality/ Restaurants Fintech

30.7% 26.6% 4.1% 14.2% 11.7% 2.5%
Financial Institutions Consumer Tech

29.2% 25.1% 4.1% 18.0% 11.2% 6.8%
Banking Cloud Platform

26.0% 20.6% 5.4% 17.2% 13.0% 4.2%
Investment Banking ICT

22.1% 17.9% 4.2% 11.6% 8.7% 2.9%
Wealth Management Enterprise Product

21.5% 18.0% 3.5% 15.4% 11.4% 4.0%
Funds/ Asset Management Semiconductor

14.9% 14.0% 0.9% 12.2% 9.7% 2.4%
NBFC Global Capability Centers

46.4% 41.3% 5.1% 13.0% 11.7% 1.4%
34

18.7% 14.7% 4.0% 15.6% 12.4% 3.2% 19.9% 15.6% 4.3%
Retail & Supply Chain GCC Professional Services GCC

12.5% 9.6% 2.9% 14.1% 10.8% 3.4%
Healthcare GCC Technology Consulting & Services

14.9% 10.0% 4.9% 19.4% 14.2% 5.3%
BFSI GCC Application Services

12.7% 9.6% 3.1% 18.8% 13.8% 5.1%
ER&D GCC Third party Services

11.1% 9.6% 1.4% 21.3% 15.4% 5.9%
Conclusion
With India managing to stay resilient amidst the uncertain global economic scenario, there is an opportunity
for organisations to utilize the stable attrition scenario and redirect time and resources in building the
talent from within in order to have a more sustainable talent pipeline.
35
5
Diversity,
Equity and
Inclusion
(DEI)
36
Diversity, Equity and
Inclusion (DEI)
Introduction
Diversity, equity and inclusion forms a core tenet of employee experience and talent retention strategies at the
workplace today. Organizations are seeing value by bringing this conversation to the forefront and driving this agenda
with rigor.
Out of 1400+ organizations who participated in this year’s study, 600+ also opened up about their progress in the DEI
domain. In this section, we will dive deeper into the nuances of the DEI priorities for India Inc. and share our point of
view of what’s working well and where we need to enhance efforts.
Gender continues to be the prime focus

dimension for DEI in India
Gender diversity serves as

an important indicator of the
overall state of DEI in India,
as women still constitute a
significant minority in the
workforce. With no surprises,
women representation is the
top priority area in DEI for
corporate India.
37
Top Focus Diversity Groups
Persons with
Disability(PWD)
44%
n=300
Women
90%
n=462
LGBTQ+
35%
n=274
Marginalized
Groups
21%
n=232
“ Diversity groups other than gender diversity fall relatively

behind as a focus area for most organizations but are slowly
gaining momentum.
Other diversity groups fall relatively behind as a focus area for most organizations but are slowly gaining momentum.
This is indicative of a common sentiment and challenge to find a starting point to increase representation of these
diverse groups.
Barriers to increasing representation of the diversity groups
Limited of understanding of their

Lack of talent pools and skillsets
context and needs
Higher difficulty to eliminate deep- Financial implication for

rooted bias infrastructure and ecosystem
38
Diversity Ratios: Current & Target
Current Diversity Target Diversity
Ratio Ratio
30.2%
24.7%
14.8%
4.0%
2.6% 1.9%
0.8% 0.3%
Women Persons with LGBTQ+ Individuals from

Disability marginzed group
% Organisations who 48% 12% 4% 5%

reported having targets
Gap to Target 23% 221% 630% 266%
Current state of gender diversity

Industries where the work environment is more conducive for women fare better in terms of gender ratios compared
to the ones where conditions are more challenging such as need for being on the front-line.
Women Representation (%) by Industry 25th Percentile Median 75th Percentile
Global Capability Centers 29.0 34.0 38.6
Technology Consulting & Services 23.0 30.0 39.0
Technology Platform & Products 21.6 28.0 33.5
Financial Institutions 15.0 25.0 30.0
Life Sciences 11.0 21.0 46.5
Services 15.5 20.0 34.4
Consumer Goods 11.2 15.5 25.0
Manufacturing 5.9 12.0 17.7
Organizations in these relatively ‘difficult’ industries have started to adopt creative ways to bring momentum in the pace
of change.
Best practices adopted by Organisations to improve Gender Diversity:
Increasing external talent pool by deep grassroot- Enhancing internal talent pool by providing cross-
level skill building, focused campus hiring and project/ cross-location opportunities, encouraging
targeting similar/allied industries for lateral talent. women to build internal networks and upgrading
policies and benefits by making them more
contemporary.
39
% of Women By Level of Management
“ The representation of
women continues to
drop with progression
10%
CXO Levels
into senior roles.
13%
Senior Levels
18%
Middle Levels
26%
Junior Levels
The representation of women continues to drop with progression into senior roles. The life-stage and career-stage
of working women are in clash. Lack of sufficient personal and professional support in critical life events such as
motherhood, leads to the persisting ‘leaky pipeline’
What can organizations do to plug

this ‘leaky pipeline’?
Adopt a life-stage based approach with

contextualized and differentiated benefits,
skill-building opportunities, and access to
support groups.
Build an enabling ecosystem with leaders

that take accountability for inclusion,
senior allies and sponsors, equity in
policies and practices especially related to
pay, promotion and succession planning,
and cultivating an inclusive mindset in all
employees.
40
Are promotions and pay equitable for the women in India Inc.?
Average Promotion
% of Promotions Increment
Female 11.0%
Male 15.3%
Only 1 in 9 female employees got promoted in 2023 as against 1 in 6 male employees Male Female
x 0.88x
There is a clear indication that there are deep rooted inequities in the system - processes and practices -
that perpetuate the bias against women, especially when it comes to performance and promotion. Moving
the needle on these parameters has been hard owing to:
• Success profiles that value traditionally male behaviors and traits more
• Culturally discouraged acts of speaking up, asking for what one deserves or negotiating for promotion
and pay on the part of women
What can organizations do to build equity in performance management?
• Analyse goals and targets to ensure no bias

• Analyse ratings given to male, female and other marginalized groups to ensure there is no
bias
• Have processes where employees can share concerns on performance ratings
• Track career growth of diverse employee groups across levels to track equality in opportunity
• 360-degree feedback to ensure multiple reviews to reduce and manage the risk of bias
Measuring and analyzing pay equity is a step in the right direction for fair pay management. Data
is a strong way to make bias visible. The difference is evident between organization who do and
do not measure and analyze pay equity between genders.
Impact on Female Promotions for Organisations Measuring Pay Equity
Gender Pay Equity Evaluation % of Promotions

Women Men
16.2
14.8
11.3 10.5
67% 16%
Organizations That Measure & Report Pay Equity Data Measure & Analyse Do Not Measure &
Analyze Pay Equity Publicly Pay Equity Analyse Pay Equity
41
Accountability for DEI
Diversity Ratios: Current & Target
It is encouraging to see senior most 18.4%

business and HR leaders not only
owning the DEI agenda but also 37.9%
having their compensation linked to
achievement of DEI targets. While this
does show progress in DEI becoming
18.4%
a business imperative, there is a
long way to go. De-linking executive
compensation with DEI success
indicates half-hearted intent leading
to limited rigor in execution. When
leaders take accountability, they enable
transformation. Be it through incentives
or scorecards, the significance of
leaders sponsoring DEI in making it
successful is undeniable.
No Linkage to Compensation
HR/ESG/DEI Leader’s Compensation
Leadership(CEO Minus 1 Level) Compensation 346.83%
CEO Compensation
42
Building an equitable ecosystem for diverse groups through
policies, benefits, programs and infrastructure
A: Parenthood and Childcare
Benefits and policies to support employees during the crucial life event of parenthood are in a dire need
of an upgrade – both in terms of design and prevalence. Few other best practices that organizations can
get started with include:
• Equal paternity and maternity leaves

• Pre and post maternity support for physical and mental health of new mothers
• Developing mentorship capabilities in managers who have team members going on or coming back
from maternity leaves
% of organizations that indicated providing the following:
Leadership(CEO Minus 1 Level)

Compensation
46%
Structured returnship programs

for women returning from a 32%
career break
Fund travel of infant young child

with care giver, along with the 7%
new mother
1. Childcare benefit 2. Childcare benefit funded/

for new parents (n = 164) co-funded (n = 100) 3. Childcare benefit coverage
77%
58%
76%
44%
23%
24%
0%
Gender Mother Fixed % of Fully Children 6 Better than act and

Agnostic only allowance Monthly Funded months to 6 years covers children older
with limit Daycare as per law than 6 years also
43
B. LGBTQ+
Data indicates a positive trend towards acknowledging and accepting the needs of members of the
LGBTQ+ community to fuel their representation and inclusion in the workforce. However, a basic
infrastructure requirement like gender-neutral washroom within work premises does not seem to be
prevalent.
Gender neutral mediclaim /

insurance policy that extends
to LGBTQIA+ employees and 45%
their partners
Provision of all spouse

Benefits xtended to the 42%
same sex partners
Gender neutral
19%
washrooms
A good starting point for organizations is to invest in cultivating an environment of psychological

safety for everyone, especially those who may belong to LGBTQ+ community, with sensitization efforts,
onboarding more allies and commencing a self-identification process.
C. Persons with Disability
Data indicates a positive trend towards acknowledging and accepting the needs of members of the
LGBTQ+ community to fuel their representation and inclusion in the workforce. However, a basic
infrastructure requirement like gender-neutral washroom within work premises does not seem to be
prevalent.
Identified roles which ould be

appropriate PwD 24%
Provision for assistive

technology of employees with 13%
disabilities
Increased health insurance

Coverage of people with 11%
disabilities
Reimbursment of medical
equipment (wheelchair, 10%
prostehtics, hearin aids etc)
44
D. Other Policies, Benefits and Programs
Flexible working schedules have become common post-COVID, and this has empowered many diverse
groups to join or re-join the workforce.
An area of concern is the limited focus on skilling and development programs to accelerate career
growth for diverse groups and in turn build internal talent pipeline. Organizations must acknowledge the
disparity that employees from diverse groups may have in terms of educational and skilling opportunities
and find ways to bridge the gap and enable success for the organization as well as the individual.
Flexible work schedule 56%
Mandated diversity on our 44%

interview panel
Specialize mentoring programs of

34%
diversity groups
Specialized coaching programs of 29%

diversity groups
Skilling programs to prepare talent from

under- represented groups(other than 18%
womens)
Specialized sponsorship programs

18%
of diversity groups
In conclusion
India thrives on diversity. And this diversity has an added complex layer of intersectionality due to
socio-cultural factors. It is important for organizations to identify and drive DEI interventions that
address structural barriers to create long-term impact. One should not just focus on quick wins but also
sustained success. In the backdrop of progress, corporate India has a long way to go in building a truly
diverse, equitable and inclusive organizational culture. The immediate need is to prioritize depth over
tokensim.
45
6
Hot Skills
46
Hot Skills
Data & Analytics continue to be the most sought after skills across
industries re-emphasising the role of data in organisational strategy
and decision making
This visual presents the top three hot skills sought of modern computing environments. Risk Management
after in various industries. Data Science/Analytics and Computational Financial Modeling are noted as key
and AI/Machine Learning prominently feature across skills within the Financial Institutions sector, reflecting the
multiple sectors, emphasizing their universal appeal industry’s focus on managing financial risk and complex
and significance in driving data-driven decision-making financial computations. Each industry values a blend of
and automation. Cloud Architecture/ Technology specialized and technological skills, underscoring the
Architecture also appear several times, indicating a technological transformation and specialization currently
widespread need for skills that support the infrastructure shaping the global job market.
Top 3 hot skills across industries
Industry Rank 1 Rank 2 Rank 3
Supply Chain Analytics/ Al/ Machine Learning

Consumer Goods Data Sciences/ Analytics
Optimisation
Risk Management (Market/ Computational/ Financial

Financial Institutions Data Sciences/ Analytics
Enterprise/Credit) Modelling
Global Capability
Data Sciences/ Analytics Al/ Machine Learning Technology Architecture
Centers
Manufacturing Project Management Lean Manufacturing Data Sciences/ Analytics
Technology Consulting
Cloud Architecture Al/ Machine Learning Data Sciences/ Analytics
& Services
Technology Platform &

Al/ Machine Learning Data Sciences/ Analytics Technology Architecture
Products
47
Hot Skills in Technology Sector
This section illustrates the current landscape of job skills, highlighting a clear trend that technical skills related to
artificial intelligence, machine learning, data science, and cloud architecture are not only in higher demand but also
command significant pay premiums. This suggests a robust job market for individuals with these skills, reflecting
their critical role in driving modern business innovation and digital transformation. Conversely, more traditional skills
like project management and web development, while valuable, are less prevalent and offer lower pay premiums,
indicating a more saturated market or a shift in industry focus towards emerging technologies.
Prevalence and talent cost of top skills in technology sector
1.6x 1.58x
9%
1.45x IoT
5%
1.38x 1.45x 1.42x

VLSI
Design 50% 55%
32%
AI/ML
UI/UX Data Science
Design
1.34x 1.35x 1.34x

1.32x 33% 43%
25%
1.3x
Cost of Talent
1.28x 20%
Business 38% Technology/
17% Cyber Intelligence Cloud Architecture
Enterprise Security
Architecture DevOps 1.27x
Web /DevSecOps/
Development 42%
SRE
Full Stack
Development
1.12x
27%
Project
Management
Skill Demand
0 60%
Cost of Talent
Skill Demand
48
7
Sectoral
Analysis
49
Kavitha Venkatachalam
Financial Institutions Industry Lead
linkedin.com/in/kavithavenkatachalam
50
Sector Overview
Business Outlook
• Banking: 2023 was a great year in terms of performance. Profits
were up 30% YoY, with NPAs at decadal lows. Credit growth & digital
adoption were positives, and will continue to be in 2024. However NIMs
are impacted because of higher cost of funds. Further difficulties in
mobilizing deposits may result in lower credit expansion in 2024. Firms
are normalising hiring, but maintaining status quo / slight decrease on
increments. Banks continue to focus on increasing platformization and
digital touchpoints for customers. Increased regulatory scrutiny will
continue for the sector.
• NBFC: The lending market in India has blossomed with record high
growth numbers being reported. NBFCs across the spectrum are
showing increases in assets under management at an overall 24%
YoY. In addition, these high growth figures have not come at the cost of
profitability with a 38% growth reported. Across sub segments, a large
push will come from the retail side, specifically from Tier 2 and 3 cities
in the country
• Insurance: The Indian Insurance sector is poised for growth with the
sector witnessing steady growth in terms of premium income and
customer base. The focus on technology, data analytics and data
sciences will help further fuel this growth with product innovation,
evolved risk models, AI and ML driven underwriting and claims. The
entire sales and service architecture of the industry will see significant
advancements in the coming year. IRDA’s “Insurance for all” by 2047,
for instance, sparked the expansion of distribution networks to remote
corners. And with the Open Architecture reform, life insurance players
have an opportunity to collaborate with banks and enable them to deliver
value-packed products to a broader customer base. This can be seen
in the increased tie-ups organizations are undertaking and expansion
of talent to cater to the Bancassurance partnerships. The Use & File
guideline from our regulator empowers the industry to innovate and
address customer needs faster in the years ahead.
Talent Outlook
• Overall, the war for talent is poised to relatively ease out in 2024
compared to the previous years and the same is also supported by a
slight slowdown in attrition in the past few months in some pockets.
• To support growth, organizations are strengthening their people strategy

with focus on building capacity, developing capability and enabling the
right culture that drives customer-centricity and agility. This is backed
with strong investment into technological and digital capability in all
aspects from customer interface to employee interface.
• There is also recognition of the need for diversity and inclusion in

the sector and organizations are making head roads to evolving the
employee value proposition to ensure attraction and retention of the
right talent.
• There is a renewed focus in hiring/ rewards for control and assurance

functions in the backdrop of evolving regulatory landscape for various
sub-sectors within financial services governed by RBI/ IRDAI/ SEBI.
• While attrition continues to be a challenge for the retail heavy
51
organisations especially at the front line, there is increased focus on
employee upskilling and re-skilling to not only ensure employees remain
relevant as the skill requirement evolves but also provide career growth
opportunities and create multiple hooks.
Salary Increase & Variable Pay

• Financial Services is projecting increments for 2024 at 9.9%, which is an
overall dip of 20 basis points from the 2023 actual increases.
• However, it is a mixed bag if we look at sub-sectors within:
1. Banking and Funds seem to maintain status quo/ are projecting

a marginal moderation, Investment Banks are projecting a lower
increment owing to business performance. Life Insurance continues
its conservative approach to salary increments.
2. On the contrary, the NBFC sector has maintained lower double-digit
figures on the back of the business sentiment while battling hiring &
retention challenges. Pockets like MFIs and HFCs within the NBFC
umbrella are clearly projecting higher increments.
• There are some pockets where organisations are exercising caution and
looking to shore up their cash flows.
• Target Variable pay for 2024 shows an uptick for sectors like Banking,
Insurance and NBFCs. Moderation observed in the Variable Pay outlook for
Investment Banking.
Attrition
• Overall attrition figures for the sector holds up around the same levels as
2023.
• However, there is a marginal slowdown in certain sub-sectors like Banking,

Funds and larger NBFCs though there is minimal relief on the retail end.
• Insurance companies, HFCs and MFIs continue to record higher attrition

numbers. (NBFC numbers reported in the previous cycle exclude MFIs)
Aon’s Perspective
• Parts of the Financial Services sector witnessed increased regulatory
pressure which translated to pivotal shifts in business and people
imperatives.
• The evolution of people practices continues to mirror changes in the

business landscape. With accelerated digitalization, role architectures
are pivoting from being functional centric to being skill centric and larger
organisations are building skill framework anchors.
• Renewed focus on assured LTI instruments like RSUs and use of a

combination of instruments to retain talent and build wealth with a focus
on key middle management level and uber critical talent pools.
• Compensation continues to be driven largely by talent demand supply

gaps, growth prospects of the sector.
52
Sector Overview | Financial Institutions
Financial Institutions (Overall)
Salary Increase & Attrition

Salary Increase & Attrition Trend (%) 29.1% 29.2%
Decadal View Salary Increase Attrition
24.9%
23.3%
21.9% 22.3%
21.0%
20.2%
16.5%
10.9%
10.1% 9.9%
9.2% 9.5% 9%
8.1% 8.6% 8.5%
5.3%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Salary Increase (%) Salary Increase (%) Attrition (%)

Merit and Non-Merit Management Level Voluntary & Involuntary
25.1%
22.5%
11.3% 11.5% 10.6%

10.4%
9% 9.1%
7.9% 7.9%
6.6%
4.1%
2.2% 2%
Merit Non-Merit Junior Mid Top & Senior Involuntary Voluntary
2023 2024 (P) 2022 2023
Pay For Performance

Performance Distribution & Salary Increase
48%
29%
13%
8%
3%
Far Exceeds Often Exceeds Meets Often Doesn’t Meet Doesn’t Meet
15.4% 12.3% 9.0% 3.5% 0.9%
Salary Increase
53
Banking
Salary Increase & Attrition Trend (%) 26.6%

25.8% 26.0%
19.2% 19.6%
16.7% 17.3%
15.3%
14.2%
10.2% 9.8% 9.8%

9.3% 9.2%
7.7% 7.8% 8% 7.7%
5.7%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

22%
20.6%
10.4% 10.7% 10.4% 10.1%

8.8% 8.8%
7.5% 7.5%
5.4%
4.6%
2.3% 2.4%
2023 2024 (P) 2022 2023
Pay For Performance

57%
23%
11%
8%
2%
15.6% 11.9% 9.1% 3.7% 0.1%
Salary Increase
54
Funds/ Asset Management
Salary Increase & Attrition Trend (%)

Decadal View Salary Increase Attrition 19.5%
16.8% 16.7%
14.9% 15.0% 14.9%
13.8% 13.9%
11.7%
10.3%
10.3%
9.4% 9.8%
8.7% 8.4% 8.6% 8.4%
8.2%
4.5%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

18.8%
14%
12.4%
10.4% 10.5% 10.8%
9.5%
8.6%
6.5% 6.8%
3.8%
3%
0.7% 0.9%
2023 2024 (P) 2022 2023
Pay For Performance

44%
35%
10%
6% 5%
13.9% 11.9% 9.3% 5.8% 2.0%
Salary Increase
55
NBFC (including the Micro Finance sector)

Decadal View Salary Increase Attrition 46.4%
29.7%
25.1%
21.0% 21.5% 21.5%

20.1% 20.5%
18.1%
11.5% 10.7% 11.1%

10.1% 10.4%
8.5% 9.3% 8.7% 9.4%
3.9%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

38.2%
22.4%
12.7% 13.1%
10.4% 10.9%
8.7% 9.1% 9.1% 9.5%
7.3% 8.2%
2% 2%
2023 2024 (P) 2022 2023
Pay For Performance

46%
32%
12%
9%
3%
16.2% 13.2% 9.3% 3.6% 1.9%
Salary Increase
56
Life Insurance

56.6% 56.7%
53.6%
49.4% 50.4%
47.9% 48.6%
41.3% 40.3%
9.1% 8.9% 8.8%

8.3% 8.3% 8.4% 8.4% 8.4% 8.1%
5%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
%
9.8%
9.2% 9.3% 9.1% 44%
8.7% 42.7%
8.3%
6.6% 6.6%
2.3% 2.2% 10.9%

6.4%
2023 2024 (P) 2022 2023
Pay For Performance

46%
29%
17%
7%
3%
14.2% 11.3% 8.4% 0.9% 0.0%
Salary Increase
57
Investment Banking

22.1%
20.6%
18.8%
18.2%
16.3%
15.5% 15.5%
12.3%
10.4%
11.2% 10.9%
9.8%
7.9% 7.9% 8.1% 8% 8%
7.4%
6.4%
0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
%
Merit and Non-Merit Management Level Voluntary & Involuntary 17.9%
14.9%
12.8% 12.5% 12.6%
11.8%
9.5% 9.7% 9.2%
8.2%
4.2%
3.3%
1.4% 1.6%
2023 2024 (P) 2022 2023
Pay For Performance

52%
31%
17%
4%
1%
15.9% 12.0% 8.6% 5.0% 0.3%
Salary Increase
58
Technology
Jang Bahadur Singh Anuradha Mohanty

Technology Industry Lead Technology Industry Lead
linkedin.com/in/jangbahadursingh linkedin.com/in/anuradha-mohanty-6a26142
59
59
Sector Overview
Technology Consulting &

Services
Business Outlook
• 2023 witnessed firms grapple with rising talent costs and struggling to
maintain control on margins.
• Many leading players cut their growth projections, and realigned their
operating models to drive greater efficiency
• This implies a cautious approach being adopted by firms in light of

geo-political and economic uncertainty and an inability to respond to
evolving demand landscape.
• Driven by capabilities on advanced technologies, new partnerships

and greater focus on outsourcing and managed services, these firms
forecast moderate growth for 2024
Talent Outlook
• Across the board, Technology Consulting and Services organizations
are focusing on controlling talent costs through more effective talent
deployment programs and skill-based architectures aligned to pricing
models
• Most organizations have put a halt on aggressive headcount

expansion. Campus hiring has also hit all time lows. However, talent
demand continues to be strong for niche and in-demand skills
• While large players continue to focus on efficient resource utilization

and mobilization, mid-sized firms are focusing on expanding their
leadership pipeline

• 2023 witnessed the return of single digit salary increases, with actual
increases dropping to a 9.1% from a 10.9% in 2022. This sharp drop
is a reflection on high talent wage bills and their impact on operating
margins
• The salary projection for 2024 is expected to drop to 8.2% as firms

continue to be more frugal and seem to be focusing on greater
performance differentiation
• Variable pay payouts have been impacted, and have been lower than
target in most cases, which is again a reflection of inability to meet
aggressive growth targets. Firms are using variable pay as a lever to
drive greater meritocracy
60
Attrition
• There has been a significant reduction in total attrition in the Technology
Consulting and Services industry. The spike in attrition caused by the great
resignation and aggressive growth plans has now normalized to a 19.4%
• While attrition is still above pre-pandemic levels, it is projected to further

reduce in the coming year as organizations move to a more hybrid model of
working and employees focus on stability due to job security
• Organizations are trying to curb attrition by focusing more on non-monetary

measures
Aon’s Perspective
• A cautious business sentiment means that clients will continue to focus
on outsourcing IT and adopting a managed services model. This is likely
to drive growth in the short to medium term for Technology Consulting
and Services firms
• While key players will continue to navigate efficient talent cost structures
and optimize their wage bills, mid-sized firms are likely to experience
aggressive growth trajectories, and therefore bound to focus more on
developing leadership capability
• These firms will continue to leverage advanced technologies and

accelerators to drive growth
61
Sector Overview | Technology Consulting & Services

27.3%
21.4%
18.0% 21.4%
17.0% 17.0% 17.1%
19.4%
14.2%
10.9%
10.1% 10.2% 9.7% 9.8%
9.5% 9.5% 9.1%
7.8% 8.2%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
%
9.1%
8.6% 20.8%
8.1%
7.3% 7.3%
6.4% 6.5%
5.8% 14.2%
2.7% 2.4% 6.5%

5.3%
2023 2024 (P) 2022 2023
Pay For Performance

48%
32%
13%
5% 3%
11.3% 9.3% 6.9% 2.5% 0.7%
Salary Increase
62
Sector Overview
Technology Platform and

Products
Business Outlook
• The Technology industry stands at the doorstep of historic change
today. The advent of generative AI has shattered long held beliefs about
the pace of technology advancement and disrupted business models
• The Technology Products and Platforms sector is the tip of the spear
when it comes to this change with cutting edge research, innovation and
product development focused on creating an AI led approach in existing
solution stacks
• A continuing focus on cost optimization and reduced capital availability

means organizations need to prioritize growth areas and make targeted
investments
Talent Outlook
• The growing AI wave necessitates a focus on talent in the areas of
cloud, data, analytics, infrastructure and security. With its large talent
pools which are available at a globally competitive cost, India holds a
significant talent advantage.
• However, organizations are now realizing that the top-tier technology

talent comes at a significant premium and the demand supply
dynamics for the same are unfavorable.
• With increasing cost pressures, the ability to build this talent

internally will be critical. The role definition is the fulcrum on which
talent decisions will be taken and a clear articulation of the same will
require not just defining expectations today, but also the change in
expectations with each wave of AI.

• The increased focus on cost optimization have not only resulted in a
slowdown in headcount optimization exercises globally, for Technology
Products and Platforms firms, but has also precipitated a decline in the
salary increase budgets available to organizations.
• With the ongoing funding winter, early-stage segments such as Fintech

and Consumer Tech are impacted the most, with forecasts for 2024
continuing to be bleak
• In addition to salary budgets being tempered, variable payouts have

also seen a conservative payout with Enterprise Product and Cloud
Platform organizations being the most impacted
63
Attrition
• Headcount optimization measures adopted by Technology Product and
Platforms organizations have led to reduced attrition activity in the industry,
with voluntary and involuntary attrition falling as compared to 2022
• Organizations are using all levers available to ensure attrition is managed

in a proactive manner, including rewards measures such as retention
bonuses and equity grants. However, the focus remains on ensuring that
targeted spends are prioritized instead of taking a broad-based approach
Aon’s Perspective
• The opportunity in front of the Product and Platforms sector is
generational in nature. AI is the harbinger of extreme disruption, and the
Indian Technology industry is delicately placed with the right combination
of talent availability and cost attractiveness
• The obligation to drive innovation and solve the next generation of

problems means that existing job design methods need retooling to build
more outcome focused, broad based talent
64
Sector Overview | Technology Platforms And Products
Technology Platforms and Products

22.0%
18.1%
16.7% 16.9% 17.3%
16.1% 16.2%
15.0%
12.7%
11.2% 11.6%
10.6% 10.6%
9.7% 9.6% 9.9% 9.5%
9.3%
7.8%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

13.7%
11.3%
9.1%
8.5%
7.9% 8.2% 8.2%
6.9% 6.6% 7%
4.4%
3.8%
3% 2.9%
2023 2024 (P) 2022 2023
Pay For Performance

53%
28%
10%
7%
4%
15.1% 12.3% 8.8% 2.2% 0.3%
Salary Increase
65
Sector Overview

Business Outlook
• With the global economy still recovering from a slowdown and an
impending threat of recession, organizations are intensely focusing on
cost optimization initiatives
• GCCs have become pivotal in this scenario, since they offer the core
advantage of cost arbitrage but at the same time have transitioned to
being partners in driving innovation
• India continues to be the most favored destination for GCCs owing to

the unique combination of high talent availability and low cost of talent
compared to other locations
Talent Outlook
• As GCCs are undertaking a massive transformation journey from being
transactional partners to being transformational partners, it presents
some unique talent challenges
• Leadership and managerial capability development are the emerging

talent priorities for GCCs in the current context as they look to
undertake the transformative journey
• Organizations are also focusing on other critical talent levers like

redefining the job architecture, rethinking organization design and
creating a compelling EVP

• 2023 saw a decline in the overall GCC salary increase percentage
owing to the global macro factors, however it continued to be one of
the strongest in the technology sector
• 2024 projections are slightly muted compared to 2023 actuals,

however, continues to be the highest in the technology sector
reinforcing how GCCs have become critical to drive business strategy
for parent organizations
Attrition
• There has been significant decrease in both voluntary and involuntary
attrition compared to 2022
• This can be attributed to external market conditions while at the same

time some key steps taken by GCCs to combat attrition
• Some of the measures taken to combat attrition by GCCs were offering

retention bonuses, deferred payouts, accelerated career opportunities,
cross functional mobility, recognition awards, etc.
66
Aon’s Perspective
• With global organizations focusing on cost optimization as well as driving
innovation, GCCs will continue to be core to business strategy
• India is positioned strongly to get a substantial portion of the GCC market

owing to the unique combination of talent availability and cost of talent
• Existing and mature GCCs in India must develop strong talent programs
to undertake the transformation journey but at the same time to control
attrition as new GCCs look to hire “ready” talent
67
Sector Overview | Global Capability Centers
Global Capability Centres

5 year view Salary Increase Attrition
21.4%
19.5%
17.1%
14.2%
13.0%
9.8%
11.1%
10.1%
%
9.5% 9.8%
7.8%
2019 2020 2021 2022 2023 2024

16.1%
11.7%
10.6%
9.6% 10.2% 9.2% 9.6%
8.8%
7.8%
7.1%
3.4%
2.3% 2.7%
1.4%
2023 2024 (P) 2022 2023
Pay For Performance

55%
30%
10%
4% 2%
14.1% 10.8% 8.1% 1.3% 0%
Salary Increase
68
Manufacturing, Life Sciences,
Consumer and Services
Amit Kumar Otwani

General Industry Lead
linkedin.com/in/aemitotwani
69
48
Sector Overview
Manufacturing
Business Outlook
• Manufacturing sector contributes to about 16-17% of the India’s GDP
and is poised to grow to 25% of the overall GDP
• India is a growing choice for foreign investments with several companies

setting up their manufacturing bases here amidst evolving geo-political
factors leading to Supply Chain diversification and China +1 Strategy
• Indian Government has launched several initiatives to including

SAMARTH Udyog Bharat 4.0, the development of industrial corridors
and smart cities, and the Make in India initiative including FAME
subsidies, which aim to transform India into a global manufacturing hub
Talent Outlook
• An abundant engineering talent pool with an increased focus on design,
engineering, testing & advanced technologies has positioned India as
the preferred R&D hub for global players.
• Manufacturing companies are also looking to expand into Tier II Indian

cities through GCCs – becoming an innovation & growth enabler,
improving operational and value chain efficiency
• Digital and niche skills are rapidly shifting to core of the operating model
of Manufacturing Organisations

• Overall Salary Increase for the Manufacturing Sector stands at 10%
primarily led by companies in the Automotive sector given the robust
sectoral performance and buoyant business outlook for the industry
• On an average, the variable pay forms 14.7% of the Total Fixed Pay;
Energy sector currently sees a high contribution of Variable pay owing to
large PE/VC investments which is leading to differentiation
Attrition
• Overall attrition for the manufacturing industry has seen a marginal
decline and stands closer to 14.4% with the involuntary attrition being
3.5%
• The slight drop in attrition is owing to a global slowdown across industries

and companies are exercising caution and tightening manpower budgets
in case of looming recession
70
Aon’s Perspective
• Addressing the changing nature of skills, supply of talent, organizations

need to build the capability of learning and unlearning to rapidly evolve
and adopt to better ways of working
• Pay for performance is starting to become real for the industry

where we see a 1.5x – 1.7x differential applicable to differentiate for
performance
• Since India is shifting focus to become a hub for R&D talent for global
players, focus on providing employees with meaningful benefits along
with pay is increasing
71
Sector Overview | Manufacturing
Engineering/Manufacturing

15.3%
9.6% 11.1% 10.4%

9.3% 9.2% 9.8% 10.6%
5.4%
10.3% 10.4% 9.2% 9.3%

% 9.5%
% 4.8 % 8.2%
% 9.7 % 10 % 10.1 %
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

11.5% 12% 11.3%

10.2% 10.3%
9.2% 8.6%
8.1% 8.2% 8.4%
4%
1.9% 1.9% 1.8%
2023 2024 (P) 2022 2023
Pay For Performance

65%
17%
8% 7%
3%
16.3% 13.2% 10.2% 4.3% 0%
Salary Increase
72
Automotive/Vehicle Manufacturing

11.6%
10.5% 10.2%
10.6%
10.2% 6.5%
9.0% 9.0%
7.1%
10.7% 10.7% 10.2% 10.3% 9% 4.2% %

8.2% 10.1% 10.6% 9.9%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

12.8% 12.1%
11.7% 11.4%
10.3% 10.1% 9.7%
9% 8.5% 8.4%
1.6% 1.7% 1.8% 1.9%
2023 2024 (P) 2022 2023
Pay For Performance

59%
25%
9%
6%
1%
14.1% 12.0% 9.2% 3.2% 0%
Salary Increase
73
Energy (Oil/Gas/Power)

13.6% 13.4%
10.5% 11.8%
9.9% 10.5% 10.0%
9.4%
8.4%
10.3% 9% %
8.8% 9.4% 8.9% %
3.5% 8.2 % 9.5 % 9.9 % 9.3 %
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

12.5% 11.8% 12.6%

11.7%
10.6%
9.8% 9.4% 8.9%
8.1% 7.7%
1.8% 1.6% 1.7%

1%
2023 2024 (P) 2022 2023
Pay For Performance

60%
22%
8% 10%
1%
16.3% 13.2% 10.2% 5.2% 0%
Salary Increase
74

21.3%
18.2% 18.7%
17.4%
16.1%
15.5%
14.0%
12.2%
8.4%
10.7% 9.8%
% %
9.4% 9.6 % 8.5 % 2.7% 8.9 % 8.7 % 10.2%
% 10 %
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

14.6%
11.3% 11.9%
10.3% 10.5% 10.6%
9.3% 9.8%
8% 7.7%
6.7%
5.5%
2.2% 2.3%
2023 2024 (P) 2022 2023
Pay For Performance

51%
26%
10% 12%
1%
13% 10% 7% 0.2% 0%
Salary Increase
75
Chemicals

15.0%
12.8% 13.0%
11.9%
10.2% 10.2% 10.2% 11.1%
8.3%
%
% %
10.7% 10.2 % 10% 9.6% 9.4 % 7.2% 9.1% 9.6% 9.7% 9.7%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

12.7%
10.6% 9.9%
8.6% 9.2% 9% 8.9% 8.5% 8.7%
8.1%
4.3%
1.6% 2.3%
1.1%
2023 2024 (P) 2022 2023
Pay For Performance

68%
15%
8% 7%
2%
12.8% 10.9% 8.9% 5.5% 2.5%
Salary Increase
76
Sector Overview
Consumer (FMCG/FMCD)
Business Outlook
• The Consumer industry landscape in India is characterised by its
dynamism and adaptability to evolving consumer preferences, increasing
disposable income, & technological advancements. India FMCG market
is growing at a 20%+ CAGR driven by increased consumption as
inflation settled. The winds of change presents both challenges as well
as opportunities for organizations, willing to adapt & innovate.
• In a rapidly evolving distribution landscape, digital transformation

with e-platforms for retailers is one of the key enablers for growth and
continues to be a source of competitive advantage along with an agile
and resilient supply chain enabling low cost high quality manufacturing
to drive better efficiencies.
Talent Outlook
• Consumers Organizations are leveraging advanced analytics such as
AI/ML to gather real-time consumer insights, understand & predict
spending patterns & push it further to dealer & distributor channels.
Hence Digital talent that can help identify digitization opportunities and
build for it will continue to be in demand.
• Companies have also stated to look at Skill based Pay, which is

another innovative method to fulfil niche talent requirements. In-fact,
organizations are looking outside of the industry for diverse skills sets,
hire them & pay for what they bring to the table rather than looking back
for parity.

• With inflation getting under control, Indian consumer organizations
are still betting high on talent which is evident from the salary increase
projections (9.6%) that is expected to remain similar to what it has been
observed in 2023 (9.6%). While share of merit increase is expected to
fall, it is likely to get compensated by non-merit increase.
• Consumer sector, as always has been stricter when it comes to

performance measurement with highest population of 1-raters among
all major industries (flatter bell-curve). However, when it comes to
rewarding (salary increase) for performance, it led the way by rewarding
top performers (5-rater) 1.7x of an avg. performer (3-rater).
Attrition
• There has been an uptick in overall attrition within the consumer industry
over the last year, largely propelled by a rise in voluntary attrition among
the emerging consumer organizations. Organizations are continuously
striving to enable retention levers such as differentiated benefits,
personalizing EVP, purpose-led opportunities, etc.
77
• Organizations can strategically prioritize talent fluidity. By emphasizing
cross-skilling and multi-skilling initiatives, they can cultivate a pool of
versatile talent capable of agile redeployment within the organization,
thereby controlling attrition rates and minimizing rehiring costs.
Aon’s Perspective
• The consumer industry is highly dynamic and will keep evolving

with changing consumer needs. Therefore, organization will have to
constantly optimize their operating models for cost reduction and
organic growth while also focussing on Talent Innovation, Brand, and
Cost efficiencies to sustain growth in the long run.
• To sustain competition, it is imperative for organizations to invest in

capabilities such as E-Comm/D2C/Quick-comm to meet changing
consumer preferences, build eB2B platforms to digitize demand
capture & fulfilment- as on-time product experience with merit is
everything to a consumer now.
78
Sector Overview | Consumer (FMCG/FMCD)

18.0% 18.5%
17.1% 17.4%
15.0% 15.1% 14.5%

13.7%
12.5%
10.8% 10.2% 10.3% 10.1% 9.6% 7% 8.7% 9.5% 9.6% 9.6%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

16%
15%
9.7% 9.8% 9.6% 9.6%

8.2% 8% 8.7% 8.6%
3% 2.5%
1.4% 1.6%
2023 2024 (P) 2022 2023
Pay For Performance

52%
26%
10% 8%
5%
14.0% 11.3% 8.2% 3.1% 0.5%
Salary Increase
79
Sector Overview
Life Sciences
Business Outlook
• The Indian Domestic Life Sciences market is poised to reach $65 billion
by 2024, projected to double to $130 billion by the end of the decade.
• Currently contributing 1.72% to the country’s GDP, the Life Sciences

sector is expected to experience substantial growth in the coming years.
India’s Life Sciences exports reached $27 billion in FY23, witnessing a
6.3% YoY increase from FY22.
• To give a boost to the industry, the government also launched The PRIP
Scheme launched, aiming to position India as a significant player in the
global Pharmaceutical and Medical Technology industry. Complemented
by various PLI Schemes, these initiatives foster industry manufacturing,
supported by government aids.
Talent Outlook
• Enterprises within the life sciences sector are progressively prioritizing
AI and technologically-driven skillsets to complement the growing
dependence on technology, data analytics, and AI for drug development
and other clinical research endeavours.
• To make the next big move and ensure employees possess pertinent
skill sets, life sciences companies have started to build partnerships
with both international and national universities aiming to build industry
ready professionals. This has mostly been seen in the R&D space where
Indian organizations are heavily investing for the next blockbuster
medicines and generics

• India’s life sciences industry demonstrates resilience amidst global
challenges, notably in terms of real wage growth. Projected salary
increments align with 2023 figures, reflecting a positive outlook for the
pharmaceutical industry and a focus on retaining top talent.
• The industry is placing a growing emphasis on recognizing performance,

evident in the rising sentiment towards increased variable pay,
particularly at the upper echelons of management.
Attrition
• The life sciences industry has experienced consistently high attrition
rates since the onset of the pandemic.
• Within the pharmaceutical sector, addressing sales attrition is a pivotal

concern. Companies are strategically reevaluating their structural
nuances and sales incentive plans to effectively navigate and mitigate
this challenge.
80
• Despite a decline in involuntary turnover, global companies are grappling
with an ongoing and worrisome trend of high layoffs. Additionally, the
increased reliance on tech-driven solutions has intensified cross-industry
talent migratory challenges.
Aon’s Perspective
• In tandem with the technological and financial sectors, companies

in life sciences are adopting flexible benefits allowing employees to
choose plans according their needs and lifestyle.
• Embracing the rise of digital innovation and alternate channels,

organizations are embracing an omnichannel approach, integrating
various channels to elevate customer experience and establish
enduring impacts on their customer base.
81
Sector Overview | Life Sciences
Life Sciences

19.1%
18.7%
17.3% 17.7%
17.1%
15.6% 15.9%
14.9%
11.7% 11.5% 11.4%

10.6%
10% 9.8% 9.8% 9.9% 9.9%
8.9%
7.9%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

14.7% 14.9%
10.6% 10.6%
9.7% 9.8% 9.2% 9%
1.6% 1.5%
4%
2.8%
8.3% 8.4%
2023 2024 (P) 2022 2023
Pay For Performance

63%
19%
7% 8%
3%
15.1% 11.2% 9.0% 3.4% 0.0%
Salary Increase
82
Sector Overview
Services
Business Outlook
• Idiosyncratic factors have disrupted growth plans in the consumer facing
sector across Retail, QSR, Media & Services.
• While the post pandemic era was all about revenge spending owing to
the repressed demand over two years, this trend has now seen a decline
and consumers are prioritizing buying experiences over product and
pricing.
• Media, both print as well as electronic, is poised to see a growth this year
with organizations spending heavily on advertising to drive consumer
engagement. The rise of OTT has been a key catalyst for growth,
driven heavily not just by India’s Urban population but also their Rural
counterparts.
Talent Outlook
• The transition from Brick-and-mortar stores to an immersive omnichannel
experience has led to the emergence of digital roles which command a
premium for their niche skill.
• Gig Economy in Retail and QSR is also gaining prevalence as a cost-

effective solution to fulfill the dynamic manpower requirements,
particularly at entry levels.
• As organizations move towards agile operating models, training and

upskilling will take priority to create a fungible talent pool that can adapt
to a new digital world.

• The interplay of macroeconomic factors coupled with a decline in
consumer spending this year has impacted the topline for Retail and
Ecommerce and consequently the salary increment budgets. Both
sectors are looking at conservative figures of 8.4% (Retail) and 9.2%
(E-Commerce) which are a decline from the actual increments for the
previous year.
• Variable pay has also seen a decline in the services sector with figures
that are a deficit of 1 to 3 percentage points from the previous year.
A major part of this decline has been borne by the top and senior
management
Attrition
• Attrition figures for Retail and Hospitality continue to see an upward
trend owing to the frequent movement of talent at store roles.
83
• Organizations need to look at offering differentiated benefits to their
employees to encourage retention and minimize the overhead cost for
new hires.
• Sectors like Telecom, Media and Services see a decline in attrition

figures, owing in part to the slower growth rate which has left room for
fewer opportunities within the segment.
Aon’s Perspective
• The consumer’s spending propensity has been largely immune to the

macroeconomic changes and continues to remain strong this year as
well. This bodes well for the Luxury Retail sector which is expected to
see a higher market revenue in the Indian context this year.
• Increasing digitization has necessitated the creation of unique job

roles. Organizations will now tackle the question of whether they want
to build, buy or borrow this niche talent.
• Government initiatives like ONDC and policies on FDI will provide the
much-needed tailwinds to drive positive growth
84
Sector Overview | Services

23.4%
22.6%
20.5% 20.3% 20.6% 20.7% 20.4%
19.6%
17.8%
10.6%
10% 9.9%
8.9% 8.7% 9.2%
8.2% 8.1% 8.4%
2.1%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

21.7%
18.7%
9.3% 9.2% 9.2%

7.8% 8.5% 8.3% 8%
7.2%
1.4% 1.2% 1.7% 1.7%
2023 2024 (P) 2022 2023
Pay For Performance

58%
22%
9%
6% 5%
14.2% 10.8% 7.05% 1.72% 0.52%
Salary Increase
85
E-commerce

Salary Increase Attrition
25.1%
24.0%
23.3% 23.3%
22.3%
16.4%
16.0%
13.7%
11.6% 11.4%
10.8% 10.6%
9.6% 9.2%
8.3%
2017 2018 2019 2020 2021 2022 2023 2024

18.7%
11.1%
9.8% 9.4% 9.5% 9.2% 9.4% 8.9%
8.1% 7.7%
5.3% 4.9%
1.5% 1.5%
2023 2024 (P) 2022 2023
Pay For Performance

45%
31%
13%
6% 5%
14% 11% 9% 4.3% 1%
Salary Increase
86

23.6% 24.0%
22.9%
21.2%
20.5% 20.1% 20.2%
19.6%
15.3%
11.9% 12.4%
10.6% 10.7% 10.2% 10.7%
9.7% 9.7%
8.7%
5.8%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

19.6%
15.9%
10.3% 10.5% 10% 9.8%

8.3% 8.8% 9%
8%
4.4% 3.7%
1.4% 1.7%
2023 2024 (P) 2022 2023
Pay For Performance

40%
37%
17%
5%
1%
18% 13.6% 10% 2% 0%
Salary Increase
87

33.9%
31.9%
30.7%
26.4% 27.1%
25.5%
20.7% 20.1%
16.2%
15.3%
9.7% 9.5% 9.5% 8.6% 9.7% 9.4%

7.4% 8.5%
1.4%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

26.6%
21.7%
10% 9.7% 9.5% 9.4% 9.4% 8.9%

8%
7.2%
3.5% 4.1%
1.7% 2.2%
2023 2024 (P) 2022 2023
Pay For Performance

62%
18%
10%
7%
3%
15.6% 11.4% 9.7% 4% 1.3%
Salary Increase
88
Telecommunications

24.9%
24.1%
18.9% 19.2%
18.3% 18.5% 18.5%
17.7%
16.5%
9.8% 9.7% 9.9% 9.6%

9.2% 8.8% 8.7% 8.3% 8.6%
4.8%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

21.2%
14.9%
9.9% 9.2% 9.7% 9.3%

7.9% 8.7% 8.1%
7%
2.9% 2.8%
1.7% 1.6%
2023 2024 (P) 2022 2023
Pay For Performance

54%
27%
9% 8%
2%
13.5% 11% 7.6% 2.8% 0%
Salary Increase
89

24.9%
20.7% 20.5% 20.4%

19.7%
19.0%
17.1% 17.3%
14.2%
10.8% 11.2%
10.6%
9% 9.5% 9.1% 9.4% 9%
8.8%
6.8%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

21.5%
18%
9.6% 9.2% 9.4% 9.1% 9.1% 9%

7.9%
7%
3.4%
2% 2.4%
1.5%
2023 2024 (P) 2022 2023
Pay For Performance

60%
20%
8%
7% 5%
15% 10.2% 8% 3.5% 1.2%
Salary Increase
90
8
Conclusion
91
89
Conclusion
Our Perspective on the Road Ahead
As we navigate through a period of signifi ant transformation in

global employment landscape, it becomes imperative to refle t on
the intersection of compensation trends and workforce dynamics.
This report has been an attempt at extending beyond and serve as
a compass for organizations aiming to cultivate a robust and future-
ready workforce.
Salary Increase and Turnover Survey has revealed critical The future workforce will be distinctly different in how
insights into the current and future landscapes of the it acquires and applies knowledge, with learning and
workforce. Amidst the backdrop of economic uncertainty experiences becoming the new currency. In response, our
and escalating conflicts, businesses are on the brink of survey underscores the need for adaptive talent models
a transformative era driven by AI and machine learning. that foster mobility and flexibility, ensuring that the talent
This disruption necessitates a paradigm shift in talent supply is not hindered by the rapid pace of change.
strategies, underscoring the importance of curating a
resilient and agile workforce capable of navigating the Organizations that proactively address these findings,
complexities of new business models. integrating them into their strategic planning, will be
well-equipped to thrive in an era marked by unparalleled
As we move forward, it is imperative for organizations innovation and competition. It is through the lens of these
to become astute custodians of a work culture that insights that we can better understand the trajectory
champions ethical, inclusive, and sustainable practices, of salary increases and employee turnover, and more
aligning with the evolving expectations of a new importantly, shape the policies that will define the success
generation of professionals. Particularly noteworthy of businesses and their employees in the years to come.
is India’s emergent role as a major player in AI/ML,
signalling a wave of opportunities and challenges that will
be central to global talent trends.
92
India Leadership Team
Nitin Sethi Roopank Chaudhary

Chief Executive Officer Partner
https://www.linkedin.com/ https://www.linkedin.com/in/
in/nitin-sethi-4a711b4/ roopank-chaudhary-bb67492/
Anirban Gupta Surya Shekhar De

Partner Associate Partner
https://www.linkedin.com/ https://www.linkedin.com/in/
in/anirban-gupta-6b649a8/ surya-shekhar-de-17033b106/
Anustup Chattopadhyay
Shilpa Khanna Director
Associate Partner
https://www.linkedin.com/
https://www.linkedin.com/ in/anustup-chattopad-
in/shilpa-khanna-571a602/ hyay-33676b78/
Parag Ghatpande
Director
https://www.linkedin.com/in/
parag-ghatpande-96b2221b/
93
4
Appendix
94
91
LIST OF PARTICIPANTS
Aerospace
Adani Enterprises Limited Raytheon Technologies
Bombardier RTX
Curtiss-Wright Corporation Safran
Defence Land Systems Tasl Airborne Platforms & Systems
Defsys Solutions Private Limited Tasl Center Of Excellence For Aero Engines
GE Aerospace Tata Advanced Systems Limited
General Atomics Tata Boeing Aerospace Limited
Hexcel Corporation Tata Lockheed Martin Aerostructures Limited
L3Harris Technologies Tata Sikorsky Aerospace Limited
Lockheed Martin Woodward
Automotive/Vehicle Manufacturing
AAM India Manufacturing Corporation Private Somic ZF Components Private Limited
Limited Stellantis
Adient Sundaram Clayton Limited
Anand Group Tata Autocomp Systems Limited
Asahi India Glass Limited Tega Industries Limited
Ather Energy Private Limited Tenneco India
Bharat Forge Limited Toyota Kirloskar Auto Parts
BorgWarner TVS Motor Company
Bosch Limited Varroc Engineering Limited
Bridgestone Volvo Group India
Caterpillar India Zf Rane Automotive India Private Limited
Continental Automotive Components (India)
Private Limited
Cummins India Limited
Dana India
Fiat India Automobiles Private Limited
Garrett Advancing Motion
General Motors
GlobalFoundries
Hendrickson
Jaguar Land Rover
Komatsu Mining Corporation
Magna Automotive India Private Limited
Nexteer Automotive
Polaris
Renault Group
Renault Nissan Technology & Business Centre
India
Royal Enfield
Schaeffler
95
Chemicals
Allnex Lenzing AG
Asian Paints Limited Linde
Avient LyondellBasell
Axalta Coating Systems India Private Limited Momentive Performance Materials
Bakelite Synthetics Newmarket Corporation
Celanese NGIL
Covestro Deutschland AG Nocil Limited
Deepak Fertilisers And Petrochemicals Corpo- Penn Color
ration Limited SABIC
Fmc Corporation Sachem
Givaudan Siegwerk Group
Godrej Industries Limited SRF Limited
Gumpro Drilling Fluids Private Limited Syngenta Crop Protection AG
H.B. Fuller Company Vertellus Specialties UK Limited
IFFCO-MC Crop Science Private Limited W.R. Grace
IMCD India Yara Fertilisers India Private Limited
Jotun India Private Limited
E-Commerce
Alibaba Group Nurture Farm
Carousell Nykaa
Delivery Hero Priceline
DoorDash Rakuten Group
eBay Saks India
Etrade Marketing Private Limited Saks Off 5Th
Etsy Stockx
Expedia Group Travelopia Holdings Limited
Ferns N Petals Private Limited Wayfair
Flipkart Zepto
Energy(Oil/Gas/Power)
Adani Electricity Mumbai Limited First Solar
Adani Enterprises Limited Fortum
Adani Green Energy Limited Indigrid
Adani New Industries Limited Jindal Steel & Power
Adani Power Limited Lucy Electric
Adani Total Gas Luminous Power Technologies Private Limited
Adani Welsupun Exploration Limited MB Power Limited
Air Liquide India McDermott International Limited
Aker Solutions Mundra Petrochem Limited
Anewa Engineering Private Limited Mundra Solar Private Limited
Apraava Energy Oceaneering International
Atria Power Pipeline Infrastructure Limited
Baker Hughes SEIL
BP Shell
96
Solaredge Triveni Turbine Limited
Sun Source Vena Energy
TDSG Lithium Ion Batteries Gujarat Private
Limited
Engineering/Manufacturing
ABB Limited Murata Electronics India Private Limited
Adani New Industries Limited Nova Integrated Systems Limited
Allied Moulded Enclosure Products India Osi Systems
Private Limited Panacea Medical Technologies Private Limited
Arcadis Regal Rexnord
Arise IIP Smiths Group PLC
Burns & McDonnell SNC Lavalin Group
G R Infraprojects Limited Stantec
Godrej & Boyce TAL Manufacturing Solutions Private Limited
Greenpanel Industries Limited TASL - SED
Hilti India Private Limited Tata Advanced Systems Limited
Hitachi Rail Tata Advanced Systems, Defence Division
Honeywell India TCPSD
Inductotherm (India) Private Limited Technip Energies
Karl Mayer Stoll India Private Limited Toshiba Water Solution Private Limited
Keysight Technologies Wago Private Limited
Kirloskar Pneumatic Company Limited Wavin
Larsen &Toubro
Engineering Design Services

AECOM Smec (India) Private Limited
Bechtel Corporation Tata Technologies
Fluor Corporation WSP Consultants India Private Limited
Inteva
Ramboll

Alamy Images India Private Limited Quotient Technology
Annalect India Roku
BBC Sage Publication India Private Limited
Double Negative Limited Scientific Games
Electronic Arts Take-Two Interactive Software
Entertainment Network (India) Limited The New York Times
Flutter Entertainment The Walt Disney Company
Gameloft Thieme Medical & Scientific Publishers Private
IGT Limited
Inmobi Topgolf Callaway Brands Corporation
Live Nation Trinity Gaming India Private Limited
Mccann Worldgroup Ubisoft International
Mediakind Warner Bros. Discovery
NBCUniversal Zee Entertainment Enterprises Limited
97
360 One Limited
Adani Capital Private Limited Goldman Sachs
Aditya Birla Finance Limited HDB Financial Services Limited
Aditya Birla Sun Life Insurance Company HDFC Bank
Limited HDFC Ergo General Insurance Company
Aegon Life Insurance Limited
Ageas Federal Life Insurance HDFC Life
American Express Hinduja Leyland Finance
Ares Hindusthan Microfinance Private Limited
Arman Financial Service Limited Home Credit India Finance Private Limited
Arohan Financial Services Limited Home First Finance Company India Limited
Avanti Finance Private Limited HSBC
Avendus ICICI Bank
Axis Bank ICICI Prudential Life Insurance Company
Axis Securities Limited Limited
Aye Finance Private Limited ICICI Securities Limited
Bajaj Finance Limited ICRA Limited
Bandhan AMC Limited IDFC First Bank
Bandhan Bank Limited IIFL Finance
Bank Of New York Mellon India Factoring And Finance Solutions Private
Bharat Financial Inclusion Limited
Blackrock India first Life Insurance Limited
Bluevine Indostar Capital Finance Limited
BOB Financial Solutions Limited Invesco
Bread Financial JM Financial (Products & Csl)
Canada Pension Plan Investment Board Jm Financial Limited
Canara HSBC Life Insurance JPMorgan Chase & Company
Capital India Finance Limited Kotak Bank
Capital One Kotak Life
CAT Financial Kotak Private Banking
Chaitanya India Fin Credit Private Limited L&T Finance Limited
Citco Liberty Mutual Insurance
Citi M Power Microfinance Private Limited
CME Group Magenta Finance Services Private Limited
Coface Mahindra Finance
Credit access Grameen Limited Maple Highways
Credit Suisse Mass Mutual
CSB Bank Max Life Insurance
DBS Bank India Limited Midland Microfin Limited
Deutsche Bank MUFG Bank India
DMI Finance Munich Reinsurance
Edelweiss Tokio Life Insurance Co Limited Muthoot Homefin (India) Limited
Equirus Capital Private Limited Muthoot Microfin Limited
Equitas National Australia Bank
Fedbank Financial Services Limited Nomura
Fidelity Investments Northern Trust
Fincare Small Finance Bank Limited Ontario Teachers Pension Plan
Finnable Technologies Private Limited Piramal Enterprises Limited
Fino Payments Bank PNB MetLife India Insurance
Fortune Credit Capital Pramerica Life Insurance
Franklin Templeton Principal Financial Group
Fusion Micro Finance Limited Principal Global Services
Future Generali India Life Insurance Company Prudential Financial
98
Raheja QBE General Insurance Swiss Re
RBL Finserve Limited Tata AIA Life Insurance Company Limited
Reliance Nippon Life Insurance Tata AIG General Insurance Company Limited
Sampark Fin Services Private Limited Tata Capital
Sanctum Wealth Private Limited Tata Capital Limited - Micro Finance
Satin Creditcare Network Limited Temasek International Pte Limited
Satya Microcapital Limited Toyota Financial Services
Save Micro Finance TransUnion
SBI Capital Markets Limited Trust Investment Advisors Private Limited
SBI General Insurance Company Limited Ugro Capital
SBI Life Insurance Union AMC
Scotiabank United Overseas Bank
Share Microfin Limited Unitedhealth Group
Shriram Housing Finance Limited Varthana Finance Private Limited
Sindhuja Microcredit Private Limited Wells Fargo
SMFG India Credit Company Limited Western Union
Standard Chartered Bank Yes Bank Limited
Star Union Dai-Ichi Life Insurance Yes Securities India Limited
Sumitomo Mitsui Banking Corporation India
Svasti Microfinance
3M Company Hindustan Unilever
AB InBev ITC Limited
Acco Brands JR Simplot
Adani Agri Logistics Kennametal
ADM Kohler Company
Allegion Leggett & Platt
Amway India Louis Dreyfus India Private Limited
Asahi India Glass Limited Marks And Spencer Reliance India Private
Asian Paints Limited Limited
B9 Beverages Limited Mattel
Bajaj Consumer Care Limited McCormick Ingredients
Ball Corporation Mondelez India Foods Private Limited
Blue Star Limited Nestle India
Britannia Industries Limited New Balance Athletics
Brown Forman Newell Brands
Canon India Private Limited Nivea India Private Limited
Cargill India Private Limited Orient Electric Limited
Carrier PepsiCo
CJK Group Pernod Ricard
Coca Cola India Private Limited PM Wholesale Trading
Colgate Palmolive (India) Limited Radico Khaitan Limited
Columbia Sportswear Company Reckitt India Private Limited
Dabur India Limited Signify
Del Monte Foods Private Limited Sony India Private Limited
DFM Foods Limited Tata Consumer Products Limited
Diageo India The Estee Lauder Companies
Dyson Titan Company Limited
General Mills Ttk Healthcare Limited
Givaudan Ttk Prestige Limited
Godrej Consumer Products Limited Unibic Foods India Private Limited
Haleon PLC Varun Beverages Limited
Herbalife Vista Processed Foods Private Limited
Hindustan Coca Cola Beverages Vst Industries Limited
99
Hyatt Hotels Corporation Nandos Karnataka Restaurants Private Limited
IHG Hotels & Resorts Plaza Premium Group
Jubilant Foodworks Limited Yum Restaurants India Private Limited
Marriott International Zone By The Park, Jodhpur

7 Eleven Global Solution Center Gartner
AAM India Manufacturing Corporation Private General Mills
Limited Goldman Sachs
AB InBev Great West Global
Ansys Harman International
AstraZeneca India Private Limited Hays Business Solutions Private Limited
Athenahealth Technology Private Limited Health Catalyst
BA Continuum India Private Limited Health Prime Services (I) Private Limited
Bain & Company Here Technologies
Bank Of New York Mellon Hindustan Coca Cola Beverages
Blackrock Hindustan Unilever
Bosch Global Software Technologies Private Honeywell India
Limited HSBC
Bosch Limited Hudson’S Bay Services Private Limited
Boston Consulting Group Indegene Limited
Canon India Private Limited Invesco
Capital One JLL
Caterpillar India Johnson & Johnson
CBA Services Private Limited JPMorgan Chase & Company
ChargePoint Kearney
Cimpress Komodo Health
Citco KPMG Global Services Limited
Citi Kroll
Clifford Chance Business Services Krones Digital
Colgate Palmolive (India) Limited Labcorp
Colruyt IT Consultancy India Private Limited LG Soft India
Cummins India Limited Mapmygenome India Limited
Daimler Truck Innovation Center India Medable
Dassault Systemes Medline
DBS Bank India Limited Mercedes-Benz Research And Development
Deutsche Bank India
Diageo India Merck Group
Dunnhumby Limited MetLife Global Operations Support Centre
Eli Lilly Services India Private Limited MUFG Global Service
Epifi Technologies Private Limited National Australia Bank
EY Global Delivery Services Natixis Services (India) Private Limited
Fai First American India NatWest Group
Falabella India Nestle India
Fidelity Investments Nike
FIL India Business And Research Services Northern Trust
Private Limited Novo Nordisk India
Flextronics Technologies (I) Private Limited Ontario Teachers Pension Plan
Franklin Templeton PepsiCo
Gallagher Service Center LLP Pfizer
100
Pitney Bowes Sun Pharmaceutical Limited
PricewaterhouseCoopers Swiss Re
Principal Financial Group Target In India
Prosus Teamlease Services Limited
Pwc Acceleration Centers Teladoc Health
Pwc India Tesco India Private Limited
Qualifacts Thomson Reuters
Ramboll Thryve Digital Health LLP
Reckitt India Private Limited Titan Company Limited
Reliance Infrastructure Limited TMF Group
Resmed Transaction Data Systems
Rockwell Automation India Private Limited Tresvista Financial Services
RSA Actuarial Services India Private Limited Trimble
Sage Publication India Private Limited UCB India Private Limited
Saks India Unitedlex
Saks Off 5Th Vector Consulting Group
Schlumberger Veradigm LLC
Shell Visa
Shell Recharge Solutions Volvo Group India
Siemens AG Wells Fargo
Siemens Digital Industries Software Wm Universal Solutions Private Limited
Silverskills Private Limited Yokogawa
Skillsoft Yum Restaurants India Private Limited
Societe Generale Private Limited Zf Rane Automotive India Private Limited
Standard Chartered Bank

Accenture Solutions Private Limited CyberArk
Accurate Background Dentsu Global Services
Accurio Health Private Limited DKSH Management Pte Limited
Acuity Knowledge Partners DNV
Aeries Technology Group DXC Technology
Alight Solutions Dynata
ALS Limited Eclerx Services Limited
Alteryx Enosno
Amdocs Epam
Argano EXL
Arrow Electronics ExterNetworks India Private Limited
Astreya Flatworld Solutions Private Limited
Automatic Data Processing Fractal Analytics Private Limited
Birlasoft Limited FTI Consulting
Bluepi Consulting Private Limited Guidehouse
BMC Software Happiest Minds Technologies
Brennan IT HCL Americas
Briilio Tech Hire Right
Capgemini Technology Services India Limited Hughes Systique
Capita India Private Limited Huron Consulting Group
CGI IBM India Private Limited
Ciklum Infinite Computer Solutions (India) Limited
Circana Infor
Clarivate Infosys Limited
Cognizant Technology Solutions India Private Ingram Micro
Limited Insight Analytics Solutions Limited
Concentrix Inspireone Consultants
101
Lemongrass Consulting Sonata Software
Lytx Sophos Technologies Private Limited
Maveric Systems Soprasteria
MB Informatics Private Limited Sphera Solutions
Microland Surbana Jurong Group
Mimecast Taskus
Moodle Pty Limited Tata Consultancy Services
Nagarro Tata Technologies
Newrocket LLC Tavant
NTT Data Tekvizion Voice Solutions
Onmobile Global Limited The Quantium Group Pty Limited
Optiv Tietoevry India
Opus Technologies Tiger Analytics India Consulting Limited
Oracle Toptal LLC
Peloton Consulting India Private Limited Trust IQ Pte Limited
Persistent Systems Limited Ttec
Publicis Sapient Unisys India Private Limited
Quinnox Consultancy Services Limited Ust
R1 Rcm V2 Tech Ventures Private Limited
Radical Minds Technologies Private Limited Version 1
RRD Wipro Limited
Ryan, LLC WNS Global Services Private Limited
Sasken Technologies Limited Yash Technologies
Smart Ims India Private Limited Zensar Technologies Limited
Technology Platform & Products

75F Smart Innovations Private Limited Anaplan
8X8 Apnatime Tech Private Limited
90 Seconds AppDirect
A10 Networks Appfire Technologies LLC
Accelya Apple
ACI Worldwide Applied Materials
Acquia Apptio
Adani Connex Private Limited Aristocrat Technologies
Adani Digital Labs Private Limited Arlo Technologies
Addepar Arm
Adenza Atlassian
Adobe Autodesk
Adtran Holdings Automation Anywhere
Advanced Energy Industries Avalara
Advantest America Aviatrix
Adyen Avid Technology
Airbnb Axway
Airmeet Basware India Private Limited
Akamai Technologies Belden Asia (Hong Kong) Limited
Alation Belkin International
Alorica Binance
Alphawave Semi BioCatch
Amadeus Software Labs India Private Limited Blackberry Limited
Amagi Blackhawk Network
Amazon.Com Services LLC BOSE
AMD Brightcove
Ampere Computing British Telecom
Analog Devices Broadridge
102
Browserstack Eduvanz Financing Private Limited
Bruker Corporation Egnyte
Cadence Design Systems Eightfold AI
CAE Ellucian
Calix Employ
CDK Global (India) Private Limited Endace
Celestica India Enfusion
Celonis Enovix Corporation
Ceridian HCM Limited Ensono
Chegg Entrata
Ciena Corporation Entrust
Cimpress Epicor Software
Cisco Epifi Technologies Private Limited
Clari Epsilon India
Clear Epson India Private Limited
Cloud Software Group Equifax
Cloudera Equinix
Cloudflare Esper
Cloudreach Everbridge
CME Group Experian India
Cognex F5
Coherent Corporation FIS
Cohesity Fivetran
Coinbase Flipkart
CommScope Flywire
Commvault FNZ
Confluent Fortive Corporation
Conga Forward Networks
Consensys Software Fox Pass Ventures LLP
Convera Holding Freshworks
Coupa Software Garmin International
Cradlepoint Gen Digital
Credable Genesis Global
Credavenue Private Limited Genesys Telecom Labs India Private Limited
CrowdStrike GHX
Cvent India Gigamon
Darwinbox Gitlab
Databricks Global Payments
Datadirect Networks Global Saving Group
Dataiku GlobalFoundries
Datarobot Globallogic India Private Limited
Datastax Glory Global Solutions
Delinea GoDaddy
Deliveroo Gojek
Dell Technologies Google
Demandbase Goto Group
Deutsche Telekom Digital Labs Grab Taxi Holdings Pte Limited
Dialpad Greenway Health
Digicert Groww
Digital AI Software Guidewire Software
Digital Turbine Gumlet Technologies Private Limited
Digitalocean H5 Asia Pacific
Diligent Corporation Harmonic
Dolby Laboratories Hashi Corporation
Doubleverify Healthedge
Dynatrace LLC Hewlett-Packard Enterprise
Edgeconnex Hilti Technology Solutions India Private Limited
103
Hinge Health MathWorks
Hitachi Vantara Mavenir
Hottinger Bruel & Kjaer Maxlinear
Hudl McAfee LLC
IBM India Private Limited MeasureOne Solutions Private Limited
Icann Medallia
Ideaforge MediaTek
Imagination Technologies Meesho
Imagine Marketing Limited Menlo Security
Imperva Messagebird
Imply Data Meta
Inatech India Private Limited Microchip Technology
Incred Financial Services Limited Micron Technology
Indeed Microsoft India Private Limited
Infineon Technologies Mixpanel
Infinera Corporation MKS Instruments
Infoblox Mobile Premier League
Informatica Model N India Software Private Limited
Ingenico Moloco
Inmobi MongoDB
Innovaccer Moodys
Intel Morningstar India
Intercontinental Exchange Motive Technologies
InterviewStreet Inc. Dba Hackerrank MPS
Intuit MSCI
Iris Software Technologies Private Limited Myntra
Itron Nasdaq
JAMF National Instruments
Jio Platform Limited NCR Corporation
Juniper Networks Netapp
Keli Network Netscout Systems
Keyloop Netskope
Kinaxis New Relic
KLA Newfold Digital
Knowles Nexperia
Kvh Industries Nference India
Kyriba Corporation Nium India Private Limited
Lam Research Nordic Semiconductor
Lattice Semiconductor Notion Labs
Learneo Ntex Transportation Service Private Limited
Lendingkart Finance Private Limited Nucleus Software
Lenovo Nutanix
Lexmark International Nvidia
Liberty Wireless Pte Limited Nxp India Private Limited
Lightstorm Telecom Connectivity Private Nykaa
Limited O9 Solutions
LinkedIn Okta
Littelfuse Omnicell
Livevox Onetrust LLC
Logicmonitor Onsemi
Logitech OpenText
Logmein Oportun
Lookout Outcomes
Lumen Technologies Outsystems
Malwarebytes Ownbackup Limited
Manhattan Associates Pagesuite (India) Private Limited
Marvell Palo Alto Networks
104
Panasonic Avionics Corporation Secureworks
Panduit Corporation Sentinelone
Par Technology Corporation ServiceNow
Payoneer India Commerce LLP SGH
PayPal Shipbob
Paytm Shopify
PayU Shure Incorporated
Payward Siemens AG
Pharmeasy Sifive
Picarro Silicon Labs
Piezo Technology India Private Limited Sima.Ai India Private Limited
Pingcap Sitecore
Planview Smartbear
Pluralsight Smartrent Technologies
Power Integrations Smartshift Logistics Solutions Private Limited
Precisely Software Smiths Group PLC
Progress Software Snowflake
Psemi Corporation Sony India Private Limited
PTC Splunk
Pure Storage Spotify
Q2 Springboard
Qad Mexicana Sprinklr
Qliktech Stats Perform
Qorvo Stefanini
Qualcomm India Private Limited Sterlite Technologies Limited
Qualys STMicroelectronics
Quantiphi Analytics Stratasys
Quick Heal Technologies Limited Stripe
Rackspace Technology Sumo Logic
Radware Symphony AI
Rambus Synaptics
Rapipay Syncron Holding AB
Razorpay Software Private Limited Synopsys
Realpage Sysdig
Red Hat Tata Communications
Redington Tata Teleservices Limited
Reliance Jio Tata Unistore
Reltio Tecnotree Corporation
Renesas Electronics Telesign Corporation
Ringcentral Tenable Network Security
Ripple Labs Teradata
Riverbed Technology Teradyne
Rocket Software Texas Instruments
Rohm Semiconductor India Private Limited The Trade Desk
Roppen Transportation Service Private Limited Thunes
Rubrik TNS
RWS Toast
Sabre Tomtom
Sailpoint Technologies Trellix
Salesforce.Com Tricentis
Salesken AI Tt Electronics PLC
SAP Ttm Technologies
SAS Institute Twilio
Schneider Electric Uber Technologies
Scripbox Advisors Private Limited Uipath Robotic Process Automation India
Seagate Private Limited
105
UKG Wise
Uniphore Wisetech Global
Unity Technologies Wolfspeed
Uplight Workato
Urban Company Workday
Vectra Ai Xactly
Veed.IO Xerox
Verisign Xperi
Veritas Yahoo
Verizon Yellow.ai
Vertex Zelis
Viavi Solutions Zendesk
Visa Zepto
VMware Zet
Vodafone Idea Limited Zoom Video Communications
Weave Communications Zscaler
Wind River Systems
Metals & Mining

ArcelorMittal Nippon Steel India Limited Posco India Pune Processing Center Private
Arconic Corporation Limited
Eramet Rio Tinto
Hindalco Industries Private Limited
Jindal Steel & Power
Adecco India KPMG Global Services Limited
Association Of International Certified Leap
Professional Accountants Lighthouse Global
Bain & Company PricewaterhouseCoopers
Bluescope Buildings North America Pwc India
Boston Consulting Group Silverskills Private Limited
Deloitte U.S. India Firms Systra Mva Consulting India Private Limited
Epiq Teamlease Services Limited
EY Global Delivery Services TMF Group
Forrester Research Tresvista Financial Services
Gensler UL Solutions
Hire Right Unitedlex
ICF Consulting UST
Jacobs
91Springboard Business Hub Private Limited Bhoruka Park Private Limited
Adani Estate Management Private Limited Brookfield Properties
Adani Road Transport Limited CapitaLand Investment Limited
Altisource Business Solutions Private Limited GMR Airports Infrastructure Limited
Aparna Realty Projects Private Limited GMR Power And Urban Infrastructure Limited
106
Godrej Properties Limited Lodha Group
Hiranandani Communities Mahan Energen Limited Projects
ITD Cementation India Limited Maia Estates
JLL Prologis
Kirloskar Industries Limited Reliance Infrastructure Limited
Leighton India

Aditya Birla Fashion And Retail Limited Marks And Spencer Reliance India Private
Appario Retail Private Limited Limited
Arvind Fashions Limited More Retail Private Limited
Bata India Limited Nicobar Design Private Limited
Cardinal Health Nike
Gap Inc. Ralph Lauren
H&M Shoppers Stop Limited
H&R Block Universal Sportsbiz Private Limited
Lifestyle International Private Limited Vf Corporation
Lt Apparel Group Wolverine Worldwide
Marelli
Telecommunications Services
American Tower Corporation Limited
AT&T Motorola Solutions
Bharti Airtel Limited Nokia
Ceragon Limited Reliance Jio
CommScope Singapore Telecommunications Limited
Congruex Spirent Communications
EchoStar - Hughes Network Systems Sterlite Technologies Limited
Ericsson Syniverse Technologies
Inmarsat Viasat
Intelsat Vodafone Idea Limited
Lightstorm Telecom Connectivity Private
Life Sciences
10X Genomics Ascensia Diabetes Care Holdings AG
Abbott India Limited Astellas
AbbVie AstraZeneca India Private Limited
ACG World Avantor
ACM Global Laboratories Azenta UK Limited
Advarra Bausch Health
Agilent Technologies Baxter International
Align Technology Bayer
Alkem Laboratories Biocon Limited
Allucent Bio-Rad Laboratories
Amgen Bio-Techne
Apotex India Bristol Myers Squibb
107
Caidya Novus International
Calyx Novus Nutrition Pty Limited
Carestream Health Organon
Charles River Laboratories Otsuka Pharmaceutical India Private Limited
Cipla Limited Parexel International
Conmed Path
Cue Health Perfect Day
Curia Pfizer
Danaher Corporation Piramal Pharma Limited
Edwards Lifesciences Qiagen
Eli Lilly Services India Private Limited Qualifacts
Enovis Quidelortho
Envista Holdings Corporation Resmed
Fortrea Revvity
GE Healthcare Sandoz
Gilead Sciences Smith And Nephew Healthcare Private Limited
Granules India Limited Sonova
Haemonetics Staar Surgical Company
Hollister Standard Biotools
Hologic Starkey India Laboratory Private Limited
ICON Clinical Research Limited Steris
Idexx Laboratories Strides Pharma Science Limited
Illumina Stryker
Indegene Limited Sun Pharmaceutical Limited
Intuitive Surgical Syneos Health
Iqvia Takeda Pharmaceuticals
Jb Chemicals And Pharmaceuticals Limited TCG Lifesciences Private Limited
Jjmi Teleflex Medical Private Limited
Johnson & Johnson Terumo Blood And Cell Technologies
Karl Storz Terumo India
Labcorp The Cooper Companies
Livanova Thermo Fisher Scientific
Lonza UCB India Private Limited
Lupin Limited Usp
Masimo Viatris
Medtronic VWR Lab Products Private Limited
Merck KgaA Waters Corporation
MMS Holdings Zeiss
Molnlycke Health Care Zimmer Biomet
MSD Pharmaceuticals Zimvie
Narayana Health Zoetis
Neogen Zoll
Novartis Zydus Lifesciences
Novo Nordisk India
108

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AON ANNUAL

Proprietary & Confidential

landscape. Furthermore, a decline in overall attrition

directions. • Variable Pay has been represented as a percentage

Pay for Performance

with Cautious Optimism 14

3 Pay for Performance

5 Diversity, Equity and

Business growth 2022 Business growth (2023 A)

Business growth (2024 P)

16% Moderate Revenue Growth (5% to 20%+)

53% No Impact (0% to 5% Revenue Growth)

High Revenue Growth (20%+)

29% Negative Revenue Growth

India displays steady growth and strategic adaptation as it

Easing Inflationary pressure -

The trajectory of India’s salary increments in 2024 reflects a landscape

India Inc. Overall Salary Increase Trend Over the Years:

High to Low Double Digit High Single Digit

2024 (Projected) 2022 (Actual)

18% 18% 22%

The projection for 2024,

Overall Salary Increase by Employee Groups

All Junior Management/ 10.2%

Manual Workforce 5.3%

Impact of Revenue on Salary Increase:

10.5% 10.5% 10.0%

2023 (A) 2024 (P)

Impact of Headcount on Salary increase:

10.1% 10.4% 10.1%

2023 (A) 2024 (P)

India Inc. Manufacturing Services

Aerospace Engineering Chemicals

Automotive/Vehicle Manufacturing Engineering Design Services

Engineering/Manufacturing Financial Institutions

Durable Investment Banking

Non-Durable : Foods, Beverages, Tobacco,

Metals & Mining Funds/Asset Management

Lifesciences / Pharmaceuticals NBFC

Medical Technology Life Insurance

India Inc. Manufacturing Services

General Insurance/ Reinsurance Retail and Supply Chain GCC

ICT 9.2% 8.4%

Application Services Other - Services

Third Party Services

Sectors with highest variable payout

Financial Professional E-Commerce

Variable Payout Trends

Variable Payout Trends Over the Years (as % of total fi ed pay)

The variable pay trends across

Variable payout by levels of management

10.8% 11.4% 11.2%

Top/Senior Management Middle Management Junior Management

2021 2022 2023 (A) 2024 (P)

Top & Senior Middle Junior

India Inc. 13.3 20.9 14.7 10.6

Aerospace 13.2 23.0 12.0 8.0

Automotive/Vehicle Manufacturing 13.8 21.8 15.1 9.3

Engineering Design Services 14.0 15.0 11.0 5.0

Engineering/Manufacturing 14.7 24.7 16.4 9.0

Chemicals 9.9 13.0 10.8 9.4

Energy (Oil/Gas/Power) 13.5 31.5 18.0 12.3

Metals & Mining 13.6 24.0 15.0 9.0