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India’s overall churn rate will fall from 21.4% in 2022 to 18.7% in 2023.
According to Aon research, wages in India are expected to grow by 9.5% this year.
Published on Wednesday, February 21, 2024, 2023-24 Annual Salary Increase and Turnover SurveyThe report, which analyzed data from 1,414 companies in 40 industries, noted that the figure is expected to decline slightly from 9.7% in 2023.
The report breaks down the data by industry in 2024 as follows:
Employee turnover rate in India:
The survey also showed that India’s overall employee turnover rate dropped from 21.4% in 2022 to 18.7% in 2023, highlighting the fierce competition in the job market and the turnover rate may reach its highest peak.
Jang Bahadur Singh, Director, Talent Solutions, Aon India, commented: “In 2023, organizations managed to navigate a challenging environment, balancing strong average salary growth amid high attrition rates.
“As leaders prepare for 2024, their focus will likely shift to building a supportive work environment that fosters employee engagement in a dynamic job market.”
read more: 6 Global Talent Trends to Watch in 2024 | HR Online
Lead Figure/123RF
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