By Prachi Verma
Source: The Economic Times
Workforce in India have something to cheer about. India is likely to lead salary growth forecast in Asia, according to a Korn Ferry forecast. Salaries in India are expected to increase by 10% in 2019 as compared 9% last year and inflation-adjusted real-wage increases are expected to be 5% in 2019, up from 4.7% last year.
“Consequent to rapid economic growth, India continues to enjoy the highest overall salary increases and real-wage growth in Asia. While inflation indices are a solid benchmark for reviewing market trends in pay, we recommend that companies take a broader perspective to define their business strategy and cost drivers in view of increasing automation, use of new technology and the rising demand for skilled workers,” Navnit Singh, Chairman & Regional Managing Director, Korn Ferry India said.
The Korn Ferry 2019 Global Salary Forecast which predicts real-wage salaries across the world is based on Korn Ferry’s pay database which contains data for more than 20 million job holders in 25,000 organizations across more than 110 countries. It shows predicted salary increases, as forecasted by global HR departments, for 2019 and compares them to predictions made at this time last year regarding 2018. It also compares them to 2019 inflation forecasts from the Economist Intelligence Unit.