India’s BPO salaries to rise by 9.8%
MUMBAI, INDIA — Salaries for India’s Business Process Outsourcing (BPO) industry are expected to increase by 9.8% this year, said advisory solutions firm WTW.
In its latest Salary Budget Planning Survey, WTW revealed that the outsourcing sector has the second-highest projected increase among sectors, just falling behind financial services, tech media and gaming, pharmaceutical and biotechnology, chemicals, and retail with 10%.
Meanwhile, salary increases in the manufacturing of durable goods and non-durable goods are projected to grow by 9.5% and 9%, respectively.
“Business opportunity and employee retention are currently the primary drivers for salary increases in India,” said Rajul Mathur, Consulting Leader of Work and Rewards at WTW India.
With a projected attrition rate as high as 24% for key talent segments, Mathur suggests that organizations should consider adjustments in their benefits, employee experience strategy, career paths, work, and stress management support to retain their employees.
The WTW report also revealed that India’s overall median salary is projected to increase by 10%, up from 2022’s actual salary increase rate of 9.8%.
