The EY Future of Pay report projects that e-commerce will experience the highest salary growth at 12.5% in 2023, outpacing other sectors such as professional services and IT, which are expected to see increases of 11.9% and 10.8%, respectively [7]. This projection comes as a result of a survey conducted with over 150 leaders and CHROs from mid to large scale organizations across India Inc [7].
The EY Future of Pay report projects that e-commerce will experience the highest salary growth at 12.5% in 2023, outpacing other sectors such as professional services and IT, which are expected to see increases of 11.9% and 10.8%, respectively [7]. This projection comes as a result of a survey conducted with over 150 leaders and CHROs from mid to large scale organizations across India Inc [7].
The e-commerce sector has experienced significant growth in recent years, driven by the rapid expansion of internet access and digital technologies. As a result, businesses in this industry have enjoyed increased revenues and opportunities, leading to an increased demand for skilled professionals. This demand has translated into higher salaries for employees working in e-commerce, as companies strive to attract and retain top talent [7].
Professional services and IT sectors are also expected to see substantial salary growth, reflecting the ongoing trend of digital transformation across industries. As businesses increasingly rely on technology and digital solutions to streamline operations and improve customer experiences, professionals with specialized skills in these areas have become highly sought after. This has led to a competitive job market and increased salaries for professionals in these sectors [7].
The EY Future of Pay report highlights the importance of understanding the evolving landscape of salaries and compensation across industries. As the e-commerce, professional services, and IT sectors continue to expand and evolve, companies must adapt their compensation strategies to remain competitive in attracting and retaining top talent [7].
In conclusion, the EY Future of Pay report offers valuable insights into the projected salary growth across various industries in India Inc. E-commerce leads the way with the highest projected salary growth, reflecting the sector's rapid growth and increasing demand for skilled professionals. Meanwhile, professional services and IT sectors are also expected to see significant salary increases, driven by the ongoing trend of digital transformation across industries. Companies must be aware of these trends and adapt their compensation strategies accordingly to attract and retain top talent in an increasingly competitive job market [7].
