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The study cited various reasons for the potential drop in increments.
Average increments are likely to drop to 9.1% this year in almost all sectors following inflation, higher interest rates and a slowdown in the economy, according to the Deloitte India Talent Outlook 2023 study.
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The study found that in 2023, increments are expected to be lower across almost all sectors, compared to 2022 actual increments.
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While the Life Sciences sector is expected to witness the highest increments in 2023, the IT sector will likely witness a major drop in increments as compared to last year, the study said.
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Apart from this, attrition in India reached 19.7% in 2022, up from 19.4% in 2021, it said.
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The study found only 19% of organisations—mostly in the IT, information technology-enabled services, and consumer sectors—confirmed that their employees have visibility of skills beyond their current role.
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The study found that 27% of organisations have gone beyond their permanent workforce and invested in skills-based training for gig workers, while 13% reported that they were planning to do so.
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