90 percent of companies in India are planning to give bonuses this year

To tackle the ‘great resignation’, 90 percent of the companies may give bonuses...

...to its employees in 2022, says the latest Workforce and Increments Trends Survey by Deloitte.

Attrition rate, also known as ‘churn rate’, is the percentage of employees leaving the company.

The attrition rate in India had gone up to 19.7 percent in 2021 from 15.8 percent in 2020, according to the survey.

Another interesting aspect of the bonus part is that four out of every ten companies are planning...

...to pay more than 100 percent of the target bonuses.

The survey also reveals that companies are also coming up with these initiatives...

...— job enrichment, career management, and employee upskilling — as a part of the employee retention strategy.

Other than bonuses and rewards, almost all organisations may also...

...give at least 9.1 percent salary hike this year, says the survey.

Life sciences and information technology (IT) sectors are likely to give the highest increments in 2022.

92 percent of organisations are expected to use individual performance to differentiate increments...

...across employees, while the top performers will be expected to get 1.7 times the increment given to average performers.

However, senior management employees may get a relatively lower increment...

...as compared to junior employees in 50 percent of Indian firms.

Also, the survey says that the percentage of employees getting promotion...

...may increase from 11.7 percent in 2021 to 12.4 percent in 2022.