2024 Salary Increase Projections Which All Companies Must Know About

2024 is almost here and it is time to assess which skill sets your company needs and prepare a hiring budget accordingly. One of the major trends right now amongst global employers is to hire tech and digital professionals from India remotely. 62.5% of US, UK, and AUS businesses have leveraged Indian remote talents in the last five years, for good reason. Indian talent’s broad skill sets, global readiness, and cost-effectiveness are difficult to beat, making them the best option for fast-paced businesses.

Before you explore the Indian talent landscape, it is important to find out the projected salary increases for 2024 for the roles you want to hire. In the face of challenges like recessions and increasing costs of local talents from the United States, United Kingdom, Australia, and South Africa, it has become increasingly important to determine the expected costs.

In this blog, we will discuss the factors that dictate the payscales and the 2024 salary increase projections for tech and digital remote talents in India so you can approach the job market confidently. 

1. Factors That Influence The Salary Trends

• Demand-supply gap of talents
• Economic factors and policies
• Prevalent salary ranges

2. Projected Salary Increase For 2024

• Tech
• Digital

3. How Transparent Pricing Can Help You Become a Confident Employer

Factors That Influence The Salary Trends

Here are the three most influential factors behind the salary trends for any region:

1. Demand-supply gap of talents

Naturally, the salaries of professionals from a talent-rich region will be less compared to a region that has high demand but low supply. For instance, Canada and Germany-based companies have a high demand for AI/ML engineers, but they are unable to find qualified professionals due to low supply. On the other hand, India has 400,000+ AI/ML talents (the third-highest in the world), which is why global businesses are saving almost 40% by simply  offshore hiring. 

2. Economic factors and policies

The average cost of living in India is 78% less than in the UK and 82% less than in the US, hence the salary levels are also lesser than in the Western countries. Even the tax and compliance policies are favorable to the salary earners in India, making it much easier for global companies to leverage top remote talents.

3. Prevalent salary trends

The existing salary range act as an anchor point for future salary negotiations, both for employers and employees. While businesses always stick to their hiring budget, the prevalent salary trends are the best way to understand if you are offering above or below the industry standards. There are also incremental changes to compensation trends every year, which we will discuss in the below section.

Projected Salary Increase For 2024

The 2024 salary increase projection is 9.8%, similar to the last two years. This is due to the growing demand for skilled talents and the competitive job market in India. However, this is still less than the 14% salary increase of local talents in the United States, United Kingdom, Australia, and South Africa, which proves that India is still a cost-effective talent destination.

Based on these projections, popular tech and digital roles will cost you the following:

You can find more information on 50+ tech and digital roles from our salary guide. 

How Transparent Pricing Can Help You Become a Confident Employer

Generally, when global employers hire from offshore locations like India, popular recruitment methods like EOR platforms, staffing agencies, and others include hidden charges in their final bill. In the end, you are paying way more than the talent’s salary and it severely impacts your finances. But that is not how we operate.

Uplers introduces transparent pricing that allows global employers to know exactly how much they are paying their remote talent and how much margin is the hiring partner charging. The salary is negotiated between the talent and the hiring partner; to find out how much you should be paying the talent, you can refer to Uplers’ salary trends guide. This is part of our core values of trust and honesty.

We believe in providing full disclosure on the talent’s salary and our fees, whether you hire for a short-term, long-term, or include the talent directly on your payroll. You can also find out our charges for additional services like Laptop Rentals, HR & IT support, Travel and visa support, etc. 

Avoid paying exorbitant hidden charges and choose Uplers for the best remote hiring experience. Feel free to contact us for more information.