{"id":68239,"date":"2023-12-18T19:17:10","date_gmt":"2023-12-18T13:47:10","guid":{"rendered":"https:\/\/www.uplers.com\/blog\/"},"modified":"2024-10-15T16:52:48","modified_gmt":"2024-10-15T11:22:48","slug":"2024-salary-increase-projections","status":"publish","type":"post","link":"https:\/\/www.uplers.com\/blog\/2024-salary-increase-projections\/","title":{"rendered":"2024 Salary Increase Projections Which All Companies Must Know About"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">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\u2019s broad skill sets, global readiness, and cost-effectiveness are difficult to beat, making them the best option for fast-paced businesses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before you explore the Indian talent landscape, it is important to find out the <\/span><span style=\"font-weight: 400;\">projected salary increases for 2024 <\/span><span style=\"font-weight: 400;\">for the roles you want to hire. In the face of challenges like <\/span><a href=\"https:\/\/www.uplers.com\/blog\/us-recession\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">recessions<\/span><\/a><span style=\"font-weight: 400;\"> 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this blog, we will discuss the factors that dictate the payscales and the <\/span><span style=\"font-weight: 400;\">2024 salary increase projections<\/span><span style=\"font-weight: 400;\"> for tech and digital remote talents in India so you can approach the job market confidently.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">1. Factors That Influence The Salary Trends<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Demand-supply gap of talents<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Economic factors and policies<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Prevalent salary ranges<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">2. Projected Salary Increase For 2024<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Tech<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Digital<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">3. How Transparent Pricing Can Help You Become a Confident Employer<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Factors That Influence The Salary Trends<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Here are the three most influential factors behind the <\/span><span style=\"font-weight: 400;\">salary trends<\/span><span style=\"font-weight: 400;\"> for any region:<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-68240\" src=\"https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image3.png\" alt=\"2024 salary increase projections\" width=\"1281\" height=\"742\" srcset=\"https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image3.png 1281w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image3-300x174.png 300w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image3-1024x593.png 1024w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image3-768x445.png 768w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image3-624x361.png 624w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image3-500x290.png 500w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image3-600x348.png 600w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image3-150x87.png 150w\" sizes=\"(max-width: 1281px) 100vw, 1281px\" \/><\/p>\n<h3><span style=\"font-weight: 400;\">1. Demand-supply gap of talents<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">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\u00a0<\/span><a href=\"https:\/\/www.uplers.com\/blog\/hiring-employees-in-india\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"> offshore hiring<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">2. Economic factors and policies<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">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 <\/span><a href=\"https:\/\/www.uplers.com\/blog\/choosing-indian-top-tech-talent\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">top remote talents<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">3. Prevalent <\/span><span style=\"font-weight: 400;\">salary trends<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">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 <\/span><span style=\"font-weight: 400;\">compensation trends<\/span><span style=\"font-weight: 400;\"> every year, which we will discuss in the below section.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Projected Salary Increase For 2024<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/www.uplers.com\/india-salary-guide-2024\/?utm_source=Uplers+&amp;utm_medium=ebook&amp;utm_campaign=India+Salary+Guide+2024\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">2024 salary increase projection<\/span><\/a><span style=\"font-weight: 400;\"> 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.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-68241\" src=\"https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image2.png\" alt=\"compensation trends\" width=\"1281\" height=\"742\" srcset=\"https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image2.png 1281w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image2-300x174.png 300w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image2-1024x593.png 1024w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image2-768x445.png 768w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image2-624x361.png 624w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image2-500x290.png 500w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image2-600x348.png 600w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image2-150x87.png 150w\" sizes=\"(max-width: 1281px) 100vw, 1281px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Based on these projections, popular tech and digital roles will cost you the following:<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-68242\" src=\"https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image4.png\" alt=\"salary trends \" width=\"1281\" height=\"742\" srcset=\"https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image4.png 1281w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image4-300x174.png 300w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image4-1024x593.png 1024w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image4-768x445.png 768w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image4-624x361.png 624w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image4-500x290.png 500w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image4-600x348.png 600w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image4-150x87.png 150w\" sizes=\"(max-width: 1281px) 100vw, 1281px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-68243\" src=\"https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image5.png\" alt=\"2024 salary increase projections \" width=\"1281\" height=\"742\" srcset=\"https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image5.png 1281w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image5-300x174.png 300w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image5-1024x593.png 1024w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image5-768x445.png 768w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image5-624x361.png 624w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image5-500x290.png 500w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image5-600x348.png 600w, https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image5-150x87.png 150w\" sizes=\"(max-width: 1281px) 100vw, 1281px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">You can find more information on 50+ tech and digital roles from our <a href=\"https:\/\/www.uplers.com\/india-salary-guide-2023\/?utm_source=Uplers+&amp;utm_medium=ebook+&amp;utm_campaign=India+Salary+Guide+2024\" target=\"_blank\" rel=\"noopener\">salary guide.\u00a0<\/a><\/span><\/p>\n<h2><\/h2>\n<h2><span style=\"font-weight: 400;\">How Transparent Pricing Can Help You Become a Confident Employer<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">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\u2019s salary and it severely impacts your finances. But that is not how we operate.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Uplers introduces <\/span><a href=\"https:\/\/www.uplers.com\/pricing\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">transparent pricing<\/span><\/a><span style=\"font-weight: 400;\"> 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\u2019 salary trends guide. This is part of our core values of trust and honesty.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We believe in providing full disclosure on the talent\u2019s 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 &amp; IT support, Travel and visa support, etc.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Avoid paying exorbitant hidden charges and choose Uplers for the <a href=\"https:\/\/www.uplers.com\/how-it-works\/\" target=\"_blank\" rel=\"noopener\">best remote hiring experience.<\/a> Feel free to contact us for more information.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":82,"featured_media":68250,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1885,1886,1887,1888,1715,1289,1085,701,1],"tags":[2214,2217,2221,2218,2021,2215,2216,2219,2020,2220],"acf":{"large_image":{"ID":68250,"id":68250,"title":"","filename":"Image1-1.jpg","filesize":483417,"url":"https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image1-1.jpg","link":"https:\/\/www.uplers.com\/blog\/2024-salary-increase-projections\/image1-1\/","alt":"2024 salary increase projections","author":"82","description":"","caption":"","name":"image1-1","status":"inherit","uploaded_to":68239,"date":"2023-12-18 14:13:33","modified":"2024-01-03 10:36:40","menu_order":0,"mime_type":"image\/jpeg","type":"image","subtype":"jpeg","icon":"https:\/\/www.uplers.com\/wp-includes\/images\/media\/default.png","width":1280,"height":628,"sizes":{"thumbnail":"https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image1-1-150x150.jpg","thumbnail-width":150,"thumbnail-height":150,"medium":"https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image1-1-300x147.jpg","medium-width":300,"medium-height":147,"medium_large":"https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image1-1-768x377.jpg","medium_large-width":625,"medium_large-height":307,"large":"https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image1-1-1024x502.jpg","large-width":625,"large-height":306,"1536x1536":"https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image1-1.jpg","1536x1536-width":1280,"1536x1536-height":628,"2048x2048":"https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image1-1.jpg","2048x2048-width":1280,"2048x2048-height":628,"blog-grid":"https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image1-1-436x265.jpg","blog-grid-width":436,"blog-grid-height":265,"blog-detail":"https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image1-1-891x505.jpg","blog-detail-width":891,"blog-detail-height":505,"post-thumbnail":"https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image1-1-624x306.jpg","post-thumbnail-width":624,"post-thumbnail-height":306,"other-page-blog-img":"https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image1-1-500x245.jpg","other-page-blog-img-width":500,"other-page-blog-img-height":245,"web-stories-poster-portrait":"https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image1-1-640x628.jpg","web-stories-poster-portrait-width":640,"web-stories-poster-portrait-height":628,"web-stories-publisher-logo":"https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image1-1-96x96.jpg","web-stories-publisher-logo-width":96,"web-stories-publisher-logo-height":96,"web-stories-thumbnail":"https:\/\/www.uplers.com\/wp-content\/uploads\/2023\/12\/Image1-1-150x74.jpg","web-stories-thumbnail-width":150,"web-stories-thumbnail-height":74}},"schema":"","similar_blogs":"dynamic","right_sidebar":"Sidebar 1","hire_experienced_prevetted_talents_popup_form":"Disabled","download_guide_to_hiring_top_indian_remote_talent":"Disabled","download_guide_to_bridge_cultural_gaps_for_indian_employees":"Disabled","download_india_salary_guide_2023":"Enabled","sliding_ebook_cta":"None","exclusive_article":"No","feature_this_blog_in_listing_page":"Yes"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>2024 Salary Increase Projections Which All Companies Must Know About - Uplers<\/title>\n<meta name=\"description\" content=\"Discover the key 2024 salary increase projections. 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