DELHI, 23 February 2024: Financial well-being has taken centre stage in the dynamic landscape of India’s workforce, with 62% of Indian organisations prioritising it as a cornerstone of their HR strategies for the year, according to the latest findings from the ‘Future of Pay in India Report 2024,’ co-curated by The Economic Times HRWorld and ADP.
This pioneering report, officially unveiled at the Nextech India HR Summit 2024 in February, marks a pivotal moment for HR and business leaders seeking unparalleled insights into the country’s evolving landscape of pay and HR practices. Amidst the august gathering of top industry leaders, the report’s second edition captivated attendees with its comprehensive analysis and meticulous comparison of findings across various crucial payroll components essential to HR and business strategy.
Key highlights of the report include industry leaders acknowledging the importance of equal pay, fairness, and transparency but facing challenges in prioritising these aspects. Additionally, 32% of organisations employ performance-based compensation models, with over two-thirds believing their performance evaluation system effectively recognises skill growth alongside task accomplishment.
The report also reveals that industry leaders increasingly seek precision and efficiency in payroll processes, with one-third already using or planning to implement AI-driven tools within six months. Despite bias and data privacy concerns, 57% of organizations are willing to invest in AI-powered payroll systems. Furthermore, 62% of respondents prioritise financial well-being as a top HR consideration for 2024, and there is a growing emphasis on tailoring pay and rewards through alternative methods like digital currencies and stock options to suit employee preferences.
This report offers invaluable insights into the dynamic realm of payroll in India, empowering leaders with the knowledge they need to navigate the future with precision and foresight. “The release of the ‘Future of Pay in India Report 2024’ marks a significant milestone in our understanding of payroll practices in India,” noted Rahul Goyal, MD (India & Southeast Asia), ADP. He added, “As a benchmark study in payroll for the country, this report offers invaluable insights into the evolving landscape of pay and HR practices, empowering HR and business leaders with the knowledge they need to make informed decisions and drive sustainable growth.”
The meticulously developed study presents an in-depth overview of pay and payroll processes in India, incorporating a diverse array of perspectives from over 200 representatives of large Indian enterprises, along with exclusive one-on-one discussions with top industry leaders. This unique amalgamation offers an unparalleled opportunity to comprehend and interpret the evolving trends shaping the landscape of the Indian workforce. As we move forward into the future, this study efficiently opens the door to an era where decisions regarding payroll are grounded in robust data and facts, providing a panoramic view of where expectations intersect with reality and steering businesses towards sustainable growth with accuracy and confidence.
