Skip to main content

India Inc's avg salary hike to be 9.4% this yr: Survey

By
India Inc's avg salary hike to be 9.4% this yr: Survey
Employees in India are likely to get an average salary hike of just 9.4 per cent this year, same as last year, while key talent are expected to get appraisals of as much as 15.4 per cent as companies increase focus on performanceHR consultancy Aon Hewitt's annual Salary Increase Survey, that analysed data across more than 1,000 companies from over 20 industries, said the average salary for India Inc stands at 9.4 per cent this year. A on believes average pay increases in India will remain between 9.4-9.6 per cent.
As per the survey, companies in India gave an average pay increase of 9.3 per cent during 2017, marking a departure from the double digit increments given by organisations since the inception of this study.Even as salary hike remained at the same level on a year-on-year basis, India continues to lead the Asia-Pacific region.China is expected to dole out a salary raise of 6.7 per cent, Philippines 5.8 per cent, Malaysia 5.1 per cent, Singapore 4 per cent, Australia 3.2 per cent and Japan 2.5 per cent.
The survey noted that the focus on performance is getting sharper year-on-year. A top performer is getting an average salary hike of 15.4 per cent, approximately 1.9 times the pay increase for an average performer."With critical skills shortage highlighted as a key concern, companies are becoming more cautious while recognising and remunerating their key talent," Anandorup Ghose, Partner at Aon India Consulting told reporters here.
Ghose further said that "with increasing maturity, HR budgets are being realigned towards top performers as opposed to the broader population".Sectors such as professional services, consumer internet companies, life sciences, automotive and consumer products continue to project a double-digit salary increase for 2018.
Despite an improvement in macro-economic forecasts - salary increases remain at the same level as was projected in the last fiscal and this is because salary increases are becoming more "nuanced"."We are increasingly seeing a multitude of factors impacting salary increases such as size of the company, business dynamics within the sub industry, nature of talent requirements and quite obviously, performance," Ghose said
Meanwhile, attrition rate in India is seeing a continuous downward trend as the overall attrition has come down from an average of 20 per cent in the previous decade to 15.9 per cent in 2017

The Business Standard, New Delhi, 28th February 2018

Comments

Post a Comment

Popular posts from this blog

Credit card spending growth declines on RBI gaze, stress build-up

By
  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the...
Post a Comment
Read more

SFBs should be vigilant, proactive to mitigate risks: RBI deputy guv

By
  The Reserve Bank of India’s Deputy Governor Swaminathan J on Friday instructed the directors of small finance banks (SFBs) to be vigilant and proactive in identifying emerging risks in the sector.Speaking at a conference for directors on the boards of SFBs, Swaminathan highlighted the role of governance in guiding SFBs towards sustainable growth with stability. He also emphasised the importance of sustainable business models.Additionally, he highlighted the need for strengthening cybersecurity to protect the entities against digital threats and urged for a stronger focus on financial inclusion, customer service, and grievance redressal to ensure a broader reach of banking services.Executive Directors S C Murmu, Rohit Jain, and R L K Rao, along with other senior officials representing the Supervision, Regulation, and Enforcement Departments of the RBI, also participated in the conference.   -  Business Standard  30 th  September, 2024
Post a Comment
Read more

Brigade Hotel Ventures files draft papers with Sebi for Rs 900 crore IPO

By
  Brigade Hotel Ventures Ltd, owner and developer of hotels in South India, has filed draft papers with capital markets regulator Sebi to raise Rs 900 crore through an initial public offering (IPO).The proposed IPO is entirely a fresh issue of equity shares with no Offer-for-Sale (OFS) component, according to the draft red herring prospectus (DRHP).Proceeds from the issue to the tune of Rs 481 crore will go towards payment of debt, Rs 412 crore will be allocated to the company and Rs 69 crore to its material subsidiary, SRP Prosperita Hotel Ventures Ltd.Additionally, Rs 107.52 crore will be used to purchase an undivided share of land from the Promoter, BEL, and the remaining funds will support acquisitions, other strategic initiatives, and general corporate purposes.The company may raise up to Rs 180 crore through a Pre-IPO Placement.   If the placement is undertaken, the issue size will be reduced.Brigade Hotel Ventures Ltd is a wholly-owned subsidiary of Brigade Enterprises ...
Post a Comment
Read more