
NEW DELHI: India Inc at
the top list among Apac countries with a projected increase in salary of 9.4%
in 2018, it’s a revealed data from Aon
India’s Salary Increase Survey. Chinais the second. It is with an increase of
6.7%.
“Despite an improvement in macro-economic forecasts, salary
increases remain at the same level as was projected in the last fiscal,” said Anandorup Ghose , partner at Aon India . “With increasing maturity, HR budgets are being realigned towards
top performers as opposed to the broader population.”
Pay increases are becoming more different, Ghose added. “We
are increasingly seeing a group of factors impacting salary increases, such as
size of the company or organisation, business dynamics within the sub industry,
nature of talent requirements and quite obviously, performance,” he said.
The survey was conducted around
1,000 companies across 20 industries, said companies in India gave an average
pay increase of 9.3% last year. It marked a departure from the double-digit
increments given by organisations earlier. The projections for 2018 are
expected to be similar, highlighting increasing prudence being displayed by
companies, while finalising pay budgets.
The attention is on the performance and focus
on performance is getting sharper and important every year across sectors and
companies. Top performers are getting an average salary increase of 15.4%,
around 1.9 times the pay increase for an average performer.
Infact, there is a
reason to cheer for people in professional services, consumer internet
companies, life sciences, automotive and consumer products, as these continue
to project a double-digit salary increase for 2018. The attrition rate in India
has come down from an average 20% in previous decade to 15.9% in 2017.
- India’s largest design meet opens in Kochi on Dec 11
- Tourism Minister launches microsite on ecotourism
- Drone community starts to evolve in state, says IT secy
- India at the top of Apac list for salary increase!
- GDP growth likely to be 7% in December quarter
- Arun Jaitley on Long Term Capital Gains Tax
- US firm Purism plans to start manufacturing of laptops in Kerala
- Constitution is a vigorous tool: Padma Shri Madhava Menon
- ‘Velvet’ female condom launched