India is likely to witness a moderate increase in salary of 7.25 per cent this year due to the global economic recession, which is affecting the pay as well as benefit and job prospects for the employees, said Hay Group, the global human resource consultancy firm.
Overall, the picture for India has deteriorated...Now, with large numbers of organisations freezing pay, and predictions overall of median pay inflation of around 7.25 per cent after years of double-digit growth, there is evidence that organisations are having to tighten their belts, Hay Group said in a report.
Moreover, the report further said the biggest concern for Indian companies is still the talent attraction as well as retention as opposed to managing downsizing. This means that the Indian organisations would continue to invest in the competitive salaries for high performing and high potential employees, Hay Group said.
Regarding the public sector companies in India, Hay Group said "pay in the public sector remains relatively modest, even after these changes (even after implementing pay reviews), but increases of this magnitude will clearly skew Indian pay market data for some time to come."
The survey that covered 2,000 organisations from 88 countries across six continents, said "executive pay is likely to rise even less than that of their employees - and in practice many executives will receive significantly less than in previous years, as bonus pay-outs drop and the value of share-based payments is hit by stock market falls."
Overall, the picture for India has deteriorated...Now, with large numbers of organisations freezing pay, and predictions overall of median pay inflation of around 7.25 per cent after years of double-digit growth, there is evidence that organisations are having to tighten their belts, Hay Group said in a report.
Moreover, the report further said the biggest concern for Indian companies is still the talent attraction as well as retention as opposed to managing downsizing. This means that the Indian organisations would continue to invest in the competitive salaries for high performing and high potential employees, Hay Group said.
Regarding the public sector companies in India, Hay Group said "pay in the public sector remains relatively modest, even after these changes (even after implementing pay reviews), but increases of this magnitude will clearly skew Indian pay market data for some time to come."
The survey that covered 2,000 organisations from 88 countries across six continents, said "executive pay is likely to rise even less than that of their employees - and in practice many executives will receive significantly less than in previous years, as bonus pay-outs drop and the value of share-based payments is hit by stock market falls."
No comments:
Post a Comment