India is probable to see a modest rise in salary of 7.25 per cent this year after registering double-digit growth in past. At present recession is affecting the pay, benefit and job prospects for employees, global human resource consultancy firm Hay Group has said.
“Overall, the picture for India has deteriorated...Now, with large numbers of organizations 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 organizations are having to tighten their belts,” Hay Group said in a report.
The report further said “the biggest concern for Indian companies is still the attraction and retention of talent as opposed to managing downsizing.”
This means that Indian organizations may carry on investing in competitive salaries for high performing and high potential employees. At the same time, companies need to get more creative in developing a work culture and leadership style that enables them to become employers of choice without having to resort to the check-book, Hay Group said.
“Overall, the picture for India has deteriorated...Now, with large numbers of organizations 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 organizations are having to tighten their belts,” Hay Group said in a report.
The report further said “the biggest concern for Indian companies is still the attraction and retention of talent as opposed to managing downsizing.”
This means that Indian organizations may carry on investing in competitive salaries for high performing and high potential employees. At the same time, companies need to get more creative in developing a work culture and leadership style that enables them to become employers of choice without having to resort to the check-book, Hay Group said.
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