According to a mid-year survey on 'Performance & Reward Trends' by Hewitt Associates, companies across industries are strongly differentiating rewards on the basis of performance but majority of them are not considering any layoffs or severe salary cuts in current fiscal. The survey revealed that 16 per cent of the companies surveyed have a salary freeze and were mainly organizations in the financial services, IT and ITeS sector.
India has demonstrated a double digit growth in salary hike for the fourth year running, the highest in Asia Pacific region, with global HR consulting firm Hewitt Associates forecasting an average 14.5 per cent wage hike in 2007.
This was largely due to continued economic growth despite high energy prices, civil conflict and high inflationary pressures in Sri Lanka, the survey said. India was ranked at the top in last year's survey with a salary hike of 14.4 per cent. In this year's survey, Vietnam was ranked third with a hike of 10.3 per cent, followed by China (8.6 per cent) and Philippines (8.2 per cent).
Hewitt Associates, the global human resources services firm, says that Indians got the highest salary hikes in 2004 and the trend is likely to continue in 2005 too.
"We think Indian companies are getting ready for the revival and plan to hire strategically going forward. 2010 looks to be a good year from a salary increase perspective."
As per Hewitt's annual Salary Increase Survey 2009-10, the double-digit hike in salaries are anticipated for this year led by sectors like telecom, engineering, pharma and energy.
India Inc will see single-digit salary increases for the first time in six years and the salary increase projections may fall even further in the coming months, says a report by HR consultants Hewitt Associates.
Aditya Birla Group, Satyam Computer Services and Marriott Hotels India have been ranked as the top three employers in India.
Indian employees received an average salary hike of 15.1 per cent in 2007, the highest increase across 14 Asia Pacific countries, global human resources services company Hewitt Associates said.
Realty sector will witness a rise in salary by 25% in 2008, followed by telecommunications and energy sectors.
Tata Consultancy Services along with Bharti Televentures and National Thermal Power Corp was on Friday adjudged among the best employers in India by leading global human resources management firm Hewitt Associates.
Stock options are the most popular form of long-term incentive among Indian companies.
India, which registered highest average salary increase at 13.9 per cent in Asia in 2005, is expected to continue the trend of increased pay cheque with just 2.6 per cent of employers expecting salary freeze in the next year.
Mirroring the strong economic growth, salaries of Indian employees in multi-national, domestic and joint venture companies, recorded an increase ranging between 9.7 and 14.3 per cent during July 2004 to January 2005, says a survey.
International consultants Hewitt Associates has said it is helping two foreign firms in bidding for PSUs put up for divestment and is engaged in due diligence for four private companies for M&As in financial, IT and commodities sector.
The fourth annual survey of best employers in India by global human resource consultancy firm Hewitt Associates will also rank companies which employ blue collar workers.
The government on Thursday cleared 47 proposals envisaging Rs 285 crore (Rs 2.85 billion) foreign direct investment, including a proposal by Hewitt Associates to set up a 100 per cent subsidiary in India with Rs 120 crore (Rs 1.2 billion) investment.
India has shown the highest average salary increase in the Asia-Pacific region during 2004, beating China, Korea and Japan, according to a survey by global human resources firm Hewitt Associates.
Simran Multani, Founder of Ovenderful puts her passion for baking classic bakes in raising funds to help abandoned and maltreated animals.
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