Vinay Umarji
The Salary Budget Planning report released by Willis Towers Watson said the median salary increase at the executive level for 2020 is projected at 10.1%, an increase from 9.6 per cent in the previous year.
'Generic skills are in abundance, but technological advancements have left staple skills redundant.' 'It is why employers are now looking for alternate sources of hiring -- deploying gig workers, looking at Tier 2 and Tier 3 cities for relevant talent.'
For Indians, job security is more important than other factors such as salary and perks.
The Piramal group and Zurich Insurance have decided to jointly bid for Reliance General Insurance, a subsidiary of Reliance Capital. The groups had earlier submitted separate bids for the general insurance business of bankrupt Reliance Capital. Both Piramal and Zurich will hold 50 per cent each in the proposed special purpose vehicle (SPV).
Global HR professionals working in the financial services industry have pinpointed pay issues as the primary focus of their operations, according them higher priority than talent management and employee engagement, according to a survey by Towers Watson.
In terms of highest paying countries, Australia tops at entry and mid-management levels.
Out of the top 11 Asia Pacific economies, the average monthly Indian starting salary was ranked ninth.
According to the global professional services company, the sharp fall in the value of the rupee against the US dollar in 2013 contributed to reducing labour costs in India.
Taking inflation into account, China and Vietnam at 4.9 per cent lead the way, while Japan at 0.5 per cent and India at 2 per cent are among countries offering the smallest raises.
Once average inflation for India of 5.7 per cent is taken into account, the projected increase in real terms for 2017 will be 4.3 per cent
About 72 per cent of Indian employers, i.e. three in four, believe the focus on such initiatives is likely to grow stronger two years down the line.
Performance pay as a concept is increasingly gaining importance in emerging markets like India and China, but linking compensation to unquantifiable corporate goals is where the model flounders.
The estimated 10 per cent average hike in 2019 is at par with the actual rate of increase in the previous three calendar years in India
Salary budgets in APAC region are set to rise 6.8 per cent in 2016.
Forty-two per cent employees could potentially leave their job in 2 years.
A majority 56 per cent Indian employees would rather save more as compared to 29 per cent who would prefer to work a few years longer.
A Towers Watson survey shows that there are few differences among companies on a critical metric that determines employee satisfaction
With the Union Budget introducing service tax on hospitals and health check-ups, your medical bills are likely to get higher.
According to a study by Towers Watson, three quarter of companies surveyed said employees health and promoting health and well-being will be a priority for their organisations this year and next.
Insurance companies are seeking a separate deduction limit of Rs 1 lakh for insurance premium payment under Section 80C of the Income Tax Act in the upcoming Union Budget to bring in more people under the ambit of insurance. The insurers also want reduction in the goods and services tax (GST) rate of 18 per cent currently applied on health insurance products to 5 per cent to make such products more affordable to common people. Finance Minister Nirmala Sitharaman will present the Union Budget for 2022-23 on February 1.
According to a study conducted by HR consultancy Towers Watson's Talent Management and Rewards, 61 per cent of the Indian companies surveyed said that they are able to provide their employees a wide range of jobs and work experience over the last 12-month as against 50 per cent in the Asia Pacific region.
With recession altering the way people view their careers, more employees are now preferring to stick to a single job, which offers security, amid a perceived dearth of job opportunities, says a global survey.
Indian employees have the second highest savings rate at 16 per cent, second only to China.
Thirty per cent of the firms - mostly big companies - had no ceiling on the gratuity amount.
Indian companies continue to update benefit plans and and increase employee communication.
A majority of respondents expect the number of jobs generated to increase in 5 years.
Across all industries in India, almost 87 per cent of respondents plan to allocate a larger portion of their budget to high performers
If someone does reduce his contribution, he should scale it back to the 12% level as soon as he can, suggests Sanjay Kumar Singh.
The Ola Money and Uber tie-ups demonstrate how insurance companies, including even government-run ones, are forging partnerships with every possible service company to offer products.
'Make in India'presents a huge opportunity for jobs.
HR experts believe however that times are changing and more and more companies are planning a revamp of their appraisal systems
There has also been a shift from hiring freshers to those with two to five years' experience.
Most insurers aren't comfortable with subscribing to the National Pension System as they see it as competition.
Campus placements are already in full-swing and hiring plans of many companies, whose expansion plans were stuck due to policy paralysis, are now getting green signals.
Months before Fairfax Financial Holdings Inc bid $4.7 billion for BlackBerry Ltd, Fairfax boss Prem Watsa played a role in securing a golden parachute worth as much as $55 million for the smartphone maker's chief executive.
Managing human resources remains a major and under-appreciated challenge for most start-ups.
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