Good news for employees! Average salary hike in Indian companies likely to be 9.7%, says survey
With increment season being just around the corner, a survey on average appraisal percentage gives Indian salaried class a big reason to cheer!
- Employees are expected to get an average salary hike of around 10 per cent
- Performing employees can even bag a salary appraisal of 15.6 per cent
- Survey on average appraisal percentage gives salaried class a big reason to cheer
“A decline in voluntary attrition and controlled incremental hiring continue to keep the sentiment mild,” Aon added in a statement. The survey also highlighted that India stands way ahead from other Asian-Pacific countries with China expected to dole out a salary rise of 6.5 per cent, Philippines 5.9 per cent, Japan 2.5 per cent, Singapore 3.9 per cent and Australia 3 per cent in 2019.
The top five industries giving double-digit increase are consumer internet companies, professional services, life sciences, consumer products, automotive or vehicle manufacturing, the report added. The survey collected data from more than 1000 companies from over 20 industries.
Speaking about the survey stats and on the impact of new government formation on salary hike, Partner at Aon India Consulting Anandorup Ghose said that if positivity comes in the economy post-election, regardless of how government performs, the positivity will last for next one year which will lead to a higher pay increase for the next year.
“The double-digit pay increase days are well behind us, as India Inc shows maturity in managing economic and political cycles,” Ghose added. The survey further demonstrated that the overall attrition rate in India has come down to 15.8 per cent in 2018 from 18.5 per cent in 2013. The involuntary attrition (layoffs) has gone up, significantly in the case of entry level.
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