Corporate employees in India can expect salary hikes of 10.6 per cent this year while top performers are expected to get 1.6 times the salary hike awarded to average performers, according to a survey conducted by human capital and management consulting firm Aon Hewitt. Reflecting a positive, yet cautious, sentiment towards hikes, the projected salary increase shows a slight improvement over hikes in the past 3 years survey said.
" Driven by improving business confidence, a stable Government and moderating inflation there is a significant improvement in business confidence across companies," said Anandorup Ghose, Rewards Consulting Practice leader at Aon Hewitt India, adding that, however, this confidence is not reflecting in salaries.
A sector-wise analysis shows that real estate and infrastructure is likely to get the highest projected salary rise in 2015 (12.2 per cent), followed by life Sciences (12), Media (1.8), Chemicals ( 10.8) and iTes and Hi Tech ( 10.7)
"Yes, real estate sector is facing slowdown from last two years but they are expecting raise in their salaries this time because there is more flow over last six to eight months," Ghose told The Pioneer when asked about how they can project real estate sector in that category.
The survey said top performers are expected to get 1.6 times the salary increase awarded to average performers, with the differentiation higher in sectors, such as banking and other financial services (BFSI), ITeS, telecom as well as FMCG and pharmaceuticals.
Moreover, in order to contain the attrition of key talent, organisations are increasingly developing separate retention plans and policies for their top talent, wherein along with salary, programmes on leadership opportunities, overseas assignments are fast gaining prominence.