In some relief for the professionals in various industries across the country, their salary would be hiked to 11.9 per cent this year. However, the average is lower than last year's 12.6%.
According to the 2012 salary survey conducted by human resource consulting firm Aon Hewitt, the average salary hikes across sectors would be about 11.9%, which is lower than last year's average and much lower than the average 15.2% during the global economic slowdown in 2008.
Despite the fluctuations in global economy, the firm said that hikes in India would be much higher than the 8.2% average seen in 2009. Sandeep Chaudhary, practice leader, compensation consulting, Aon Hewitt said that the high inflation, high interest rates and global economic slowdown would not stand as the threat to India.
The employees at the junior and mid-management level would be paid with 12.3% and 12% hikes respectively. Moreover, India would provide maximum job opportunities across all the industries and locations, which is a positive sign for the development.
The survey was conducted among 550 organisations belonging to 19 sectors between November 2011 and January 2012 by Global Management, a strategic management consulting firm. It says that India will emerge as the fast developing country in Asia Pacific region with highest hikes as compared to China and Philippines whose average hikes are expected at 9.5% and 6.9% respectively.
Experts say that the hikes of 10-13% across various sectors can be termed as ‘cautious optimism’ wherein the companies are paying handsome salaries to their employees just for the appeasement.
The salary hike could be considered as important during the financial turmoil in western and European markets. Experts said that the It sector would witness hikes not more than 7-8%. The established sectors like pharmacy and FMCG will see 8-12% hike.
Deepak Bhatt, Management Consultant of Global Management assumed that there won’t be any double-digit hikes in the sectors except for exceptional performers as the companies are cautious of the situation outside the country.