Friday, June 17, 2011

Salaries to increase around 10-13% across industries this year

Many companies are about to increase the salaries of their employees by 10% to 13% this year.  The job market in India now looks promising. The trend will be seen across various industries this year. Many innovative methods are now being explored to retain the workforce. All this came from a survey undertaken by Kelly Services.

Kelly Services' which is a staffing firm, says in its annual Employment Outlook and Salary Guide 2011-12, that the year 2011 has proved a breather for the Indian employees as far as salary hike is concerned.

The Managing Director of Kelly Services recently said, "Companies are now exploring innovative methods to successfully retain their workforce across sectors. They are actively involved in finding out what their top talent wants and are implementing various motivational methods”.

Most of the companies are also offering 'spot bonuses' to employees in order to retain them. The companies now want to maintain parity in terms of basic salaries among their workforce. This is expected to keep bright talent from being taken away.

The industries where salary hike is seen are manufacturing sector, construction, pharma & healthcare, BFSI, education, IT and ITES and real estate & construction.

IT industry has also seen increment of lateral hiring especially positions with niche skills. Even the middle level has also seen a rise in salary. An increase in salary for senior professionals is also witnessed in the finance/sales & marketing segment of BFSI sector. In order to attract the manpower, the Engineering sector - oil & gas mid and senior level has also seen a rise in salary this fiscal year. In the oil and gas sector, the salary hike of around Rs 10 lakh is seen.  

Source: The Economic Times

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