Appraisals this year likely to average at 9.5%, Survey finds
Aon Hewitt latest Salary Increase Survey has projected a drop in pay increases to an average of 9.5% across industries in India.
Highlights:
1. The survey projects a drop in pay increases to an average of 9.5% across industries
2. Sectors like Cement, Transportation/Logistics/Shipping Services, Financial Institutions, Metals, Energy, Retail, Engineering Services, Telecommunication Services, Real Estate and Infrastructure, others are projected to record a pay hike in the range of 7.6% to 9.9% in 2017
3. Sectors like Consumer Internet Companies, Life Sciences, Professional Services, Chemicals, Entertainment Media, etc., are projected to record double-digit growth in salary hike in the range of 10.2% to 12.4% in 2017
As the Appraisal Process of India Inc nears, employees are likely to witness a decline in their pay hikes to an average of 9.5% across industries on account of Brexit, changes in US government and back home the government's demonetisation decision, says a latest survey by Aon Hewitt.
The global talent, retirement and health business firm Aon Hewitt had recently conducted a survey titled 'Salary Increase Survey' in India which analysed data across 1000 plus companies.
“The survey projects a drop in pay increases to an average of 9.5% across industries. While it’s a marginal decrease from the 2016 spend, it reflects maturity that India Inc has displayed amidst global and Indian economic and political events,” Aon Hewitt India said in a press release on Wednesday.
“Political changes and economic headwinds have had an impact on business performance. However, the trend this year reflects a gradual slowing of pay increases and higher emphasis on productivity and performance – quite literally a ‘graying’ of salary budgets for India,” Aon Hewitt India partner Anandorup Ghose, said in a statement.
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According to the survey findings, sectors like Cement, Transportation/Logistics/Shipping Services, Financial Institutions, Metals, Energy, Retail, Engineering Services, Telecommunication Services, Real Estate and Infrastructure, Hi Tech/Information Technology, ITeS, and Engineering and Manufacturing are projected to record a pay hike in the range of 7.6% to 9.9% in 2017.
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