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Media Information
Companies plan 15% pay-hike in 2010; India-owned companies to ou

Published & Updated as on - 2010-05-13

It's that time of the year again. While traffic on Job Street is picking up, the decibels on the annual increments are getting louder. After a year of salary freeze and pay cuts, companies are looking to fatten the wallets of their employees — albeit more moderately than the heydays of 2006-07. The performers, however, have nothing to worry about. A dip-stick survey by TOI revealed that headhunters are projecting up to a 15% hike in salaries in India Inc this fiscal.

Besides the hikes, here are a few other trends that would stand out. MNC's are no longer the preferred paymasters since the growth story has now taken a desi turn. The wide-eyed obsession of Indian white collar workers for MNC's is a thing of past and the focus is now on domestic companies. And the performers are not going to lose out in the year of the turnaround.

Says Sandeep Chaudhary, leader of Hewitts Performance and Rewards Consulting practice in India: ‘‘The growth drivers are domestic consumption and investment. Since the domestic market is insulated from global downturn, it is less volatile. Organizations across all sectors in this field are looking at better salary increase projections for 2010, when compared to actuals of 2009.''

According to a TeamLease survey, the services sector is providing a fillip to salary growth with an average 6% growth, contrasted with the rather low, sub-5 % salary growth average for the manufacturing sector. Telecommunication, healthcare and IT in that order have been driving this growth. Energy, automobile and allied and FMCD in that orders are the only manufacturing sector industries to drive salary growth at 5% plus levels.

A survey by Hewitt Associates also projects salary hikes for 2010 in India at 10.6%, the highest in Asia-Pacific and up 60% from the actual increase of 6.6% in 2009. It further adds that Indian-owned companies are expected to outperform MNC's with a projected average increase of 11.4% as against a 10.2% by the latter. E Balaji, CEO, Ma Foi Management Consultants, also swears by the 10%-plus hike. ‘‘Salaries are likely to be slightly above the 10% mark.”

Source: ET 12/4/10

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