While 20 per cent of employees received promotions, they saw no appraisals. About 49 per cent were given incentives in the form of bonuses and employee stock option plans (ESOPs), but no appraisals. A significant 38 per cent were happy with the increment they got as it was up to their expectation. A good 52 per cent thought their appraisal was fair. A whopping 76 per cent plan to switch jobs on the basis of their current appraisal!
What can keep employees from considering moving?
Here are some insights from a recent appraisal trends survey.
Most of the employees (30 per cent), who wish to continue with their current employers, are doing so because of the team leading opportunities. About 26 per cent are staying on with their current employers because of the office culture, while 25 per cent are doing so because of the learning opportunities. About 20 per cent are continuing with their current jobs because of their roles and responsibilities.
Twenty per cent would stay on for the perks and benefits, while six per cent prefer to stay on for the flexibility they enjoy in terms of the work model.
The appraisal cycle for the year 2022-23 saw 62 per cent employees getting an appraisal. However, the trend varied based on the geographical location, the industry and the work experience / position in the hierarchy.
Appraisals by hierarchy
Entry-level professionals were the most unfortunate ones, with 62 per cent of them getting no appraisal this year. However, 11 per cent of associate-level and mid-level managers got an increment of 0 to 5 per cent. About 23 per cent of mid-senior level employees received a hike of 5 to 10 per cent. Amongst senior-level employes, 17 per cent got hikes in the range of 10 to 15 per cent.
A 15 to 20 per cent appraisal was given to 13 per cent of the senior employees. The top-ranking associate-level employees received over 20 per cent appraisal.
Appraisal by industry
Over 20 per cent increment was given to 11 per cent of employees, while 10 to 15 per cent hike was given to 23 per cent of employees. The highest appraisal was witnessed in the banking, financial services and insurance (BFSI) industry. The lowest appraisal, on the other hand, was witnessed by the telecom/ISP industry, with only two per cent of employees getting a hike in the financial year 2022-23.
Appraisal by geographical location
Employees in the metro cities received higher appraisals than their counterparts in the non-metro cities. However, professionals from the non-metro cities saw a higher increment range.
About 13 per cent of professionals in the non-metro cities saw over 20 per cent hike while only 11 per cent of their counterparts in the metro cities saw a hike in the same range.