Tag: Salary Hike
With only a 10 per cent increase in salaries in sight for the next year, the way to keep employees contented will be through rewards and recognition.
Consolidation/merger of businesses by telecom service providers will lead to talent instability across industries.
The average salary increase across sectors is expected to be 9.7 per cent in this fiscal, 6 points less than the actual figure of last fiscal.
While take-home salary has emerged as the common preferred salary component, there are distinct differences in other perks desired.
This implies an increase 16 percent in basic, 63 percent increase in allowances, and a 24 per cent increase in pension.
The biggest challenge for organisations is to retain employees as attrition increases from 10.3 per cent to 12.6 per cent between 2014 and 2015.
Even if India’s inflation rate of 6.4 per cent is factored in, the real wage increase will be 4.7 per cent, implying double the growth rate of 2015.
In addition to a whopping salary hike, the 7th Pay Commission has also recommended several new aspects for the structure.