Thursday, February 4, 2010

Salary hikes predicted for 2010!

Good news is back as it looks like salary hikes will be used by HR managers as a technique to retain their work-force, and reward their employees for sticking with the organization during the financial market-slump.

Recently, livemint.com published an article in which they estimated that in 2010, industry-wise salary hikes could likely be as:

“Auto/ auto components, consumer goods, pharmaceuticals – 12%
Information technology/ telecom – 11%
Financial services, manufacturing – 10%
Others – 9%”

They quoted their source for these findings, as: Mercer India Monitor – October to December 2009.

There are reports that some companies are planning to up the pay hike till as much as a 20% increase. “Brokerage firm Motilal Oswal Financial Services Ltd, for instance, plans to give an average raise of 20% to its 1,250 employees in April. Sudhir Dhar, head of human resources (HR), said most brokerages would offer 15-20% increments as the business was doing well on the back of robust stock markets.” livemint.com said.

While employers and HR managers get busy with assessing current salary packages and industry pay-norms, employees are silently rejoicing. This upcoming pay-hike will make up for the lack of increments they have been facing over the last year and some change, as well as tide them over in the rising inflation.

However, it may be as a preemptive measure, that companies are promising such generous salary-hikes. With the market boom rearing its promising face, organizations are steeling themselves for the expected oncoming attack of attrition. Employers realize that for the want of a small salary hike, their talented employees may just switch jobs. Hence, they are willing to provide their employees with this awaited increment.

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