India inc. is estimated to pay 10.7 per cent this fiscal year. Junior management level employees are going to get maximum hike for this year with the increase in average salary as well as variable pay. According to a survey by unique fourth generation job portal wisdomjobs.com,this fiscal pharma sector would see the highest projected average hike at 12.1 per cent whereas the lowest rise is anticipated in the retail sector at 9.4 per cent.
The total average hike across the sectors is to be estimated at 10.7 percent in FY 2016 which is 10.3 percent in FY 2015. Sectors like BFSI saw maximum expected salary hike at 19.4 per cent and lowest salary hike expected in logistics sector at 15.6 percent. The highest attrition rate was in ITeS sector whereas companies adapting different measures such as long term incentive plans, performance based variable pay, and monetary/non monetary recognition awards to retain the key employees. 'Make in India' campaign to create new job opportunities in real estate sector and the most in-demand skills/roles/functions for the real estate sector will be project management, contracts and procurement, sales and customer service, quality control, environmental health and safety, financial management and risk mitigation. But there is a mismatch between the compensation offered and talent levels. Some of the companies are expanding to into tier II cities such as Punjab, Madhya Pradesh, Uttar Pradesh, West Bengal, Kerala and some North-Eastern states are emerging as the new growth hubs.
The demand for the top talent in Tier II& III cities pushed up by 30-40 percent. T/ITeS and manufacturing companies are increasingly setting up operations in tier II and III cities as it equips them to cater in regional languages, especially for domestic clients. The salary hikes expected to be 8-14 percent for most of the locations at domestic market.
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