Average expectations are 10-13% increments this year reports the TimesJobs survey
As the job-market heats up – employees are likely to get an average salary increment of 10-13 per cent this year across industries, shows the latest TimesJobs.com survey of employers, recruiters and employees. Top performers will be offered much more to ensure their loyalty, the survey suggests.
These projected increments are within the range of current employee expectations – who are actively scanning the job-space for better opportunities. Employees are expecting salary hikes between 15-20 per cent at junior level, 10-15 per cent at middle level and 10-12 per cent at the senior level, reports TimesJobs.com.
Vivek Madhukar, COO, TimesJobs.com, says, “While average performers are expecting a 10-15% hike, top performers could be getting get 2 to 3 times these average increments, in order to stem attrition.”
Hiring activity heats up
While increment levels are expected to be at the same 10-13% level as last year, as per TimesJobs’ RecruiteX the hiring activity since November 2014 has been rising steadily and is expected to accelerate in the coming months.
“Our data shows that hiring activity has shown a considerable month-on-month increase over the last 4 months. This trend is only going to accelerate in the future. While corporates are hiring for growth and expansion – this positive sentiment does not seem to reflect in their internal appraisal processes. Companies should be prepared for higher employee churn, as employers poach talent from one another due to this mismatch.
Advantage middle managers
Middle managers are projected to get the most out of appraisals this year, reveals the survey. Their demand is high in companies in the expansion mode, and thus, likely to bag up to 15 per cent increment, in line with expectations.
Speaking to TimesJobs.com experts say hiring of middle managers is linked to how the economy is faring. They were seen as expensive and dispensable during the slowdown. But this year, they will feel valued.
Biggest hikes likely in e-commerce
The expanding e-commerce sector is expected to roll out the most generous appraisals (average 13%) to retain top talent, reveals the survey.
In IT, product companies are likely to offer better appraisals too, with increments between 12-18 per cent as compared to service companies that may offer between 8-14 per cent. Bucking the trend, Infosys has rolled out average increments of 6.5 per cent.
Experts explain that IT product companies will probably give better hikes than IT service companies because of the smaller talent pool and longer product cycle. Also finding replacements for product developers is costlier, as niche skills and expertise are rare.
In the sector-wise analysis, engineering, manufacturing, automobile and consumer products companies will also roll out hikes averaging around 10 per cent.
“Heightened employee expectations and a buzzing job market can lead to attrition if companies fail to keep interests of all sections of employees in mind while rolling out the appraisals. In some cases, companies are also considering giving non-monetary benefits for retaining employees.” suggests Madhukar.
For more information and to download the complete TimesJobs RecruiteX –
TimesJobs.com, India’s leading career and recruitment portal, is one of the best-selling online ventures of the Times of India Group. Conceived and launched in 2004, TimesJobs.com currently has a candidate database of more than 20 million registered job-seekers across levels and functions who clock-in over 40 million page views a month.
TimesJobs.com is positioning itself as an engagement platform and knowledge resource for insights, information, analysis and opinions on the recruitment market. Well known for its product innovations and unmatched deliverables, TimesJobs.com has pioneered the platforms of:
– JobBuzz.in for candidate engagement with company reviews and ratings
– TechGig.com as India’s leading IT network for careers, coding and competitions
– Step Ahead for career assessment and enhancement services
– RecruiteX as the definitive demand and supply recruitment index
– The TJinsite knowledge series and a lot more.
TimesJobs.com serves a corporate customer base of more than 25,000 clients from across the globe. It has been serving clients like HCL, IBM, Yamaha, Godrej, HSBC, Mahindra, Bajaj Allianz, TCS and Thomson Reuters to name a few.