Across job roles, pay hikes likely to be lower at 11.2% in 2013
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India Inc is expected to dole out an average pay hike of 11.2 per cent across job roles in 2013, lower than 12 per cent increases witnessed this year, says Hay Group.
Global management consultancy Hay Group said pay for performance is the new mantra.
Noting that salary increases are projected to be 11.2 per cent next year, Hay Group said the "amount represents a slight reduction against an actual average salary increase of 12 per cent across India Inc in 2012".
The job roles into four levels -- Clerical & Operations, Supervisory & Junior Professionals, Middle Management & Seasoned Professionals, and Senior Management & Executives.
"Clerical and Operations Professionals are expected to beat the average of 11.2 per cent across job levels, standing at 11.5 per cent, while Middle Management Professionals can expect an increase of about 10.9 per cent," it said.
The General Industry Compensation Report has pay insights on 418,414 jobs from 410 organisations spread across diverse sectors including Industrial Goods, FMCGs, Construction, Retail and Services.
However, compensation practices for CEOs and senior executives in middle to large organisations are not covered.
Hay Group India's Country Manager (Productised Services) Amer Haleem said creation of a pay-for-performance ethos is the number one priority amongst all respondents while putting a variable pay policy in place.
"The most commonly cited reason for modifying a company's existing variable pay plan was 'a change in business circumstances', pointing to the increasing trend of pay and rewards being treated as a business decision rather than only
the domain of compensation experts," Haleem said.
Going by the report, median starting salaries for fresh graduates would be in the range of Rs 18,500 to 25,000, with engineering roles featuring at the top of the scale.
"Finance/Accounting and IT/ Telecommunication are amongst the other roles that are popular with the industry at present, while roles such as Administration/Support/Service and Health/Environment weigh in lower down the order," Hay Group said.
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