New Delhi: Corporate India is getting ready with hiring plans and higher pay packets for 2010, as signs of economic recovery are becoming visible along with a rising confidence in the economy's growth.
"We think Indian companies are getting ready for the
revival and plan to hire strategically going forward. 2010
looks to be a good year from a salary increase perspective,"
Hewitt Associates Practice Leader (Performance & Rewards,
South & West Asia) Sandeep Chaudhary said.
"It will not be the double digit growth (in salary) that
we have now become used to in India, but will reflect the
growing confidence in the Indian economy," Chaudhary added.
Hewitt Associates, which released the findings of its
'Asia Pacific Salary Increase Survey 2009-10' in India today,
stated employees in the fastest growing markets may see higher
salary increases in 2010 than the others.
Employees in India are expected to receive the highest
salary hike of 9.2 percent in the Asia-Pacific region in
2010, the report forecast. They have received an average
salary increase of 6.3 percent in 2009.
Moreover, about 61 percent of the firms surveyed reported
they were planning on strategic hiring in 2010.
The report also pointed out that employers appear to have
much more confidence in the economy in 2010.
Coincidently, Indian companies also project a low
percentage of salary freezes in 2010 at six percent.
The survey further said that employers across the country
are now focused on employee performance and are re-looking at
compensation budgets and retention of high-performers.
"We believe the metrics of performance and productivity
for compensation and rewards will continue to remain in focus.
"Firms should ensure they set clear performance
expectations, ensure rigorous measurement and reward high
performance. These measures helped firms tide economic
slowdown and will remain invaluable in times of recovery and
growth," Chaudhary added.
The survey measured actual and projected salary increases
and compensation practices of 238 participating firms across
13 primary industries with 20 sub classifications.
Information used in this report was collected during the
period of July to August 2009.
Bureau Report
First Published: Thursday, October 29, 2009, 20:39