Sunday, January 28, 2007

Salaries in India- the bosses get the best raises!!

The latest issue of the Business world carries the BW-Gallup Salary Survey 2006

Conducted among 800 employees and HR managers across the top 20 per cent paymasters in the country, the survey throws up many insights that go against the general wind of a booming economy.

1. Compensation doesnt ensure increased stickiness of employees!

The sector that gave the highest raises (financial sector) and the one that gave the lowest pay hikes(BPO)witnessed the highest attrition rates!
Career growth is the key-for details do visit th article

2.Bosses Get The Best Raises!
In the manufacturing sector, the lower ranks got 4-11 per cent increments. But the top management took home a 43 per cent raise. In pharma, senior management increments (47 per cent), outstripped those of the junior (40 per cent) and the middle managements’ (5.55 per cent). This was true for every industry, except BPO.

3. In a bid to prevent 'rising salaries' impacting corporate competitivenes, there is an increasing trend to look at variable pay!

Companies are now giving out 14-21 per cent of total compensation through performance awards and other forms of variable pay.

There are a lot of details. For those wanting to keep track of 'what to look out for' and to know 'what their market worth is'- the survey is indeed an eye-opener!
The year 2006 was a boon for all those in the IT and financial services sectors-with the salaries simply astonishingly higher than all others...ranging from 50 % to 130% (!!!) hikes.
The good news..2007 augurs well-according to this survey-for all others -who could not join the party in 2006!


Unknown said...

Very good article Mr.Menon,

Could you write on the BPO more?


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Anonymous said...

Thank for informative article about bpo industry