Thursday, February 08, 2007

2007 sees highest salary hike in India: Study

The survey, conducted annually by ECA International establishes actual and predicted salary increases in local markets around the world. It is used by multinational organisations to help them determine future wage increases at home and in other markets.

It is good news for Asians as ‘real’ salary increases are forecast to be 50% higher in 2007 than in 2006, and are well above the global average, according to ECA International’s Salary Trends Survey 2006/2007.

Real salary increases is defined as a worker’s actual annual salary increase after inflation is taken into account

Out of the 45 countries included in the survey, the five highest real wage increases for 2007 are all expected to occur in Asia. Indian workers are set to receive the highest increases, with companies forecasting annual salary increases of 12%, resulting in real wage increases of 7% once inflation has been taken into consideration.

The talent shortage in many Asian economies is most manifest at senior management levels, so it is at this level where the most significant salary increases are occurring, leading to a widening gap between junior and senior management salaries in some locations.
An interesting trend-is that organisations are also strengthening their reward management practices and focusing on pay-for-performance.
Has India begun to shed the tag of a source of cheap labour?

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