It is interesting to note some of the headlines in the media over the last week!
Given the general 'feel good' factor in the air, I wasn't surprised to see the latest issue of the Business India -that has a cover story on "India's highest paid executives' -available on the stands presently.
The editorial reinforces the obvious:
"-The upward pressure on salaries in the second half of the year-reflects the fact that business is booming.
-Gone are the days when there were increases across the board-today it is only the true performers who are getting rewarded
-There is anecdotal evidence that at CXO levels, the country has started attracting foreign talent. It has also stemmed the flow of talent abroad.
-If India is to become a knowledge centre -it must ensure that its system of rewards compares with the best. "
The main article-across 40 pages- goes on to list out a little over 3200 names of professionals drawing over Rs 50 lakhs annual salary in India-with over a third of them logged in higher than a crore pa.
Most recruiters would find the directory useful-as it is an indicative list of the companies that are doing better than their competition -and ability to afford such compensation levels. It is also enlightening that there are some firms that are usually low profile, and some others that merely pay its promoters handsomely :)!
Personally, I was able to locate a lot of familiar names amongst the list...some of whom I am in touch with, and some long lost pals that I can reconnect with! In this socially networked millennium-it is a wonderful pointer to folks who are either potential 'job seekers' if not potential 'hiring managers'!! Believe me, I am not even counting those -whose aspirations would now be triggered off -thanks to the 'season of resolutions' :)
However, it was quite disappointing to note that the source of the survey was essentially the annexure (ref Companies Act that mandates companies publish details of employees drawing Rs 24lac pa and higher)..and the sample size was hence very restricted-not just to the companies willing to share the information, but also since the list has more depth than width. For eg- two companies Kingfisher Airlines & Infosys account for one sixth of the universe indicated!!
If one were to expand the scope of compensation -to beyond the annual salary and commissions, and look at the impact of stock options too, one could get a more realistic picture!!
I am positive most of us in the recruitment fraternity would be aware a lot more professionals who haven't been featured in the list in 2009. And more so, since a lot more would qualify this year-considering most employers had an attractive 'variable component' included to reward performance.
Also consider the 2010 Asia-Pacific Wealth Report by Capgemini and Merrill Lynch Global Wealth Management, the total number of HNIs (with investible assets over Rs 4.5Cr) in India stood at 1.27 lakh in 2009.
Can we dispute that India is a happening place? Or that globalisation has opened up avenues for global migration of talent? Or technology is aiding the spurt of the knowledge economy? Isnt there a case for considering a 'career' as an asset one must invest in..just as diligently as one looks at realty, gold, equity and the rest?
A la wealth managers, do we see the scope for 'private career managers'-who will help a professional manage the portfolio of career options better...beyond a mere job change? Or do we see corporates look at nurturing more 'talent managers' and ensure maximising intellectual ROI?
Yes, 2011 looks exciting....