High performers to get 15% hike, avg less than 10%

If one analyses net income after considering the inflation rate in the past two years, salary hike is actually between 2-3 per cent

According to TimesJobs.com RecruiteX, overall, single-digit increments are expected in 2014; however, high performers can look forward to increments in the range of 15-20 per cent.

R P Yadav, chairman and managing director, Genius Consultants Ltd, explained that employees can be classified as high performers, average performers and poor performers. People who are in the bracket of average performers have been getting single digit increments and for the bracket of high performers the increment will be between 12-16 per cent. If one analyses net income after considering the inflation rate in the past two years, it is actually between 2-3 per cent.

“Unless there is revival of the economy, which is actually not expected in the year 2014-15, due to election and election results, I personally feel that the increment in the net salary will be low and increment in appraisal will be in single digit, between 8-9.5 per cent,” he said.

Income Vs Inflation

Andleeb Jain, group head-HR, Isolux Corsán, added that average hikes this year are expected to be in the late single digits or at best 10 per cent. This translates to a negative real hike, or, no real hike keeping the inflation in view. “But if we plot the hike versus profitability growth of the sector or companies, I personally feel it’s still an acceptable scenario for the employee,” he added.

A leading salary budget survey ranks India as first with the highest projected salary hike of 10.9 per cent in 2014. It is estimated that in 2014 there will be a salary increase of 0.4 per cent over 2013. But, this doesn’t really mean that the workforce in India is better off than its global counterparts. The high inflation rate has to be blamed for this.

 ‘Star’ Sectors

While average overall salary hikes will be in single digits, there are sectors that are offering competitive pay packages. TimesJobs.com RecruiteX indicates that Consumer Durables/FMCG and Healthcare/Pharmaceutical are the best pay masters for junior and middle level employees. At senior level, BFSI and Automobile sector emerged as the highest paying sectors. Petrochemicals/Oil & Gas sector is the best paying sector across all three levels.

1)     Overall, Petrochemicals/Oil & Gas sector is the best paying sector, the average salary offered is in the range of:

• Junior level: Rs 13-14 lakhs/annum
• Middle level: Rs 36-44 lakhs/annum
• Top level: Rs 94-124 lakhs/annum

2)     Healthcare/Pharmaceuticals sector offers:

• Junior level: Rs 8-14 lakhs/annum
• Middle level: Rs 15-45 lakhs/annum
• Top level: Rs 45 lakhs/annum onwards

3)     Consumer Durables/FMCG industry offers:

• Junior level: Rs 9-11 lakhs/annum
• Middle level: Rs 20-25 lakhs/annum
• Top level: Rs 45-65 lakhs/annum

4)     BFSI industry also offers good salary package to senior level employees (Rs 35-58 lakhs/annum)

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