The average pay increase in Indian companies will remain at 10% in 2017. Nothing has changed compared to last year but still the highest paying sector for developing and emerging markets in the Asia Pacific. That is according to the Salary Budget Planning report of Willis Towers Watson.
"We are seeing lower salary increase budgets across much of the region," said Sambhav Rakyan, data services practice leader, Asia Pacific, Willis Towers Watson, a global advisory, broking and solutions company. "India will still likely see the highest salary increase in 2017 among the developed and emerging markets in APAC."
Among all the sectors, pharmaceuticals and media continue to show high salary increase budgets while financial services and energy industries are the lowest. Sector in technology companies mostly stayed the same.
According to report, data has shows a greater emphasis on rewarding high performers rather that across the board increases for all with companies keeping aside 38% of their salary increment budget for such employees, who usually comprises with 10% of the total.
Regarding the terms of distribution of top performers, a larger portion will tend to be at junior to middle levels. About 34% of the budget will be set aside for those who are above average performers and 28% for those average performers.
For the sectors highest is Pharma-11%, Media-10.8%, FMCG-10.5%, High Tech-10%, Retail-10%, Energy-9%, and Financial Services-8.5%.
According to this reports, the comparison from this year and in 2017 is that Pharma and Media stayed the same, FMCG went a bit high, High Tech went down with just .1, Retail went up as well as on Energy and Financial Services.
The survey covered 300 companies across sectors in India and about 10,000 companies globally. Of the respondents, 34% projected a positive business revenue outlook for the next 12 months versus 41% last year. Those who see no big in revenue amounted to 59% of respondents.
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