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'Majority Indian cos plan to give salary hike in 2021'
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SME Times News Bureau | 04 Nov, 2020
After taking hard decisions in
the second and third quarters of this year, Indian companies are looking
up again to invest in talent as a new survey showed that 87 per cent of
them plan to give salary increases in 2021 as compared to 71 per cent
in 2020.
As of September-October this year, out of the 87 per
cent of surveyed companies that said they intend to pay out salary
increases next year, 61 per cent said they plan to offer increases
between 5-10 per cent, said the survey by Aon, a leading global
professional services firm providing a broad range of risk, retirement,
and health solutions.
This compares to 71 per cent of companies
providing increases in 2020, when, of that group, only 45 per cent gave
increases in the same range, according to the "Salary Trends Survey" in
India.
"Despite the gravity of the COVID-19 pandemic in India and
its deep impact on the economy, organisations in India have shown
tremendous resilience and a mature view on talent," Nitin Sethi, a
partner at Aon, and CEO of the firm's Performance and Rewards Solutions
practice in India, said on the release of the survey.
"Business
and HR leaders made hard decisions in second and third quarters of 2020
and are now betting on the green shoots of improving consumer demand.
They see the need to invest in talent as a critical part of their
recovery and growth prospects."
The industries looking to provide
the highest salary increases are high technology (Hi Tech), information
technology (IT), IT Enabled Services (ITeS), life sciences, e-commerce,
chemicals and professional services, said the report.
Meanwhile,
companies in the hospitality, retail and real estate/infrastructure
industries, which had given very low increases in 2020 are projecting a
higher increase for 2021, but still trail most other sectors.
The study analysed data across 1,050 companies from more than 20 industries.
"The
impact of Covid-19 has been varied on different sectors and
organisations. We see high differentials in salary increases -- both
intra and inter-industry. The difference between industries with highest
increase to lowest increase hits 7.2 per cent points as compared to
mere 2.4 per cent points in 2019," said Navneet Rattan, Director at Aon
in India's Performance and Rewards Solutions practice.
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