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Salary hikes double digits in 2011
MUMBAI, Jun 14 (Agencies):
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Published on 14 Jun. 2011 10:17 PM IST
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After two sluggish years, 2011 has come as a relief for Indian employees as companies doled out salary hikes in the range of 10 -13% across industries. The hottest sectors to have emerged in India Inc post the increment season are pharma & healthcare, banking, financial services and insurance (BFSI), engineering, education and Information Technology (IT), according to the latest salary guide released by an international recruitment agency, Kelly Services.
The annual guide, findings of which were shared with TOI, said industries like IT saw an increased activity this year with a surge in lateral hiring while emerging sectors like education witnessed a sharp salary rise. Typically at a senior level role in the education sector with experience of over 11 years the average salary drawn was Rs 17 lakh annually.
“The IT sector which took a while to come out of the slowdown is seeing a lot of action at the middle-level typically with professionals drawing Rs 6-14 lakh annually. Most of these have 2-3 offers and then are availing of counter-offers by their current employers or even spot bonuses which are being used to retain them,” said Kamal Karanth, MD, Kelly Services India. ‘Spot bonuses’ are being offered to employees to retain them as large companies have to maintain a parity in terms of basic salaries among their workforce. This is one way to keep a bright talent from being poached, Karanth said.
A project manager with about 8 years of experience in the IT sector is getting paid between Rs 10-16 lakh annually while at the junior level a business analyst with 3-6 years of experience is drawing anywhere between Rs 4-8 lakh, as per the 2011 salary guide. The guide lists average salaries across all levels in various industries.
Another fast growing industry, oil & gas, has seen a lot of talent being lured overseas to places like South-East Asia, Australia and Europe at huge salary increases, said Karanth. Someone with an annual salary of Rs 15 lakh is being given international offers at Rs 25 lakh. “Companies have had to offer good jumps as nothing much happened in the last two years but that has not meant that anyone has gone overboard like the pre-2007 time. There has been a cautious approach this time around. So largely we have seen a 12-15% hike,” said Shiv Agarwal, CEO, ABC Consultants, a recruitment services firm.
Industry players said this year has seen the comeback of various benefits along with an increase in variable pay. “Overall, the BFSI, infrastructure, power & energy and the social sectors are emerging as the best paid post increments. Signing bonuses and loan facilities to employees have made a comeback in the BFSI sector. Employees in infrastructure, power & energy sectors are being offered project allowances and benefits for travelling to remote locations. And people who are joining the development sector from the corporate side are receiving additional benefits of 15-20% over their compensation,” said Sunil Goel, director, GlobalHunt, an executive search firm.

 
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