Financial Daily from THE HINDU group of publications
Thursday, Nov 24, 2005
Financial Daily from THE HINDU group of publications Thursday, Nov 24, 2005 |
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Industry & Economy
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Human Resources Hewitt study forecasts fatter pay packets for Indian employees Our Bureau
Bangalore , Nov. 23 INDIAN employees can expect to take home fatter pay packets next year. According to a survey by global human resource firm, Hewitt Associates, out of the 270 organisations from where information was collected, only one per cent reported a salary freeze during 2005 and 2.6 per cent expected to do so in 2006. The annual Asia-Pacific Salary Increase Survey found that employees at professional/supervisory/technical level received the highest average increase of 15.7 per cent and were expected to do so again next year at the same rate. Employees from the ITES sector enjoyed the highest average salary increase (17.9 per cent) across the five employee groups studied. The employee groups ranged from top management to manager, professional, clerical and manual workers. The Philippines and China followed with 8.2 per cent and 8.1 per cent increases respectively. Going hand-in-hand with salary increases is the rising attrition levels in the continent. While India recorded 13.1 per cent employee turnover, the Philippines experienced an alarming 18.1 per cent followed closely the Taiwanese industry at 17.7 per cent. Mr Nishchae Suri, Head of Hewitt's Talent and Organisation Consulting Analytics practice in Asia, said, "Organisations will continue to strengthen their reward management practices and focus on pay for performance to retain talent and enhance overall productivity." Hewitt surveyed more than 1,500 foreign, locally-owned and joint venture companies this year covering 11 markets including India, China, Malaysia, Korea, Thailand and Australia.
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