Good news for employees working in the fastest growing economy of India. Employees are getting excited about the highest salary hike they have ever received in the last three years as India is expecting the acceleration in the economy.
According to a survey done by human resource consulting firm- Aon, the annual salary growth in India is expected to be 9.7% this year. Considering the last year average salary hike of 9.5%.
This is the biggest salary hike in three years for the employees working in India Inc.
What is this news about?
Recently, the human resource consulting firm Aon published a survey on annual salary growth which shows that this year, your employer should give you a salary hike of 9.7%. At least.
But, this is not the biggest salary hike. In the year 2011, a huge 12.6% increment was recorded. Till 2016, the growth of pay rise was recorded in double digits as the employees received a hike of 10%. After that, due to demonetization, the salary hike started to drop down.
In 2017 it dropped down to 9.3% (as a result of demonetization).
But don’t worry, that doesn’t mean you are not going to get a good hike. The hike is already better (a little better) than last year.
Especially, if you work in the consumer internet and professional services sectors a hike of 11% in coming for you this year. For all the other five sectors including those mentioned above, life sciences, automotive and consumer products are expected to offer double-digit increment to their employees this year.
The partner and head (emerging markets) at Aon, Anadotup Ghose was quoted saying, “This year the salary hike is at a three-year high, but in reality, it’s marginally up. And the reason for that mainly depends on two factors: reasonable expense management and, second, more differential pay arrangement based on performance.”
This means if you gave your 100% to the company your efforts will be rewarded. The employer might give you 1.9 times the average pay hike for the employees with high performance.
Although, we are still far away from the double-digit salary hike. But know you know how much salary hike your employer should give you this year. Good thing is that this year, you are going to get more reward for your performance.