With positive growth outlook across sectors, industry experts are expecting improvements in the salaries and bonuses for employees in 2014. While entry level candidates and freshers can expect to receive moderate salary hikes, mostly in single digits, employees in the middle and senior level positions can expect salary increments ranging between 10% and 14%. "Lately, we are seeing a trend where companies are proportionately adjusting the variable component to encourage high performance and retain key talent," says Moorthy K Uppaluri, CEO, Randstad India.
"From our observation of the current economy and industry trends, we believe the sectors that are expected to draw the highest increase in salaries are banking, financial services and insurance (BFSI), pharma & healthcare, IT & ITES, fast-moving consumer goods (FMCG) and manufacturing sectors, including automobile and engineering," adds Uppaluri.
As per Randstand data, while the BSFI and IT sectors are expected to give 10-12% hikes, the healthcare and parma sectors are expected to give between 10 and 14%. FMCG and the manufacturing sectors will give up to 10% hikes.
How Much Hike Will You Get?
Are you in line for a pay raise this year and, if so, by how much? Here are the top 10 sectors that are expected to give highest hikes this year.
Industry Mid-Senior Level Hikes Junior Level Hike IT 10-12% 15-20% Analytics 10% - 12% 15% - 20% Education 11%-15% 15%-20% Power 15-20% 20-25% Pharmaceutical 10% - 12 %plus bonus or perks 13% - 15% Healthcare 10%- 12% plus bonus or perks 12% - 14% Processed Foods 8% - 10% plus bonus or perks 10% - 12% Beverages 8% - 10% plus bonus or perks 10% - 12% Chemicals 7% - 8% plus perks 9% - 11% Banking 11% to 16% - NBFC (Lending Business) 15% - Source: TeamLease Services