A study by HR firm Mercer Human Resource Consulting says pay raises in India are going to be the world’s second highest in 2006
BANGALORE/NEW DELHI: Have reason to crib about your salary? Worry no more. A study by HR firm Mercer Human Resource Consulting says pay raises in India are going to be the world's second highest in 2006. At an estimated 11.3 per cent, the increases will be next only to Egypt's 12 per cent. Average pay hikes in China will be 7.8 per cent.
Mercer's forecast came a month after another global HR consulting firm, Hewitt Associates, projected that Indian workers would take home increases of about 14 per cent as against 8.1 per cent in China.
"Organisations recruiting employees with specialist skills in India and China will have to offer competitive salaries, as the pool of skilled workers is relatively limited," Mercer's human capital advisory services global head Greg Cornish said on Monday.
Growing economies in Eastern Europe will witness better raises than in developed nations in Europe and the US. But the growth will not be as high in Singapore, where pay is likely to increase by 3.8 per cent, while in Hong Kong employees can expect raises of just 3.2 per cent.
India's economic growth is creating new opportunities, but the increase in wages is not high across all sectors. "Though salaries have been going up for three years, the rate of increase in manufacturing is lesser than that in services or the IT sector," Human Capital consulting CEO BS Murthy told DNA.
Even in infotech, it's only the top performers who see their pay slips glowing. "Across-the-board wage hikes in IT are history," HR firm TVA Infotech CEO Gautham Sinha said. "Top performers get nearly 25 per cent hike, the majority get an average raise, and for those at the bottom of the pyramid the salary is flat."
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