25-30% Salary Hike Expectation Set For This Year
It might be raining money this year!
The professionals, who are planning to have a switch in their job, can expect an average hike of 25 – 30% in their salary. According to the estimates of a recruiting firm, this rate has taken a step higher than what it had been last year. Indeed great news for all the Indian employees.
Source’s Interpretation of the promising salary hike
On an average this is 10-20% higher than salary increments most Indian firms are expected to give for 2014. So effectively by switching jobs employees are able to move ahead by a year in terms of financial gains
-Kamal Karanth, MD, Kelly Services India.
Seeing the growth that is coming in the FMCG sector, especially in the rural areas, we have a robust hiring plan going forward. A big chunk of the lateral hiring is happening in the 4-7 year experience band to strengthen our sales force through lateral hiring and also from campus recruitment.
-V Krishnan, Executive VP, HR at Dabur
As per some of the sources in human resource consultants, this year seems to be very promising for the job market unlike the previous year. Due to fluctuating political and economic conditions, last year wasn’t good for both job seekers and employers. Since the global economy is improving, India being one of the largest service providers for the global market, this year seems to be promising enough to bloom the hiring prospect.
Comparison to the previous year
Looking at the growth in FMCG Sector since last year, the junior level employees were seen to have a greater level of salary hike than the senior ones in the FMCG and pharmacy industry. In case of IT sectors, the senior to mid level employees inbuilt with specialized skills, were in demand unlike the fresher’s. There have been times when professionals in different sectors got an average salary raise of 40% – 50% during pre-recession time period. This is however an unforeseen situation now.
Indian companies now battle out with the challenge of retaining and attracting critical talent into their organizations. Pharmaceuticals, IT and FMCG are expected to have an average of 30% hike in 2014. The hike in rate will come into play when most of the companies are assumed to give an annual return of 8 – 15% increment this year.
