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New Delhi, February 19:: The realty sector is projected to witness the highest salary rise in 2008 in India, even ahead of retail and telecommunications industries, says a survey.
The real estate is expected to record a salary hike of 25 per cent this year, though marginally less than 25.2 per cent seen in 2007.
According to “Salary Increase Survey 2007-08” conducted by consulting firm Hewitt Associates, telecommunications and energy sectors would have an increase of 17.6 per cent and 17.5 per cent respectively.
The sectors would be followed by banking/finance (16.9 per cent), retail (16.2 per cent) and accounting/consulting/legal (16.1 per cent).
Meanwhile, India is estimated to have an average salary hike of 15.2 per cent in 2008, the highest for any country.
However, the projected increase is nearly flat, as compared to 15.1 per cent last year.
“India would possibly have the highest rise in salary compared to other countries...,” Sandeep Chaudhary, leader of Hewitt’s Rewards Consulting practice in India told reporters in New Delhi, on Tuesday.
“Employees are increasingly looking for great career opportunities and are actively being pursued by other organisations offering extremely attractive opportunities and packages. Hence, organisations are using compensation as a strategic lever in attracting, retaining and motivating talent,” he pointed out.
However, the survey forecasts a gradual decrease in salary hikes and stabilisation in the range of nine to ten per cent by 2012.
The survey was conducted in 540 organisations in India across 19 industries in the last three months.
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