India Inc salary hikes in 2013 likely at 10.3%, lowest in decade: Aon Hewitt
this year. Organisations are looking at compensation and productivity together and hence closely evaluating the return on compensation spent," he said.
Meanwhile, despite the poor economic growth rate of the country, Attrition level continued to be very high as corporate India reported an average overall attrition of 19.3 per cent for 2012.
However, the attrition level is quite low for key talent, as the average attrition number for key talent in 2012 stood at 5.7 per cent, showing that organisations are reshaping their strategies to safeguard this talent group.A sectorwise analysis shows that Pharmaceutical industry are expected to witness the maximum hike of 13.5 per cent projections for 2013, while FMCG is likely to witness a salary hike of 12.3 per cent.
"Wage inflation will be a high pressure point for sectors where wage cost is a significant part of operating expenses and revenues. Sectors where wage cost is relatively a small ticket item, the minimum fair pay increase will remain strong," Chaudhary added.
The survey covered 500 organisations and measures actual and projected salary increases, and compensation practices. The data for the survey was collected over December 2012 January 2013.
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