Job market in India eyes a prosperous new year with double-digit salary hikes

Dec 30 2013, 11:43 IST
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The sectors that are likely to drive the job market include IT, healthcare, education and development sector (Reuters) The sectors that are likely to drive the job market include IT, healthcare, education and development sector (Reuters)
SummaryAfter a mostly disappointing 2013, job market in India is looking quite promising.

world in terms of hiring plans for the next three months.

With signs of global recovery and signs of positivity in the job market, it's important for companies to attract, retain and motivate high performers. Experts are expecting slightly better increments than 2013 in the coming year.

And employees with good potential and performance will get differentiated significantly, going forward through innovative compensation and benefits, they believe.

"There will be a salary hike in double digit and there will be salary hike of 10-12 per cent," GlobalHunt MD Sunil Goel said but cautioned that the pay hikes would be restricted to above average performers where top performer will be paid higher and below average performer would be paid low increments.

The traditional sectors would see higher increments however, service sectors (hotels, hospitality, telecom, banks) are likely to be a hit on increments given it is a low performing, high attrition segment.

According to Srikanth Rengarajan- Executive Director and President, ManpowerGroup India, "Middle to senior level professionals can expect salary increases between 10 per cent to 15 per cent and bonuses may increase up to 20 per cent".

The top talent would be seeing their pay packets rise up by an average 14.3 per cent, whereas for others, the average salary increment is expected to be at 9.8 per cent, Rengarajan said.

According to experts, social media and job boards would be a significant source of talent in 2014 for white collar jobs and for jobs in urban cities, where candidates have ample internet access.

While, referrals, job fairs and networking would continue to draw the most attention for the larger masses looking for jobs in the smaller cities or without the online access to job opportunities.

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