Notwithstanding uncertain economic conditions, this appraisal season was "healthy" for most sectors in India, even though there was a drop in the pay hike as compared to last year, says a report.
Notwithstanding uncertain economic conditions, this appraisal season was “healthy” for most sectors in India, even though there was a drop in the pay hike as compared to last year, says a report. According to recruitment services firm ABC Consultants, the auto sector registered average appraisal of 9-11 per cent, for FMCG it was 8-10 per cent and for technology sector at 5-7 per cent.
The report which shares insights on average increments across various industries during this appraisal season said almost all sectors — from FMCG to IT — have reported a drop in pay hike as compared to last year, however, the overall sentiment in the market is positive.
“Despite the uncertainties and the watchful approach, Indian economy has witnessed a good year and is expected to witness positive growth which should reflect in the coming appraisal cycle,” ABC Consultants Managing Director Shiv Agarwal said.
Agarwal further said that industry leaders are bullish of a post-GST world, and are expecting business to look up in the months to come.
Amongst the sectors, the auto sector has registered consistent growth. The appraisals in this sector ranged from 9 per cent to 11 per cent. The recently implemented GST has had an impact on this sector especially in the two-wheeler segment.
The job market has already started picking up in some sectors and other sectors are expected to follow soon, the report said adding that while some companies have adopted a cautious approach while sharing appraisals, on the whole the sentiment in the market is very positive.