As per Hay Group General Industry Compensation Report released this week, expected pay increase for 2013 stands at an average of 11.2 % across job roles in 2013. The report covers all levels of management across job roles. The increment percentage represents a slight reduction against an actual average salary increase of 12 per cent across India Inc. in 2012.
Some other highlights of the report:
- Raises for Middle Managers fall below the overall average of 11.2% while Clerical & Operations roles expected to beat the average at 11.5%
- Fresh Engineering graduates can expect the highest pay among peers
- Pay for performance is the new mantra
- Short-term incentives on the climb, with 70% of employees being handed out bonuses related to performance
The Hay Group General Industry Compensation Report includes pay insights on 418,414 jobs from 410 organizations, across the sectors of Industrial Goods, Chemicals, Transportation, FMCGs, Construction, High Technology, Oil & Gas, Retail, Services, Health & Life Sciences, Natural Resources, Leisure & Hospitality, Consumer Durables, Education, and Utilities. It is designed to provide comprehensive analyses of remuneration practices in Indian organizations, and all information in the report is effective as of April 1, 2012. This report does not cover compensation practices for CEOs and top executives in large organizations.
Source: Hay Group. You can download a PDF version of the release / report from here.