Companies are not looking at holding back increments in 2012, but are
likely to be more selective. Performance based pay and rewards will
gain prominence in the appraisal cycle. Hiring will still continue to be
on the agenda for most companies in 2013.
As many as 72% companies are expecting to increase their headcount
and salary by 12% across industries and career levels in 2013, according
to Mercer India all industries total remuneration survey, a
comprehensive survey representing 734 organizations across various
industry sectors.
Actual salary increase across industries and career levels in 2012
was at 12%. With intentions to hire in 2013 coupled with increased
competition for talent, salary increase levels will be similar to 2012
levels. The findings also reveal that 72% respondents indicate
recruiting for new positions and attrition back fill over the next 12
months, though there is a 12% decline from hiring intentions in 2012.
The salary increase forecast for 2013 is the same as actual salary
increase of 12% for 2012. Among different industries surveyed, the
projected salary increase for the pharmaceutical sector is the highest
at 12.5% and lowest for the hi-tech sector at 11.5%. Other industries
including chemical, consumer, oil and gas and manufacturing and
engineering project a 12% salary hike.
The auto sector has projected a decrease in salary increments from
actual increments of 12.5% in 2012 to projected increments of 12% in
2013. While companies continue to budget for double digit increments,
there also appears to be a strong sentiment to contain costs.
Payouts 2013
- While companies continue to budget for double digit increments, there appears to be a strong sentiment to contain costs leading to companies reevaluating their budgets
- There is an increase in variable bonus pay across industries from actual payout of 19.2% in 2011 to a projection of 19.30% in 2012
- Projected remuneration for heads of organization in the pharmaceutical sector in 2013 is the highest at 13% compared to other industries
Hiring Trends
- 12% expected increase in salary this year across industries
- 12.5% projected salary increase for the pharmacy sector
- 11.5% expected salary increase for the hi-tech sector
- 11.5% expected salary increase for the hi-tech sector
Selection gets tougher
Hiring intentions remain optimistic for the upcoming quarter for all
sectors and regions with employers in the north reporting the strongest
regional hiring prospects. However, opportunities for job seekers are
expected to be considerably weaker than they were a year ago at this
time. They have to be prepared for a more rigorous selection process,
says a survey.
According to the Manpower Employment Outlook Survey released by Manpower Group, Indian employers report optimistic hiring intentions for
the upcoming quarter. However, opportunities for job seekers are
expected to be considerably weaker than they were a year ago at this
time.
Employers in all seven industry sectors forecast an increase in
staffing levels during the second quarter of 2013. The strongest hiring
prospects are reported in the transportation and utilities sector with a
net employment outlook of +37%. Robust hiring plans are also evident in
the services sector and the wholesale and retail trade sector, where
outlooks stand at +32%. Hiring intentions are also positive in all four
regions.
“Employers in the north report the strongest regional hiring
prospects. In spite of the market downturn and the uncertainty around
the economic and political environment in India, employer hiring
intentions remain positive in all seven sectors, primarily driven by
ITeS and IT sectors where employer hiring intentions appears to be
improving,” said AG Rao, managing director of Manpower Group India.
“Job seekers have to be prepared for a more rigorous selection process,” adds Rao.
Staffing Levels
- In spite of the market downturn and the uncertainty around the economic and political environment in India, employer hiring intentions remain positive in all seven sectors, primarily driven by ITeS and IT sectors
- Strong hiring prospects are also reported in the transportation and utilities sector with a net employment outlook of +37%
- Robust hiring plans are also evident in the services sector and the wholesale and retail trade sector, where outlook stands at +32%
Hiring Trends
- +36% Net employment outlook in the north
- +32% Net employment outlook in the west
- +21% Net employment outlook in the south
- +15% Net employment outlook in the east
Source: Hindustan Times
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