Employees in India are likely to get this year a salary increase of 11.9%, says a survey conducted by global human resources consulting and outsourcing firm Aon Hewitt.
Employees in India are likely to get a salary increase of 11.9% this year, says a survey conducted by global human resources consulting and outsourcing firm Aon Hewitt.
This is well ahead of competitors China and Philippines, the highest in the Asia-Pacific region.
Sandeep Chaudhary, practice leader - compensation consulting told CNBC-TV18 that pharmaceutica sector is expected to top the charts in terms of salary hikes.
"Pharmaceutical has always been topping the charts for the last three years. It has got a very positive outlook. India seems to be a reasonably mature generics market, which is well balanced between local and multinationals," he added.
On the other hand, sectors like telecom and financial services are expected to shell out the least salary hikes this year.
Below is the edited transcript of the interview. Also watch the accompanying video.
Q: For the second year in a row, India is the leader in the Asia-Pacific region with an 11.9% salary increase and pharmaceuticals the top sector to watch out for?
A: When we were getting and clearing all the results out of one of the most exhaustive studies in the areas of performance and rewards, we were kind of a little surprised looking at a very positive sentiment that corporate India came back with, with a projection of 11.9% salary increase. Outside of a rough and a patchy 2011 that we already had, which has been a combination of poor economics and poor politics, this is certainly a far more positive outlook that corporate India has had on managing talent and managing HR for the long term.
Pharmaceuticals has always been topping the charts for the last three years. It has got a very positive outlook. India seems to be a reasonably mature generics market, which is well balanced between local and multinationals. Clearly is more domestic in the way the investment and consumption really gets regulated for this sector.
Q: The information and the IT outsourcing sectors are connected with what