Double-digit salary hikes likely this year: Survey

Notwithstanding sluggish economic conditions, India Inc is expected to dole out double-digit salary hikes this year and overall rise in pay packets could go up to 20%, says a survey.

Staffing firm TeamLease Services on Thursday said in a report that Indian companies are now recognising the need to strike a balance between the need for talent and salary package.

TeamLease said double-digit salary hikes are likely this year and the average salary growth in India could hit near 20% levels in 2012.

With businesses striking a right balance between talent and pay, India Inc seems to be finding fixes for many of the issues plaguing the employment market like talent acquisition and retention," TeamLease Services Senior Vice President Sangeeta Lala said.

Noting that Indian job market is fast maturing, the report said that companies are hiring and rewarding the right talent.

Citing instances, TeamLease said hiring in IT sector grew by almost 20% year-on-year in 2011.

At the same time, the industry managed to retain top talent without having to increase salaries much.

"Healthcare is the industry with the healthiest growth in salaries in 2011, touching a whopping 19% average rate of growth across profiles and cities. Interestingly, attrition hit a three-low in 2011," the survey said.