The appraisals are almost over in most of the companies , and the increment letters have been handed out. I remember reading about the Hewitt report on how salaries will move in India for 2008. I digged around and found this link on ToI Archives .
This article carries a lot of data ,but I will restrict myself to some of the key figures. The annual salary survey by Hewitt predicts an increase of 15.2% in salaries for the year 2008. The corresponding figure for 2007 was 15.1%. It will be the fifth consecutive year for double digit growth. Feels nice, ain’t it. With the talent crunch looming large , employers will have to continue using better salaries to woo people and retain them .
However if you were thinking that it was IT that was driving the salaries, its not the case. Leading the pack is real estate with salaries increasing at 25% year on year. You can check the tables here for other verticals.It seems apart from real estate prices , their salaries seem to be hotting up too.
Coming to the results of the appraisals this year in the IT firms , I did hear of many people getting single digit hikes. While checking for whats happening with IT salaries, I came across this article on Economic times. Some of the key highlights are
- The average pay hike at Oracle India as well as its subsidiary i-Flex is down to nearly 7-8%, dipping to 5% in some cases.
- TCS has said its wage increases this fiscal will be in the range of 8-10%, The corresponding figure for last year was 13-15% .
- Wipro is likely to go for an 8-10% hike this year, compared with 12-13% in 2007-08.
- Infosys’ offshore employees will get 11-13% wage hike this year, against 12-15% last year.
Not very rosy out there. There are a few more instances where the hikes have been in a simlar range. Only few top performers have got a double digit hike for themselves. I am in the process of collecting more data on this and will come back with a post on this sometime later.
Meanwhile for the IT folks out there I found this chart on payscale.com , perhaps you can compare where you stand and also take up the survey. This is a dynamic chart powered by payscale.com and you can keep coming back to check the latest figures.
Posted by asutosh 