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GOOD NEWS: Indians to see 12% rise in salaries
Indians are projected to see a 12 per cent rise in salaries in 2012, according to Aon Hewitt, a global human resource consulting and outsourcing business of Aon Corporation.
It says the increase will be marginally lower than the hike of 12.6 per cent in 2011. As compared to other markets, India has outpaced Asia Pacific yet again with the highest salary increase in the region, followed by China and the Philippines, projecting a 9.5 per cent and a 6.9 per cent salary increase in 2012, respectively.
Let's have a look at the sectors that are projected to see rise in salaries.
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GOOD NEWS: Indians to see 12% rise in salaries
Pharmaceutical industry
Projected salary rise (2012): 13.3 per cent
The front runner for this year's salary increase is the pharmaceutical industry, with a projection of 13.3 per cent for 2012, riding high on a surging year-on-year growth with a CAGR of 11 per cent.
The domestic industry's longestablished position as a world leader in the production of high-quality generic medicines is set to reap significant new benefits as the patents on a number of drugs are scheduled to expire over the next few years.
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GOOD NEWS: Indians to see 12% rise in salaries
Engineering design/services
Projected salary rise (2012): 13.0 per cent
With a CAGR of 15 per cent, engineering design/services projects the second-highest salary increase of 13 per cent, which is 1.1 per cent higher than the India average.
This niche sector is not shy of attracting premium talent for its design and R&D centres and is slated to reach $15-$16 billion by 2015.
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GOOD NEWS: Indians to see 12% rise in salaries
Infrastructure
Projected salary rise (2012): 12.9 per cent
The number mirrors a positive yet cautious outlook as organizations strive to take a balanced view in light of the uncertain economic environment.
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GOOD NEWS: Indians to see 12% rise in salaries
Chemicals
Projected salary rise (2012): 12.6 per cent
With 550 organisations representing 19 primary and 31 sub-sectors, this is the most comprehensive research available in the area of performance and rewards.
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GOOD NEWS: Indians to see 12% rise in salaries
Engineering/manufacturing
Projected salary rise (2012): 12.4 per cent
The data for the survey was collected over November 2011 to January 2012.
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GOOD NEWS: Indians to see 12% rise in salaries
FMCG/FMCD
Projected salary rise (2012): 12.4 per cent
Infrastructure, heavy engineering and fast moving consumer goods and fast moving consumer durables sectors continue to get higher salary increases than the country average for the second year in a row.
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GOOD NEWS: Indians to see 12% rise in salaries
Automotive/vehicle manufacturing
Projected salary rise (2012): 12.4 per cent
The auto sector has edged a marginal salary increase over the India average. Auto volumes for January 2012 were largely in line or marginally better than estimates across segments and players.
It is expected that the pent-up demand owing to last year's supply constraints will support the growth in 2012-13 as supply eases.
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GOOD NEWS: Indians to see 12% rise in salaries
High tech/information technology
Projected salary rise (2012): 11.9 per cent
The Indian information technology and outsourcing sectors report a relatively positive outlook on salary increases (11.9 per cent and 11.8 per cent, respectively), despite their continuing concerns with the global economy.
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GOOD NEWS: Indians to see 12% rise in salaries
Retail
Projected salary rise (2012): 11.8 per cent
While the projections across all levels of management are lower than 2011, junior and middle management are still expected to get the highest increase for 2012 (12.3 per cent and 12 per cent, respectively).
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GOOD NEWS: Indians to see 12% rise in salaries
IT Enabled Services
Projected salary rise (2012): 11.8 per cent
This employee category forms the majority of the employee base. Also, these employee segments constitute the most job opportunities across sectors and locations.
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GOOD NEWS: Indians to see 12% rise in salaries
Energy (oil/gas/coal/power)
Projected salary rise (2012): 11.8 per cent
The Power sector, affected extensively by the fuel (coal) price problem, project delays due to challenges in land acquisition, and regulatory and environmental clearances, projects a modest 11.1 per cent salary increase, pulling down the energy sector (oil/gas/coal/power) projection to 11.8 per cent.
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GOOD NEWS: Indians to see 12% rise in salaries
Metals
Projected salary rise (2012): 11.3 per cent
The salary increases provided to critical talent have consistently been two to three percentage points more than the overall increments in an organisation for three years in a row now.
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GOOD NEWS: Indians to see 12% rise in salaries
Telecommunication Services
Projected salary rise (2012): 11.0 per cent
The trend continues for 2012, with a projected increase of 15.1 per cent for this employee group. This trend highlights that India Inc. is increasingly concentrating efforts on identifying top talent and rewarding them accordingly.
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GOOD NEWS: Indians to see 12% rise in salaries
Financial Institutions
Projected salary rise (2012): 10.0 per cent
Telecom and Financial Institutions are projecting the lowest salary increases for 2012 at 11 per cent and 10 per cent, plagued by various regulatory hurdles, policy issues and the slowdown in the global economy.