India Inc can expect double-digit salary hike this year
- TimesJobs survey reveals that a majority (28%) of HR professionals feel that the IT sector will outshine other sectors this appraisal season
- IT sector to roll out highest appraisals in 2020; IT, Sales, and Marketing professionals to bag maximum hike
- Location-wise, country’s IT capital, Bengaluru, would witness the highest appraisals this year, followed by professionals in Delhi-NCR and Mumbai
- As per 68% of HR managers, middle-level managers will get the highest appraisal this year
India Inc. is expected to roll double-digit salary hike this appraisal season, as revealed by the findings of a new TimesJobs survey. The survey titled, ‘Decoding Appraisal Trends for 2020’, projects that salaries across different sectors would witness an increment of up to 30%. A majority (80%) of the hiring managers claimed that the average appraisals in 2020 will be higher than the annual increment of 2019.
TimesJobs survey on ‘Decoding Appraisal Trends for 2020’, recorded responses of 1,296 hiring managers from different industry verticals. Around 41% of HR managers feel that location-wise, the IT capital of the country, Bengaluru, would lead the appraisal front this year. While professionals from Delhi-NCR and Mumbai would bag the second and third highest appraisals this year.
IT sector to outshine other sectors in 2020
TimesJobs survey asked the HR managers to rank the top sectors expected to get the best appraisals in 2020. Most (28%) of HR professionals believe that the IT sector would outshine all the other sectors this appraisal season. Also, Media and Entertainment, and Healthcare sectors were ranked second and third respectively to roll out good appraisals this year. Further, the TimesJobs survey findings revealed that BFSI, BPO, and Automobiles sectors may witness dull appraisals in 2020. This can largely be attributed to the dismal business scenario in these sectors at this point.
“The TimesJosb survey highlights that the appraisal for 2020 is projected to be higher than in 2019. Organizations are changing their approach of lauding employees; from measuring the last year’s performance to forwarding looking approach, employers have come very far in appreciating and appraising their workforce. Although, various factors have influenced the appraisal models over the years, but in this cut-throat market competition where every company wants to own the best ‘talent’ available, monetary satisfaction continues to play a crucial role in attracting and retaining the high potential employees”, said Sanjay Goyal, Business Head, TimesJobs and TechGig.
Middle-level professionals would get the highest appraisals
Most (68%) hiring managers surveyed by TimesJobs said that middle-level professionals will receive the best appraisals this year. The survey findings also revealed that middle-level professionals may witness a rise of about 20-30% in their salary. As many as 44% of HR professionals said that top-level professionals will bag the highest appraisal this year. The increment at senior levels could be up to 40%.
IT, Sales and Marketing functional groups to bag above-average hike
Nearly, 24% of hiring managers believe that employees working in the IT domain to get top considerations across different industries during this year’s appraisals. Professionals working in the Sales and Marketing domain emerged as the second and third functional groups to get a good increment. While, Logistics/Supply Chain, Accounting and Finance, or Customer Services professionals may see a dull increment, revealed HR professionals in the TimesJobs survey.
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