Indian Salaries Rose by an Average of 14%
Salaries in India rose steadily in 2005, with increases similar to those seen in 2004. This represents a leveling of off the growth seen in previous years. According to a survey by Hewitt Associates, India’s strong economic growth pushed wages up an average of 14.1% in 2005. Domestic companies have joined the fight for talent sparked by multinationals, increasing wages by 14.7%, while foreign-owned companies had an increase of 13.8%. The strongest wage growth was found at the professional/technical level, with these workers seeing an increase of 15.4% in 2005. Asset management companies provided the highest increases, with an average of 17.1%, while nonprofit organizations increased the least with 9.5%. Almost all of the companies surveyed (99.5%) indicated that they have formal performance management platforms, and 89% reported the use of variable pay plans. These results indicate a strong move toward tying pay to performance. ("Salaries Stabilize in India" [Hewitt […]
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