At a time when the global job scenario is gloomy, India Inc is expected to increase salaries up to eight percent this year with infrastructure and FMCG sectors likely to see the maximum hikes, global HR consultancy, Mercer says.
“Overall Indian companies are likely to increase salaries between six and eight percent in 2009,” Mercer India business leader Ms Gangapriya Chakraverti said. Despite the economic slowdown troubling the corporate world, the country’s fast moving consumer goods( FMCG ) and infrastructure sectors are likely to see the highest increases in salaries this year.
“Sectors like FMCG and infrastructure are expected to see the highest hikes of 8-12 percent this year,” Ms Chakraverti added. Meanwhile, financial services and information technology sectors, which have been severely impacted by the global slowdown, are unlikely to see considerable increases in wages this year.
“IT and financial services may be the worst hit as IT sector may see an average salary increase of four percent this year,” Ms Chakraverti said. With the beginning of the new financial year, companies are now drawing up plans related to salary increments. However, in the wake of severe economic conditions, firms are looking for ways to answer the HR challanges in a balanced manner.