Recent survey by wisdom jobs explore that the salary incentive projected for FY 2015 will be more as compared to the FY2014. The survey identified some interesting facts that the attrition levels have been come down from the FY 2014 to FY2015 period and some sectors shown stable growth. If we observe salary increase levels it was moved up to 1.92 in 2015 as compared to 2014 which was less. Salary increase trends shows great changes over FY2014, though there will not be much impact of it.
Sector wise analysis:
Among the industries infra, Engineering Services and Automotive projected the highest movement and manufacturing industries projected a salary increase higher than payouts of 2014. Industries like consumer products, retail and media are projected lower as compared to the FY2014. Hospitality and transport sectors have been shown stable growth in the FY2014. Top & senior management level salaries increased in 2015 over 2014. FY2015 experiencing the same trend and showing ‘Pay at Risk ├óÔé¼ÔÇ£Variable Pay and LTI’ is becoming a key component of pay for higher levels. Salary increase for junior management, clerical staff and manual workforce has remained same which is observed at 1.6 times.
Finance sector has seen maximum differentiation in last 3 years which is continue the same in the FY2015 and paying more than the market expectation is the key strategy for the retention of top talent. There is a considerable salary gap between the key talent vs others is increasing Y-O-Y. This difference was 1.4 times in 2015 which was 1.2 times in 2012. Nearly 87% of the organizations reported to pay bonus and 11% of the organizations transferring salary increases from fixed pay to variable pay. Senior level managers see 23% of their total compensation as variable and entry-levels 12% of the salary is variable.