Upto 40% Salary Appraisal For BPO, Finance Employees; Bengaluru Will Get Highest Increment!
As per the reports, corporate India is expected to roll double-digit salary hike this appraisal season and the average appraisals in 2020 and according to surveys, this will be higher than the annual increment of 2019.
How Did This Happen?
As per the findings of a new TimesJobs survey, salaries across different sectors would witness an increment of up to 30 per cent.
Talking about the TimesJobs survey, titled as ‘Decoding Appraisal Trends for 2020′ that recorded responses of 1,296 hiring managers from different industry verticals noted that a majority (80 per cent) of the hiring managers claimed that the average appraisals in 2020 will be higher than the annual increment of 2019.
What Does The Survey Predict?
According to this, around 41 per cent of HR managers feel that location-wise, the IT capital of the country Bengaluru, would lead the appraisal front this year.
On the other hand, professionals from Delhi-NCR and Mumbai would bag the second and third highest appraisals this year.
Further, the surveys noted that most HR professionals believe that the IT sector would outshine all the other sectors this appraisal season, followed by media and entertainment and healthcare sectors in the second and third positions, respectively.
Moreover, the TimesJobs survey findings revealed that BFSI, BPO, and automobiles sectors may witness dull appraisals in 2020 largely owing to dismal business scenarios in these sectors at this point.
What About the Experts?
The Business Head, TimesJobs and TechGig, Sanjay Goyal said, “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,”.
On the other hand, the senior executives at HR consultancy firm Aon said the dip is a sign of a maturing economy and indicative of a slowdown, the survey showed that double-digit salary hikes are not history with 39% of organizations projecting a salary increase of over 10%.
While most (68 per cent) hiring managers surveyed by TimesJobs said that middle-level professionals will receive the best appraisals this year – about 20-30 per cent in their salary.
Further, almost 44 per cent of HR professionals said top-level professionals will bag the highest appraisal this year.
While the increments at senior levels could be up to 40 per cent, the survey said.