Appraisal In BFSI And Manufacturing Among The Lowest Across Sectors
Almost all industries witnessed conservative appraisals, with banking, financial services and insurance (BFSI) receiving the least, according to a survey by Wisdomjobs.com on "Salary Trends and Attrition rates in Q1 (April-June 2017).
The survey conducted across 120 companies from 10 industries, noted that most industries witnessed conservative appraisals that were considerably lower than the two-digit salary hikes seen in the previous year. The average salary hikes seen among the top sectors saw a drop as compared to the last year.
BFSI (8.1 per cent) followed manufacturing (9 per cent) were hit the most. Ranking on top is pharma at 10.9 per cent followed by healthcare and retail sector at 10.8 per cent.
It was followed by hospitality and IT with 9.9 per cent and 9.8 per cent salary hikes, respectively.
FMCG and telecom gave a hike of 9.6 per cent, while employees in infrastructure got a salary hike of 9.2 per cent.
Salary Hike across sectors
Ajay Kolla, founder and CEO, Wisdomjobs.com said, "Most sectors have seen conservative appraisals first quarter due to several external factors that impacted them in the previous two quarters. The hiring outlook of Indian companies, although still positive, will be characterised by a wait-and-watch approach as they come to terms with the real impact of automation - especially in the IT sector - and the consequent need for re-skilling their employees. This is likely to continue for a couple of quarters before picking up again."
City-wise analysis
The average salary hikes seen in the top cities are not very encouraging.
Bangalore tops at a 9.7 per cent followed by Chennai and Pune at 9.1 per cent and 9 per cent, respectively. Hyderabad, Mumbai and Kolkata showed nearly similar rates at 8.9 per cent, 8.7 per cent and 8.5 per cent, respectively.
Delhi showed the lowest hike rate at 7.7 per cent, the survey said.
The survey revealed that layoffs in the IT sector majorly contributed to maintaining the overall reduction levels, while voluntary resignations declined in the first quarter of this year.
The highest attrition in IT at 24 per cent was followed by telecom at 22 per cent and hospitality at 20 per cent. Meanwhile, the lowest attrition was seen in the manufacturing sector at 11.1 per cent.
Delhi was again found to have the highest rate at 11.6 per cent, followed by Chennai and Hyderabad at 10.8 per cent and 10.2 per cent, respectively.
