India Witnesses Healthy Appraisal Season Despite Economic Concerns
Indian economy has been witnessing healthy growth. However, one big concern for the country is growing unemployment and job appraisals. Job appraisal have been average across all sectors and cities.
Almost all sectors — from FMCG to Information Technology — have reported a drop in the pay hike this year as compared to last year, according to recruitment services firm ABC Consultants. However, the overall sentiment in the market is positive.
The auto sector registered average appraisal of 9-11 per cent, while FMCG registered an average of eight-to-ten per cent appraisal and Technology sector registered five to seven per cent appraisal this year.
Amongst the sectors, the auto sector has registered consistent growth. The appraisals in this sector ranged from 9 to 11 per cent. The recently implemented GST has had an impact on this sector especially in the two-wheeler segment.
In other sectors such as FMCG, Retail and Telecom, appraisals averaged between 8 to 10 per cent. The technology sector, on the other hand, was at five to seven per cent.
Commenting on the appraisal sentiment this year, Shiv Agarwal, Managing Director of ABC Consultants said, “Despite the uncertainties and the watchful approach, Indian economy has witnessed a good year and is expected to witness positive growth which should reflect in the coming appraisal cycle. The Industry leaders are bullish of a post-GST world, and are expecting business to look up in the months to come.”
While some companies have adopted a cautious approach while sharing appraisals, on the whole the sentiment in the market is very positive. The job market has already started picking up in some sectors and other sectors are expected to follow soon.
