Study shows 59 pc companies in India intend to give salary increments in 2021

As the economy keeps momentum to a recovery trail after a sharp decline last year amid the pandemic, a survey has shown that 59 percent of companies in India are intending to give salary increments to their employees in 2021.

According to staffing company Genius Consultants '10th Hiring, Attrition and Compensation Trend 2021-22', with this impressive growth rate, the market is expected to be stable, and the companies will also relook at their business continuity strategy along with strengthening the workforce. This year, the increment scenario seems "welcoming with 59 percent of companies saying that increment is on the cards, which will range between 5-10 percent whereas 20 percent thinks increment will be less than 5 percent and around 21 percent thinks that there will be no pay rise in 2021 too", as per the study.

The study was conducted online among 1,200 companies during February and March across sectors including banking and finance, construction and engineering, education/teaching/training, FMCG, hospitality, HR solutions, IT, ITES and BPO, logistics, manufacturing, media, oil and gas, pharma and medical, power and energy, real estate, retail, telecom, auto and ancillary. The nationwide study further revealed that around 43 percent of the participants have said there are openings for new recruitments while 41 percent have indicated towards replacement hiring. However, 11 percent of the respondents said there is no hope of fresh hiring, the survey noted.

 

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