India Inc salaries likely to rise by 10.3% in 2013: Study
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Salaries in the corporate sector are expected to increase by only 10.3 per cent in 2013, the lowest in a decade, according to a report by a leading human resources consultancy firm.
The survey carried out by Aon Hewitt shows that companies are shifting in the way they manage increments.
With shrinking salary budgets, organisations are creating sharp differentiations in salary increase between their key talent and the rest of the workforce. Over the years this gap is widening. In 2013, key talent (such as high potentials, high performers and critical talent) is projected to get an average increase of 14.1per cent.
With a growing recognition that key talent is a sustainable competitive advantage, organisations are reshaping their strategies to safeguard this talent group. This is also reflected in the lower average attrition number for key talent at 5.7 per cent, the survey said.
In a year when growth came to a decade low, corporate India reported a comfortable average attrition of 19.3 per cent for 2012 as against 18 per cent in 2011.