Attention employees: This is the pay hike you can get this year

Aon Hewitt, the HR consultancy, has published their annual Salary Increase Survey that shows that this year the average pay hike can be expected to be 9.5 percent across various industries. This figure has dropped from last year’s 10.2 percent hike. 

However, the top performers across the industries can expect impressive hike as companies this year are focusing on retaining their top performers. 

Though the plunging salary hike, India will lead in the Asia-Pacific region as China is expected to have 6.9 percent increase, Japan will have 2.4 percent, and Singapore will have 4.1 percent salary hike. 

This survey analyses the data of more than 1000 companies, and it stated that the decrease reflects the maturity of India Inc in the middle of Indian as well as global economic and political events, such as demonetisation, Brexit, the US elections, etc. 

Apart from revealing that companies are more focused on performance and key talents, this survey also shows that pay differentiation is increasing between the top and average performers. 

Top performers are now getting almost 1.8 times higher salary than the salary of an average performer. Also, industries are employing different methods like learning and development, career development, international and functional mobility, and leadership access and similar other methods for managing key talent. 

Despite the overall falling numbers in salary hike, there are certain sectors in which double-digit hike can be expected. Consumer Internet Companies, Life Sciences, Professional Services, Chemicals, Entertainment and media, engineering and manufacturing, consumer products are some of the sectors where double-digit hike can be expected. 

The survey also revealed that there is no overall change in the attrition numbers but key talent attrition has seen a steep hike from 7.3 percent in the year 2015 to 12.3 percent in 2016. 

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