Good news is in store for Non-Resident Indians who are considering a move back home. Majority of the companies in India are considering paying bonuses and hiking salaries next year, making the option of working in India a little more lucrative for all professionals who are currently working overseas.
“This is definitely good news. We’d heard that many companies in India had frozen salary hikes. I’ve been considering moving back to my home country after spending a good 10 years in the UAE,” Randal Matthew, an Indian living in Dubai said.
According to an annual performance appraisal study conducted by MyHiringClub.com shows 83 per cent of companies in India are planning to give annual bonuses and salary hikes next year. Companies in South India seem to be the most generous lot with 89 per cent of them planning to give increments and bonuses.
This is followed by 83 per cent of the companies in the North, 81 per cent in the Western part and 79 per cent by in Eastern India.
Salary hikes is welcome news but employees should not expect to see their finances go up in a big way. The survey suggests that the average increment will be 11 per cent. The number of companies planning to give out bonuses has also gone up. The findings reveal that 84 per cent of the companies surveyed are willing to dole out bonuses in FY’13, which is a slightly healthier number from last year.
“The average bonus is 10 per cent and most of the companies are giving bonuses in the range of 5-20 per cent of the annual compensation of the employees. This is a shade better than last year when majority of the companies across all jurisdictions were giving bonuses in the range of 5-10 per cent,” said the report.
Ninety-four per cent of the large companies in the country are most likely to give salary increments and bonuses, followed by 83 per cent of medium-sized firms and 81 per cent small sized entities.
Besides the hikes, many employees also expect a promotion next year. “It is interesting to note that 73 per cent of the respondents expect a promotion,” said the survey. However, many employees also seem unsatisfied in their current job and are considering a change.
The findings show that 61 per cent of the respondents are either actively or passively evaluating a career/job change. This shows that many are unsatisfied with their current situation and the corporate HR may have to play a proactive role to ensure that employee turnover is limited.
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