Odds are, you will get a salary hike this year | Economic Times

Kolkata: Good news for white-collar India – at least 60% of employers intend to give salary increments and 55% bonus payouts in 2021. Coming after a year that saw the economy slump and most businesses hit, the salary hike news is even better because 30% of companies are as yet deciding on whether to reward employees. So, the proportion of employers who bring cheer can only go up. Only some 10% employers are freezing salaries this year. The data comes from the Michael Page Talent Trends 2021, a report shared exclusively with ET. It covers 12 Asia Pacific markets, across 5,500 businesses and 21,000 employees. In India, 660 companies and 4,600 employees were surveyed. The report also says 53% of companies are looking to increase headcount in 2021.Of course, not all salary hikes are equal. Among better increments this year will be those in healthcare and life sciences (average annual increase 8%), FMCG (7.6%), ecommerce/internet (7.5%) and technology (7.3%), the survey shows. 80377570Next in line will be banking and financial services, where average annual hikes will likely be 6.8%. Average increment will be 6.7% for professional services, 6.1% for retail and 6% for transport and distribution. Lower down, the industrial and manufacturing sector can expect a 5.9% average, natural resources and energy 4.9%, and 5.3% for property and construction.“Every sector has been impacted differently. So, each sector has a different approach. Domestic players will be a little more flexible on salary hikes this year; multinationals will be driven by global pressures and standards,” Nicolas Dumoulin, managing director, Michael Page India, told ET. According to the survey, of the 55% companies that plan to make bonus payments, 44% would give out more than one month’s worth of bonus, 46% would give about a month while the balance would give less than one month.The Indian hiring landscape is quite buoyant, said Dumoulin, with 53% Indian companies looking to increase their headcount this year, after hiring dipped 18% in 2020. The survey reflects positive sentiment among employees, too — 75% of those employed anticipate looking for new job opportunities in 2021.