INDIA Inc is one of the world's best employers in terms of pay outs and piece of mind, if two independent HR consultancies are to be believed. A Hewitt survey said that Indian employees enjoy the best pay hikes among their Asia-Pac brethren while Kelly Services found out in a study conducted among 28 countries that two-third of Indian employees were either "happy or very happy" with their current positions.
India Inc, with a 13.8% average annual hike rate in salary - a tad low against last year's 14% - stood tall over Philippines with a 8.2% rate and China whose 8% was down from 8.3% last year.
According to Kelly Services, Indian employees ranked 7th out of 28 countries in the global survey for employee satisfaction. The most contented employees were in Denmark, Mexico and Sweden and the least happy in Hungary, Russia and Turkey. That makes India share an equal first with Indonesia in the eight Asia-Pac countries surveyed. The survey also ranked India an equal 2nd along with Australia in the Asia Pacific region for employer performance. New Zealand was voted as having the best bosses in the region. The happiest employees belonged to the IT industry (66%) followed by business services (65%), engineering (65%) and financial Services (61%). And among the states, Andhra Pradesh, Maharashtra, New Delhi, Tamil Nadu came top in happiness index. The survey was based on the views of approximately 70,000 executives, including almost 2,000 from India.
The Hewitt salary survey also showed that variable pay continued to be an important means of attracting and retaining talent, with 78% of responding organizations using them. Individual performance awards continue to be the most popular, with 56.2% of responding organisations saying they are their preferred type of variable pay plan. They also indicated individual performance awards have the highest impact on business results, followed by business incentive plans and team awards.
According to the study, companies increased variable pay out in 2006 to 14.9% of their payroll, up from 14.5% in 2005. This year, target variable pay out was highest for senior/top management at 21.8%, and is expected to rise to 22.3% in 2007. Said Nishchae Suri, head of Hewitt's talent and organization consulting analytics practice in Asia, "With the pressure to retain key talent growing, an increasing number of organisations are ensuring their pay is competitive by closely monitoring market movements. Most companies review their markets annually, using multiple sources of information to benchmark compensation, such as industry surveys and information through personal contacts."
Indian employees enjoy the best pay hikes among their Asia-Pac brethren, says a Hewitt survey Two-third of Indian employees either happy or very happy with their current positions, says a Kelly study Average annual salary rose by 13.8% this year against last year's 14% Happiest employees belonged to IT industry (66%) followed by business services (65%), engineering (65%) and financial Services (61%)
India Inc, with a 13.8% average annual hike rate in salary - a tad low against last year's 14% - stood tall over Philippines with a 8.2% rate and China whose 8% was down from 8.3% last year.
According to Kelly Services, Indian employees ranked 7th out of 28 countries in the global survey for employee satisfaction. The most contented employees were in Denmark, Mexico and Sweden and the least happy in Hungary, Russia and Turkey. That makes India share an equal first with Indonesia in the eight Asia-Pac countries surveyed. The survey also ranked India an equal 2nd along with Australia in the Asia Pacific region for employer performance. New Zealand was voted as having the best bosses in the region. The happiest employees belonged to the IT industry (66%) followed by business services (65%), engineering (65%) and financial Services (61%). And among the states, Andhra Pradesh, Maharashtra, New Delhi, Tamil Nadu came top in happiness index. The survey was based on the views of approximately 70,000 executives, including almost 2,000 from India.
The Hewitt salary survey also showed that variable pay continued to be an important means of attracting and retaining talent, with 78% of responding organizations using them. Individual performance awards continue to be the most popular, with 56.2% of responding organisations saying they are their preferred type of variable pay plan. They also indicated individual performance awards have the highest impact on business results, followed by business incentive plans and team awards.
According to the study, companies increased variable pay out in 2006 to 14.9% of their payroll, up from 14.5% in 2005. This year, target variable pay out was highest for senior/top management at 21.8%, and is expected to rise to 22.3% in 2007. Said Nishchae Suri, head of Hewitt's talent and organization consulting analytics practice in Asia, "With the pressure to retain key talent growing, an increasing number of organisations are ensuring their pay is competitive by closely monitoring market movements. Most companies review their markets annually, using multiple sources of information to benchmark compensation, such as industry surveys and information through personal contacts."
Indian employees enjoy the best pay hikes among their Asia-Pac brethren, says a Hewitt survey Two-third of Indian employees either happy or very happy with their current positions, says a Kelly study Average annual salary rose by 13.8% this year against last year's 14% Happiest employees belonged to IT industry (66%) followed by business services (65%), engineering (65%) and financial Services (61%)
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