NEW DELHI: Top performers are in for rosy days as they are likely to bag up to 30 per cent increment this year as companies try to limit high attrition rates amid rising employee expectations and a buzzing job market.
According to the latest survey by TimesJobs.com, top performers may get 25-30 per cent hike this year to "stay on" in the company while the average salary increment may work out to 10-13 per cent this year across industries.
"While average performers are expecting a 10-15 per cent hike, top performers could be getting 2-3 times these average increments, in order to stem attrition," TimesJobs.com COO Vivek Madhukar said.
The survey further said hiring activity has shown a considerable month-on-month increase over the past 4 months.
This trend is only going to gather pace in future.
"While corporates are hiring for growth and expansion, this positive sentiment does not seem to reflect in their internal appraisal processes. Companies should be prepared for higher employee churn as employers poach talent from one another due to this mismatch," Madhukar added.
Heightened employee expectations and a thriving job market can lead to attrition if companies fail to keep interests of all sections of employees in mind while rolling out appraisals, Madhukar said, adding that in some cases, companies are also considering giving non-monetary benefits for retaining employees.
The biggest hikes are likely in the e-commerce sector, which is expected to roll out the most generous appraisals (average 13 per cent) to retain top talent, reveals the survey. In IT segment, product companies are likely to offer better appraisals too, with increments between 12-18 per cent compared to service companies that may offer somewhere between 8-14 per cent.
But in the case of Infosys, the average increment stood at 6.5 per cent.
A sector-wise analysis shows that engineering, manufacturing, automobile and consumer product companies may hand out hikes averaging around 10 per cent.