When compared to developed and key emerging markets in the region, India’s 2017 projected salary increases are highest. Indonesia at 9%, Sri Lanka at 8.9%, China at 7% and the Philippines at 6.4% are the other countries that make up the top five in this group. Salaries in developed markets such as the US and UK have projected increases in the range of 3%.
According to the 2016 Salary Budget Planning (Q3) Report released by leading global advisory, broking and solutions company Willis Towers Watson (NASDAQ: WLTW).
Key Takeaways from this research study:
- Exploration of the range of job grades across various industry sectors.
- It is designed to provide companies with guidance for their annual salary forecasting for the year ahead.
- The report indicates that in India, 38% of the budget for salary increases goes to the top performers. Another 34% is shared by above-average performers while the remaining 28% of the budget goes to average performers.
- The pharmaceutical sector continues to project higher salary increases as compared to most other sectors at 11%, while the financial sector will likely remain well below average at 8.5%. The projected salary increase in the high tech sector for 2017 is likely to be the same as the previous year at 10%.
Focus areas from the research:
- How to rethink whether annual base salary increases are the best way to reward employees.
- Alternatives to better meet their needs and reflect their contribution.
- Report shows that, with tighter salary increase budgets, organizations very discernibly prioritize their top performers.