According to recruitment service firm, ABC consultants, recent appraisal season saw an average increment across various sectors.
Almost all sectors, from FMCG to IT reported ambiguity in pay hike as compared to last year. Despite these economic uncertainties, the overall sentiment in the market was positive.
Commenting on the appraisal sentiment this year, Shiv Agarwal, Managing Director of ABC Consultants said, “Despite the uncertainties and the watchful approach, Indian economy has witnessed a good year and is expected to witness positive growth which should reflect in the coming appraisal cycle. The Industry leaders are bullish of a post-GST world, and are expecting business to look up in the months to come.”
As per media reports, the auto sector registered consistent growth though it suffered GST impact especially its two-wheeler segment. The average appraisal in the sector ranged from 9 to 11 per cent. In other sectors such as FMCG, Retail, and Telecom, appraisals averaged between 8 to 10 per cent. The technology sector, on the other hand, was at 5 to 7 per cent.
While some companies adopted a cautious approach while implementing appraisals, on the whole, the market was optimistic. Many sectors in the job market have already started picking up.
As reported by People Matters earlier, the appraisal system has been the yardstick of measuring not just the performance of employees, but the organization as a whole. Appraisal systems are more than just tools for reviewing performance. They allow the opportunity to set futuristic benchmarks through retrospective insight and are meaningful conversations that help in creating a roadmap for better performance, deeper engagement and increased happiness at work.