Job market in India looks promising as companies have doled out salary hikes in the range of 10-13% across industries this year and are now exploring innovative methods to successfully retain their workforce, says a survey.
According to staffing firm Kelly Services' annual Employment Outlook and Salary Guide 2011-12, 2011 proved a breather for the Indian employees as companies doled out salary hikes in the range of 10-13% across industries.
"Companies are now exploring innovative methods to successfully retain their workforce across sectors. They are actively involved in finding out what their top talent wants and are implementing various motivational methods," Kelly Services India Managing Director Kamal Karanth said.
Most of them are offering 'spot bonuses' to employees to retain them as companies have to maintain parity in terms of basic salaries among their workforce to keep bright talent from being poached, Karanth added.
The hottest industries in India include manufacturing sector, construction, pharma & healthcare, BFSI, education, IT and ITES and real estate & construction, the report said.
In terms of salary, IT saw a surge of lateral hiring especially positions with niche skills. The action is mainly in the middle level which has also seen a rise in salary.
BFSI sector witnessed an increase in salary for senior professionals in the finance/sales & marketing segment.
In the Engineering sector – oil & gas mid and senior level has seen a rise in salary this fiscal mainly to attract the manpower as an outcome of reverse migration.
In the oil and gas sector, a lot of talent is being lured overseas to places like Southeast Asia, Australia and Europe. In such a case someone with an annual salary of Rs 15 lakh is being offered Rs 25 lakh at international destinations, the report added.
The Employment Outlook and Salary Guide, is a study on the employment conditions and salaries across key verticals in order to provide organisations a critical tool for workforce planning.