Job aggregator platform FoundIt, formerly known as Monster APAC and ME, has revealed in its latest report that more than 60 per cent of entry-level employees in India have not received a raise this appraisal season. According to the report, entry-level professionals (0-3 years of experience) have been disappointed in the name of salary growth, with 62 percent claiming that they have not received any appraisal this year. Of them, 10 per cent got a hike of 5-10 per cent, while 9 per cent got a hike of 0-5 per cent .
Foundit CEO Shekhar Garissa said the Foundit Appraisal Trends report shows that companies are looking at additional incentives such as ESOPs, bonuses and even promotions for salary hikes. The report pointed out that 49 per cent of employees who did not receive appraisals were encouraged by their employers with employee stock ownership plans (ESOP) and bonuses. Also, 20 percent of people without a salary increase have been offered promotions.
What the report says sector-wise
According to the report, in the sector-wise analysis, most employees of healthcare and BPO/ITeS industries achieved salary hikes this year. In healthcare, 29 per cent of employees got a 5-10 per cent hike, while 27 per cent got a 10-15 per cent hike. In the BPO/ITeS industry, 49 per cent of employees achieved 0-5 per cent valuation in FY13, while 26 per cent got a 5-10 per cent increase. In the BFSI industry, 20 per cent of employees got a 10-15 per cent increase and 30 per cent got a 5-10 per cent increase. IT also showed a similar trend, with 30 per cent getting a 10-15 per cent hike and 21 per cent getting a valuation of 5-10 per cent . Twenty per cent of those employed in the engineering/construction industry received a salary hike of more than 20 per cent.
What will the future be like??
According to the report, 38 per cent people said that the salary hike they have received this year is in line with their expectations, while the evaluation process was considered appropriate by 52 per cent of the respondents. After the evaluation, 76 percent of employees reported considering changing jobs based on the survey results. Among those willing to explore new opportunities, 26 per cent were those with a 5-10 per cent salary hike.
