Salary Hike: 74% of the professionals said that they have received an increment during the financial year 2024-25. This increment has been in the range of 5 to 10%.
26 companies included in Nifty 50 i.e. the top 50 companies of the country have disclosed the salary package received by their top executives (CEOs). Out of this, the package of executives of 10 companies increased by more than 10% in FY 2024-25. At the same time, there were 5 companies in which the package of the CEO has decreased. The highest package was of Pawan Munjal of Hero MotoCorp and Rajiv Jain of Bajaj Finance. Both got more than Rs 100 crore each. A large part of their package was performance-linked incentives and stock options for several years. At the same time, the share of fixed salary was less. 74% of the professionals surveyed said that they got a salary hike during FY 2024-25.
On one hand, the package of executives of top companies has increased. At the same time, 32% of the people working in senior and leadership positions in Indian companies have not received any increment. While the number of such freshers is 25%.
Salary increased, but dissatisfaction remains
74% of the professionals surveyed said that they got a salary hike during the financial year 2024-25. However, most got this increase in the range of 5 to 10%, while the number of those who got more than 20% increase was very less. Even among those who got more than 20% salary hike, 86% said that they are thinking of changing jobs. Only 32% of the professionals said that they got salary hike as per their expectations, while only 36% said that the evaluation process of their organization was effective. 41% of the employees in sectors like IT, education and advertising did not get any salary hike. In contrast, 26% of the employees in the energy sector got more than 20% hike.
Salary hike is no longer a ‘retention tool’
Earlier it was believed that if the salary of the employee is increased, he will remain satisfied and will not leave the job. This was the reason why companies considered salary hike as the main ‘retention tool’ (means of retaining employees). But now the situation has changed. Despite the salary hike, employees feel trapped in limited opportunities. Now work-life balance, skill upgradation, trust in leadership and career growth matter much more in a job. This is the reason that despite the salary hike this year, more than 85% of professionals in India are planning to change jobs in the next one year. According to a survey by job portal FindIt, now only salary hike is not capable of retaining employees.
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