India Inc to offer double-digit salary hike this year: TimesJobs survey

Corporate India is expected to roll double-digit salary hike this appraisal season and the average appraisals in 2020 will be higher than the annual increment of 2019, says a survey. According to the findings of a new TimesJobs survey, salaries across different sectors would witness an increment of up to 30 percent.

The TimesJobs survey titled 'Decoding Appraisal Trends for 2020' that recorded responses of 1,296 hiring managers from different industry verticals noted that a majority (80 percent) of the hiring managers claimed that the average appraisals in 2020 will be higher than the annual increment of 2019. Around 41 percent of HR managers feel that location-wise, the IT capital of the country Bengaluru, would lead the appraisal front this year. While professionals from Delhi-NCR and Mumbai would bag the second and third highest appraisals this year.

The survey further noted that most HR professionals believe that the IT sector would outshine all the other sectors this appraisal season, followed by media and entertainment and healthcare sectors in the second and third position, respectively. Further, the TimesJobs survey findings revealed that BFSI, BPO, and automobiles sectors may witness dull appraisals in 2020 largely owing to the dismal business scenario in these sectors at this point.

"Although, various factors have influenced the appraisal models over the years, but in this cut-throat market competition where every company wants to own the best 'talent' available, monetary satisfaction continues to play a crucial role in attracting and retaining the high potential employees," said Sanjay Goyal, Business Head, TimesJobs and TechGig. Most (68 percent) hiring managers surveyed by TimesJobs said that middle-level professionals will receive the best appraisals this year -- about 20-30 percent in their salary.

Moreover, as many as 44 percent of HR professionals said top-level professionals will bag the highest appraisal this year. The increment at senior levels could be up to 40 percent, the survey said.