Deloitte report projects 12.4% average salary increment in pharma sector
Deloitte has released India Annual Compensation Trends Report FY 2014. The Deloitte Compensation Trends Survey is an annual study conducted by Human Capital Consulting. The objective of the study is to understand the key compensation and benefits trends across sectors in the Indian market.
Annual Increments FY 2014 (Projections)
This is the fourth edition of the annual survey. Online survey was launched for the first time in this edition, and more than 60 per cent of the companies submitted data through the online portal. Companies from more than 18 sectors have participated this year and a detailed consolidated report has been prepared for 13 sectors. The data was collected from January to March 2014.
Key HR Challenges and Managing Attrition
Scope of the survey
- Increment and variable pay projections for FY 2014 and comparison with FY 2013
- Key human resource challenges faced by organisations
- Managing and rewarding critical talent
- Attrition rates, key reasons for attrition and mitigation measures
- Key benefits given across sectors
|Average Annual Increments FY 2014 (Projections) vis-à-vis FY 2013 (Actuals)|
Annual Variable Pay FY 2014 (Projections)
|Average Annual Variable Pay FY 2014 (Projections) vis-à-vis FY 2013 (Actuals)|
The sectors covered include pharmaceuticals, life sciences and healthcare, auto and auto components, BFSI, chemical consumer business, engineering and manufacturing, logistics media and advertising, retail, energy and natural resources, hi-Tech, IT-enabled services infrastructure and real estate.
The data received was collated and analysed to get detailed insights on sector wise practices, compensation and benefits trends. The responses received from all participants were validated and checked for accuracy and intended interpretation. A formal invitation e-mail and online questionnaire was sent to the Human Resources in the chosen organisations requesting for participation. The sectors covered in the study were finalised along with the leading organisations from each sector. The parameters of the study were finalized and a structured questionnaire was designed as a primary data collection tool.
The average salary increment across this sector is projected at 12.4% in FY 2014, which is 0.2% points lower than the previous FY 2013 (12.6%). The average variable pay percent across this sector is projected at 18.4% in FY 2014, which is 0.3% points higher than the previous FY 2013 (18.1%). Voluntary Attrition rate for this sector in FY 2013 on an average is 12.8%. Organisations attribute better career prospects, personal reasons and pursuing further studies as the main reasons for attrition