Wisdomjobs.com survey predicts marginally higher salary hikes in 2019
Top paying sectors for 2019 would be consumer internet, professional services, BFSI, and ITeS.
Hyderabad: Wisdom Jobs, a Hyderabad-based online career portal, found that average hikes are expected to be around 9.8% this year.
Top paying sectors for 2019 would be consumer internet, professional services, BFSI, and ITeS.
Wisdomjobs.com found through a survey of companies across 15 industries that 10 amongst them will see better salary hikes compared to the last year. Those sectors are IT, Retail, Hospitality, FMCG, Healthcare, Automotive, Infrastructure, Education, ITeS and BFSI.
It added that this year, overall pay hikes are expected to be higher than last year. The predicted average salary increment for 2019 is 9.8% as compared to 9.6% last year. Increased focus on performance-driven appraisals is expected to result in high double-digit salary hikes for top talent.
Many companies expect a positive economic outlook with high domestic demand. With companies actively trying to curb attrition through higher salary hikes, attrition rates are expected to decline while hiring rates are expected to grow.
5-year salary hike trends; Source: Wisdomjobs.com
Year
Average Salary Hike
2019
9.8 (expected)
2018
9.6
2017
9.4
2016
10.3
2015
10.5
Ajay Kolla, Founder and CEO, Wisdomjobs.com said, "The survey found that most industries that are part of the Manufacturing and Technology sectors such as Life Sciences, Chemicals, Energy and Engineering are expected to see double-digit salary hikes this year. That said, the average salary hikes will depend on several factors such as the size of the company, business dynamics and the nature of their talent requirements."
The survey found that digitisation and technology upgradation have resulted in upskilling of workforces and this has, in turn, contributed to higher salary hikes in most industries and sectors.
Sectors such as Consumer Internet, Professional Services, Life Sciences, Automotive, and FMCG are also expected to see double-digit salary hikes on average in 2019, although the average increase in hikes over the last year will be below 1%.
About Wisdom jobs
Wisdomjobs.com along with its sister portal, Wisdomjobsgulf.com, are unique, skill assessment-based job portals that help job seekers and employers to find the right fitment through a proprietary skill assessment tool named Pragnya Meter.