With the appraisal cycle finally coming to an end, a survey has revealed that 42 percent of recruiters said that their companies gave less than a 10 percent increment to their employees.
The majority of recruiters remained cautious with respect to increments offered by their organisations during the last appraisal cycle, Naukri’s Hiring Outlook Survey stated. It added that 31 percent of recruiters revealed that their companies gave salary hikes between 10 and 15 percent. Only 6 percent of recruiters surveyed said that more than 30 percent increments were rolled out in the last appraisal cycle.
The survey conducted by the job site involved 1,200 recruiters and recruitment consultants to gauge hiring trends across companies and industries.
It also found that nearly 70 percent of recruiters surveyed expect attrition rates to remain below the 15 percent level in six months. “These expectations around attrition trends show that employees will look to hold onto their current job profiles amidst current job market uncertainties,” the report stated.
This comes a month after reports of industry leaders announcing increments to retain their talents. Telecom operators Bharti Airtel and Vodafone Idea gave 7-8 percent increments to their employees as competition to acquire and retain talent in the sector heats up.
TCS rewarded exceptional performers with a salary hike ranging from 12-15 percent and noted note that its attrition level continues to trend downwards, Mint reported.
Meanwhile, according to data by Aon commissioned exclusively by Moneycontrol, a majority of over 100 unicorns in India have slashed appraisal budgets for 2023 as the startups increasingly look to cut costs while grappling with a prolonged funding winter. The appraisal budgets of unicorns have declined to an average of 7.7 percent of salary expenses in 2023, from 12.1 percent in 2022.
Also, about three in 10 unicorns set aside a minimal to zero budget for increments this year.
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