New Delhi, Feb. 3 (PTI): A majority of employees in the country expect better salary hikes in 2014 compared with the previous years, spurred by hopes of brighter economic prospects, a survey by HR services firm Randstad has found.
With increased pay packets there is also a possibility of attrition rates going up, the company said.
According to the company’s “Workmonitor” survey, 84 per cent of the employees are hopeful about the economic situation in 2014, while another 86 per cent are expecting a higher pay raise in comparison with the previous years.
The survey has found that majority of the employees in India expect to receive a one-time financial reward/bonus at the end of this year. This is higher than their global peers.
“With the sentiments of the market looking positive, it is anticipated that employees will expect a better hike in their salary compared with the last couple of years,” Randstad India & Sri Lanka CEO Moorthy K. Uppaluri said.
According to Uppaluri, expectation of a pay hike has an impact on attrition rate and, therefore, the firms “must start focusing on building strong HR practices” that will address the issue related to salaries while also ensuring necessary training programmes and “great” career opportunities.
“By income, only 70 per cent of the employees earning less than Rs 90,000 expect a pay rise and employees in the middle and higher level income range are more optimistic about a pay hike,” the survey said.
Moreover, the survey also found that over 80 per cent believed that working together with foreign employees added value to their jobs.
Besides, working with foreign employees was looked on as value addition by 74 per cent women compared with 52 per cent of the male employees.
Meanwhile, an overwhelming majority (more than 90 per cent) of the Indian employees were also found to be committed to developing their skills last year and 80 per cent said their employers played an important role in this regard.
The Randstad Workmonitor survey is conducted through an online questionnaire among a population aged 18-65 years and employed in a minimum 24 hours a week job.