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Deloitte Touche Tohmatsu India conducted the 2020 Workforce and Increment Trends survey in which 350 organisations across 7 sectors and 25 sub-sectors participated. Here are the key findings of the survey:
- Only 9% of the companies gave their teams a salary increment of 10% or more this year. The average increment was 7%
- Increments were the highest in the life sciences sector and the lowest in the manufacturing and services sector. Larger corporations gave a lower increment as compared to relatively smaller companies
- The number of promotions declined from 7.5% in the previous year to 5.4% in 2020
- 90% of the surveyed companies are planning to move to payment plans with higher variable pay components
- Some organisations are planning to update their review cycles, changing them from annual to quarterly or half-yearly basis
- Many organisations are also suspending leave encashments, slashing budgets of events, etc.
It seems the pandemic is hitting salaries as experts have been predicting. Most of us were caught unawares when the pandemic happened. But it is a lesson we must learn. Like we always say, you need to Own Your Money, so you are never caught unawares like this again.