Companies upbeat on hiring, hikes this year: Survey

Most companies have hinted at hiring more people this year, according to a Mercer industry survey.

Of the 682 companies asked across sectors, 84 per cent indicated they would hire more in 2012, the All Industries Total Remuneration Survey released on Wednesday, said.

The insurance, chemical and manufacturing sectors are expected to hire the maximum number of people. All the respondents asked forecast headcount addition in the next 12 months.

“Hiring continues unabated in Asia, with India and China leading the pack,” Mr Muninder Anand, Director, Information Product Solutions, Mercer, said.

The hi-tech industry too was gung-ho about hiring; 86 per cent of the respondents saying there would be increased headcount. Nearly 75 per cent of those surveyed said the same about the retail, electronic manufacturing and banking and finance sectors.
INCREMENT FORECAST

The highest increments — at 14.3 per cent — are expected in the automobile sector, the survey revealed. It expects an average 12 per cent salary hike across industries, the same as last year's .

Increments in the pharmaceutical and medical equipment sectors are projected at 12.8 per cent; chemicals at 12.2 per cent, consumer durables at 12 per cent, IT and telecom at 12 per cent and ITeS at 11.3 per cent.

Employees in the insurance sector, however, may get a relatively lower salary increase, at 11 per cent.

The remuneration for executives in the asset management industry will be higher in 2012 than for those in the consumer, pharmaceutical, chemical and automobile sectors.
ATTRITION RATES

The survey said attrition rates rose across sectors to 16.7 per cent in 2010. The highest turnover was seen in the ITeS segment, at 32 per cent, followed by 16.3 per cent in IT and 15.9 per cent in pharmaceuticals. The lowest attrition was reported in the chemicals sector, at 9.9 per cent.

The survey is conducted twice a year, in March and October, and covers all facets of rewards and benefits in 12 different major and small industries, Mercer said. Hero Mindmine Institute announced the sixth annual conference, Mindmine, by Hero Mindmine Institute Ltd, a subsidiary of Hero Corporate Service Ltd.

'Thriving in Uncertainty: Is this the Real India? , the objective of 2011 Mindmine Summit is to gauge whether India can continue its dream run against an uncertain global backdrop. The Summit also examines as to how the growing confidence and clout of India can provide Indian society, business and individuals, new leverage in a multi – polar and, increasingly, multi – dimensional world.

The highlights of this year's summit also includes an 'Icon session with Pawan Munjal' that will feature light hearted, multi-flavored interaction with film personalities, Ranbir Kapoor and Sonakshi Sinha, the two youth icons who represent not just the new India but also tomorrow's India.

The Summit spans for two days 21st and 22nd April 2011 will have eleven focused sessions, where the participants will take a critical look at where India stands in this year of recovery, and the direction in which it is headed.

Mr. Kamal Nath, Minister of Urban Development, Govt. of India and Mr. Arun Jaitley, Leader of the Opposition (Rajya Sabha) were the Guests of honor for the Inaugural Session. Dr. Brijmohan Lall Munjal, Chairman, Hero Group, Mr. Pawan Munjal, Managing Director and CEO Hero Honda Motors Ltd and Mr. Sunil Kant Munjal, Chairman, Hero Corporate Service Limited, delivered the opening and closing remarks at the Inaugural session for the Summit.