NEW DELHI: Despite the shortage
of human resources leading to a large attrition rate in India, the salary
hikes in the country have stabilised in the range of 11.9% and 15% in 2006.
Hewitt Associates — a global human resources services company — in a survey
reveals that the salary hikes in 2007 will remain same in Asia including
India. Though moderate, salary hikes will be maximum in India among the
Asian countries.
In 2007, according to the
7th annual Asia-Pacific Salary Increase Survey by Hewitt Associate, it
would be in the range of 12.3% and 15%. Survey says, "Though the employers
are reporting pay hikes, these hikes are modest when compared with the
previous years. This trend looks set to continue in 2007."
China will continue to be
at number three position in the average salary hike, ranging between 7.1%
and 8.5% in 2007 as against 7.5% and 8.4% in 2006. Other countries in the
region have also shown a marginal increase in the salary.
Head of Hewitt’s Talent and
Organisation Consulting Analytics practice in Asia, Nischae Suri says,
"While organisations are increasing their spendings on compensation to
counter retention challenges in Asia, many companies are reassessing HR
strategies and business goals."
The sample size of the survey
was 1400 companies. Hewitt study indicated that variable pay continues
to be an important mean of attracting and retaining talent, as 78% of the
responding organisations used them as a tool to retain talent.
Individual performance award
is the most popular variable pay plan as 56.2% of organisations say they
prefer it more.
The study says individual
performance awards have the highest impact on business results, followed
by business incentive plans and team awards.
It adds that companies hiked
variable payout in 2006 to 14.9%, up from 14.5% in 2005. Target variable
payout was highest for top management at 21.8% and is expected to rise
to 22.3% in 2007.
Study highlights that the
prime challenge faced by organisations in implementing variable pay plans
is poor communication to employees.
What is your salary per
minute ?
Sachin Tendulkar
What: Cricketer
How much: Rs 1,163 per minute
India's most loved sportsman
makes a lot more than most CEOs of Indian
companies; going by his
annual remuneration for 2004-2005. Breaking it
down, his three-year contract
for endorsements is worth Rs 180 crores. He
is also paid Rs 2,35,000
for a five-day test match and Rs 2,50,000 for one
dayers.
A little bit of elementary
math: This highest paid cricketer in the world
makes around Rs 61.15 crore
a year, or Rs 1,163 per minute
|
Mukesh Ambani
What: CMD of Reliance Industries
Ltd
How much: Rs 413 per minute
Head honcho of the $16.5
billion Reliance Industries Limited, Mukesh Ambani
was ranked the world's 56th
richest man in Forbe's list. But since this is
only about salaries (and
the like), we'll completely ignore his other
earnings. Last year, Mr
Ambani earned Rs 21.72 crore; a neat growth of 87
per cent over his previous
year's earnings. He makes not less than Rs 413
per minute |
Amitabh Bachchan
What: Actor
How much: Rs 361 per minute
Kaun Banega Crorepati? Apparently,
Mr Bachchan! With more endorsements and
film releases per year than
successful actors half his age, Bachchan's
take-home last year was
around Rs 19 crore - that's Rs 361 per minute.
|
Shah Rukh Khan
What: Actor
How much: Rs 247 per minute
The King Khan, who started
off modestly as a 'Fauji', made about Rs 13
crore last year. This included
his endorsement deals for Pepsi, Hyundai
Santro - and of course,
wetting himself in a bathtub, surrounded by women
for HLL's Lux. How much
per minute? |
Brij Mohan Lall Munjal
What: Chief of Hero Group
How much: Rs 255 per minute
The patriarch of the Hero
Group received the Life-time achievement award
for 'Excellence in Corporate
Governance' by the Institute of Company
Secretary of India this
year. Brij Mohan Lall Munjal earned about Rs 13.4
crore last
year. He continues to be
the world's largest motorcycle manufacturer and
fuels his bank balance with
Rs 255 per minute. |
Dr A P J ABDUL Kalam
What: President of India
How much: Rs 1.14 per minute
Before taking on the reins
of this country, Dr A P J Kalam played a leading
role in the development
of India 's missile and nuclear weapons programmes -
so much so - that he's fondly
referred to as the 'Missile Man'. In the
early
1990s, he served as scientific
adviser to the government, and his prominent
role in India 's 1998 nuclear
weapons tests established Kalam as a national
hero. For all his work in
his present capacity as President of the world's
largest de mocracy, Kalam
draws an annual remuneration of Rs 6,00,000 or Rs
1.14 per minute.
|
Dr Manmohan Singh
What: Prime Minister of
India
How much: Rs 0.57 per m
inute
An economist by profession,
Dr Singh has formerly served in the
International Monetary Fund.
His economics education included an
undergraduate and a master's
degree from Punjab University ; an
undergraduate
degree from Cambridge ;
and a doctorate from Oxford University .. One of the
most educated Indian prime
ministers in history, Singh also served as the
finance minister under prime
minister Narasimha Rao. In his present
capacity, Singh is paid
Rs 3,60,000 annually, i.e. Rs 0.57 per minute. |
Indra Nooyi
What: New Pepsi Chief
How much: Rs 2,911 per minute
(from October 11)
Chennai-born 50-year-old
Indra Nooyi was the Chief Financial Officer (CFO)
of PepsiCo, the US-based
soft drink major. In that capacity, her
remuneration stood at $5
million (over Rs 23 crore). With her promotion
this
year, Nooyi becomes one
of the highest paid CEOs in the world, with an
announced remuneration of
$33 million (approximately Rs 153 crores). This
means Nooyi makes a whopping
Rs 2,911 per minute.
*All figures based on media
reports |
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