Saturday, November 04, 2006
Individual Performance Key To Salary Raise In IT Firms
The Hindu Delhi Edition, 16 Feb.
More than 80 pct of Indian IT organisations consider individual performance as the most important criteria for salary increments. According to the 'Nasscom Hewitt Total Rewards Study, 2004' released recently, an increasing number of organisations lay emphasis on variable pay and aligning rewards to business goals, with more than 85 pct organisations having a prevalence of variable pay. The study also revealed that the average accession rate in IT and ITES industries are higher than the attrition rate. However, attraction and retention of employees remains a key issue for IT and ITES organisations with the IT industry reporting an average attrition rate of 18 pct for 2003-04 and the ITES industry reporting a higher average attrition rate of 32 pct across levels. Other findings include that Bangalore continues to be the most expensive city in terms of compensation for IT, reporting 8 pct higher salaries compared to the national average. For ITES, Bangalore and National Capital! Region (NCR) were 1 pct higher than the National average.
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