Source | economictimes.indiatimes.com | Prachi Verma, ET Bureau
New Delhi: Employees in some sectors will have a Happy Diwali. Seeing an improvement in performance and business sentiment, automobile, information technology, financial services and fast-moving consumer goods (FMCG) companies are handing out hikes, bonuses and promotions, according to HR heads and compensation expert Aon. Many had stalled promotions and hikes after the pandemic struck earlier this year, while others fired workers or cut pay.
“Some companies in the auto industry, FMCG, engineering, IT services and financial services have done increases as late as October and this is in the range of 6-7%,” said Roopank Chaudhary, partner at Aon. More than a dozen companies, half in the financial services domain, handed out hikes in the last few months, according to Chaudhary, who said he couldn’t disclose their names due to client confidentiality.
ET reached out to firms such as Dabur, Schneider Electric and PepsiCo India that have recently given promotions and hiked salaries. Deloitte India paid the performance-based salary component in September while Kotak Mahindra Bank announced promotions and bonuses recently.
Schneider Electric gave out hikes in October. “At Schneider Electric, bonus as well as salary hikes were shared,” said Rachna Mukherjee, CHRO for India & South Asia.