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Salaries and headcount in top Indian companies: What latest trends indicate

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Global brokerage and research firm Jefferies analyzed BSE 500 companies for employee cost trends. For FY22, employee costs grew 14% year-on-year (YoY) to 10 trillion, 9 ppt faster than FY21. FY22 employee cost trend analysis for BSE500 cos shows a broad recovery, led by tech sector.

Employee cost growth exited the year at an 13% YoY growth in the fourth quarter (4Q). Information Technology or IT, with 20% growth, was the key driver; while banks and consumer with stable at ~7-8%. No sector had a decline, the note stated.

“Annual reports of around100 companies shows head count up 12% (4% ex-IT). An analysis of employee cost trends by company size (revenue based) shows that the employee cost growth across the Top-400 companies is now approximately at the same pace, unlike the large mismatch between larger and smaller cos in FY21,” highlighted Jefferies. Employee cost growth has picked up in smaller companies as well but full trickle down has not happened yet.

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