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Professionals looking to switch jobs during 2014 can expect to increase their salary by as much as +30% depending on their sector, according to estimates from recruitment firm Kelly Services. Professionals remaining with their current company, however, can only expect an annual pay rise of between +8% and +15%, reports the Times of India.
Fast-Moving-Consumer-Goods (FMCG), pharmaceutical, and IT companies are expected to increase starting salaries for professional new-hires by an average of +30% during 2014. IT sector professionals earning an average salary received the highest increases last year, at +28% followed by the FMCG and financial services sectors, according to a study conducted by Kelly Services.
The survey included candidates who had secured work through Kelly Services with an annual salary of between RUP 500,000 (USD 8,066) and RUP 20 million (USD 322,635).
Kamal Karanth, Managing Director of Kelly Services India, commented: "On average this is +10% to +20% higher than salary increments most Indian firms are expected to give for 2014. So effectively by switching jobs employees are able to move ahead by a year in terms of financial gains.”
In general, the engineering sector offered the lowest salary increases in 2013 for new hires with +21%. However, increases are expected to go reach +25% for this sector this year, according to the Kelly Services report. Financial services, which gave an average increase of +27% to new recruits, will see increments decline marginally to +25% this year, reflecting ongoing sluggishness in the sector.