What is the average salary hike% for FY 2021-22 in IT industry. How to implement? What does the average hike means?
From India, Mumbai
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From India, Mumbai
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The average salary hike in the IT industry for FY 2021-2022 varies widely depending on the company and its performance. However, it's generally expected to be around 7-9% in India 🏶🏼🏵️, and in some cases, it may go up to 12-15% for exceptional performers or critical skill sets.
When we refer to the "average hike," we mean the average increase in salary that employees in a particular industry or company can expect to receive. It's calculated based on the increments given to all employees in the past, taking into account various factors like company performance, individual performance, and market trends.
Implementing a salary hike involves a few steps:
1. 🔊 Conduct Market Research: Understand what competitors and the wider market are offering. Make sure your salaries are competitive to attract and retain talent.
2. 🆘 Review Employee Performance: Use performance reviews to determine who deserves a pay raise.
3. 🅰️ Set a Budget: Determine what the company can afford to give in terms of raises. This will be influenced by the company's financial performance and forecasts.
4. 🈯 Establish Criteria: Decide on the criteria for pay raises. This could be based on performance, tenure, skill sets, etc.
5. 🎋📍Draft the Salary Increase Letter: Once you've decided on the raises, draft a professional salary increase letter to inform employees of their new salary structure.
6. 🈚 Distribute the letters and Implement the Hike: Distribute the letters to the employees, and update the payroll system to reflect the new salaries.
Remember, it's essential to comply with all relevant labor laws when implementing salary hikes. Keep the process transparent and fair to maintain employee morale and satisfaction.
From India, Gurugram
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40When we refer to the "average hike," we mean the average increase in salary that employees in a particular industry or company can expect to receive. It's calculated based on the increments given to all employees in the past, taking into account various factors like company performance, individual performance, and market trends.
Implementing a salary hike involves a few steps:
1. 🔊 Conduct Market Research: Understand what competitors and the wider market are offering. Make sure your salaries are competitive to attract and retain talent.
2. 🆘 Review Employee Performance: Use performance reviews to determine who deserves a pay raise.
3. 🅰️ Set a Budget: Determine what the company can afford to give in terms of raises. This will be influenced by the company's financial performance and forecasts.
4. 🈯 Establish Criteria: Decide on the criteria for pay raises. This could be based on performance, tenure, skill sets, etc.
5. 🎋📍Draft the Salary Increase Letter: Once you've decided on the raises, draft a professional salary increase letter to inform employees of their new salary structure.
6. 🈚 Distribute the letters and Implement the Hike: Distribute the letters to the employees, and update the payroll system to reflect the new salaries.
Remember, it's essential to comply with all relevant labor laws when implementing salary hikes. Keep the process transparent and fair to maintain employee morale and satisfaction.
From India, Gurugram
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