Hi All,
I have started HR department in an IT company. I have approx 3 years of exp but have no prior exp in doing the PMS.
I need to understand that what should be the growth rate of an employee in terms of salary through out the year i.e. what is the percentage hike that should be given to the employees.
Also, what is the Industry average in this case?
We have currently decided upon a growth rate of 17.5% - 18.5% of top performers....is this decent enough?
I seek suggestions and help from all the fellow members...kindly help.
Regards,
Bhavna
From India, Delhi
33I have started HR department in an IT company. I have approx 3 years of exp but have no prior exp in doing the PMS.
I need to understand that what should be the growth rate of an employee in terms of salary through out the year i.e. what is the percentage hike that should be given to the employees.
Also, what is the Industry average in this case?
We have currently decided upon a growth rate of 17.5% - 18.5% of top performers....is this decent enough?
I seek suggestions and help from all the fellow members...kindly help.
Regards,
Bhavna
From India, Delhi
Your average/good performer needs to stay abreast of the cost of living index, which in turn is tied in with the annual cost of inflation. So keep your growth rate (increments) linked to that. Check for cost of living index at the RBI site.
The high performers need to have an inbuilt reward structure plus consideration for the annual cost of living index. The average industry standard is 16%....but that is usually tied in to company performance & returns. I would say that your current growth increments for the high performers is pretty good.
From United States, Virginia Beach
The high performers need to have an inbuilt reward structure plus consideration for the annual cost of living index. The average industry standard is 16%....but that is usually tied in to company performance & returns. I would say that your current growth increments for the high performers is pretty good.
From United States, Virginia Beach
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