6% firms reduced salary in 2009-10
Hewitt's Survey stated that 16% of the companies freezed salary.
By PTI |
NEW DELHI: Amid the economic downturn impacting companies worldwide, India Inc remains cautiously optimistic with just 16 per cent firms freezing salaries and as low as 6 per cent reducing pays for 2009-10, a survey by HR consultancy Hewitt Associates says.
According to a mid-year survey on 'Performance & Reward Trends' by Hewitt Associates, companies across industries are strongly differentiating rewards on the basis of performance but majority of them are not considering any layoffs or severe salary cuts in current fiscal.
"With only five per cent of the organisations considering layoffs, minimal salary reduction at 6 per cent and salary freeze at 16 per cent, India Inc looks cautiously optimistic," Hewitt's Performance and Rewards Consulting practice leader in India Sandeep Chaudhary said.
The survey revealed that 16 per cent of the companies surveyed have a salary freeze and were mainly organizations in the financial services, IT and ITeS sector.
Moreover, only 6 per cent of the firms have cut salaries and just five per cent were considering layoffs for FY'10.
"During these unprecedented times when firms across the world considered options such as mass layoffs and salary cuts, India Inc also considered the same measures but with maturity," Chaudhary added.
According to a mid-year survey on 'Performance & Reward Trends' by Hewitt Associates, companies across industries are strongly differentiating rewards on the basis of performance but majority of them are not considering any layoffs or severe salary cuts in current fiscal.
"With only five per cent of the organisations considering layoffs, minimal salary reduction at 6 per cent and salary freeze at 16 per cent, India Inc looks cautiously optimistic," Hewitt's Performance and Rewards Consulting practice leader in India Sandeep Chaudhary said.
The survey revealed that 16 per cent of the companies surveyed have a salary freeze and were mainly organizations in the financial services, IT and ITeS sector.
Moreover, only 6 per cent of the firms have cut salaries and just five per cent were considering layoffs for FY'10.
"During these unprecedented times when firms across the world considered options such as mass layoffs and salary cuts, India Inc also considered the same measures but with maturity," Chaudhary added.
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