HUL managers a happy bunch, 200 execs took home Rs 1 cr pay in FY24

As many as 200 managers at Hindustan Unilever (HUL) took home more than Rs 1 crore in annual salary last fiscal year, a slight drop from 205 people in FY23 but significantly higher than 163 in FY22.

The country's leading fast-moving consumer goods company's median remuneration increase for its employees was 7.38% in FY24, down from 10.73% in FY23, according to its annual report. Average increase in the salaries of employees other than the managerial personnel in FY24 was 4.4%.

For the second year running, about one-third of HUL executives who drew eight-figure salaries were under 40, in a departure from the decade-old trend when half the HUL crorepati club consisted of people under that threshold.


Salaries at HUL are partly linked to the company's performance in sales and profitability.

Experts said the company continues to be a talent hunting ground, not just for other FMCG companies, but also for others including direct-to-consumer firms and Big Tech.

Hence, the company puts extra effort to retain good talent.

"The pressure is lower now from startups but FMCG/consumer sector companies, tech services, product companies among others are also trying to hire HUL talent for their understanding of the Indian market in areas such as product, marketing, consumer behaviour, brand communication etc," said Vikram Chhachhi, managing partner for India and Asia-Pacific consumer and retail practice at executive search and leadership consulting firm DHR Global.

"When other companies are hiring, talent in the Rs 1-2 crore bracket tends to be the sweet spot," Chhachhi said, adding that net loss of talent from HUL has been higher at general manager and above levels in the last five years.

A slew of C-suite leaders across India Inc, particularly in the FMCG space, learnt the ropes at Unilever. The list includes Leena Nair, CEO of Chanel; Sudhir Sitapati, managing director of Godrej Consumer Products; Geetika Mehta, managing director of Nivea India; Prabha Narasimhan, managing director of Colgate Palmolive India; and Sudhanshu Vats, managing director designate at Pidilite Industries.

"The reward philosophy of the company is to provide a market-competitive total reward opportunity that...reinforces the performance culture of the company," HUL said in its annual report.