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About 10% hike in salary is expected to be seen by Indian employees in 2017, which is about 0.3% lower than what they got this year. 
 According to <keyword id="3934295" type="UNKNOWN" weightage="20" keywordseo="korn-ferry-hay-group-2017-salary-forecast">Korn Ferry Hay Group 2017 Salary Forecast</keyword>, keeping the inflation in mind, Indian salary growth is pegged at 10 per cent, while real wages are expected to rise by 4.8 per cent. 
 
"Salary hikes in India, although still higher than many other countries across the globe, have stabilised and we expect them to be in the 9.5-10.5 per cent range in the next couple of years. We expect them to at the higher end of the range for entry level positions, given that our salaries are much lower at that level compared to most countries, even those within Asia," Amer Haleem, Country Manager, Productized Services, Korn Ferry Hay Group, told ET. 
 
The report also read that in Asia, salaries are expected to increase by 6.1% down 0.3% from last year, while real wages are expected to rise by 4.3% the highest globally. 
 The forcast for the largest real wage is in <keyword id="13486" type="COUNTRY" weightage="20" keywordseo="Vietnam">Vietnam</keyword> (7.2%), <keyword id="3739" type="COUNTRY" weightage="20" keywordseo="Thailand">Thailand</keyword> (5.6%) and Indonesia (4.9%). 
 
The report also added that adjusted for inflation, workers around the world are expected to see real wage increases of 2.3%, down slightly from last year's prediction of 2.7%. 
 "Although not as high as last year when we saw a three- year high, there are still positive real wage gains across the globe," <keyword id="3654425" type="UNKNOWN" weightage="20" keywordseo="Benjamin-Frost">Benjamin Frost</keyword>, Korn Ferry Hay Group Global Manager Pay, told ET. 
 Regardless of the Brexit decision, an expectation of about 2.5% rise is present United <keyword id="236732" type="PERSON" weightage="20" keywordseo="Kingdom">Kingdom</keyword>. Adjusted for inflation, real wages are to increase by 1.9 %in 2017, which is slightly higher than the Western European average. 
 
Workers in France and Germany are forecast to see real wage rises of 1.5 %and 2.2 %respectively. 
 
"The global labor market is in flux as slower economic growth in mature economies keeps a check on pay rises. In emerging economies, upskilling workers is crucial for companies to maintain a competitive advantage - and those skilled employees can expect to see wages rise as talent shortages in certain regions drive salaries up," Frost said. 
 
The data was drawn from Hay Group PayNet which contains data for more than 20 million job holders in 25,000 organizations across more than 110 countries.

Don’t expect a good salary hike next year. Here’s why

According to a review, 0.2% growth in salary has been witnessed since the great recession eight years back. China on the other hand, saw the largest real <keyword id="3329453" type="UNKNOWN" weightage="20" keywordseo="salary-growth">salary growth</keyword> of 10.6% during the same period. 
 A new analysis by the <keyword id="29961" type="CITY" weightage="20" keywordseo="Hay-Group">Hay Group</keyword> division of <keyword id="743341" type="UNKNOWN" weightage="20" keywordseo="Korn-Ferry">Korn Ferry</keyword> says that India's salary growth stood at 0.2 per cent in real terms, with a <keyword id="35050" type="CITY" weightage="20" keywordseo="gdp">GDP</keyword> gain of 63.8 per cent over the same period. While other emerging markets like Turkey, Argentina, Russia and Brazil had the worst real salary growth at (-) 34.4 per cent, (-) 18.6 per cent, (-) 17.1 per cent and (-) 15.3 per cent, respectively. 
 
"Most emerging G20 markets stood at either one end of the scale or the other either amongst the highest for wage growth, or amongst the lowest. However, India stood right in the middle, with all the mature markets," the report told ET. 
 
The report further noted that Indian wage growth is the most unequal. 
 "Of the countries we looked at, Indian wage growth was by far the most unequal - people at the bottom are 30 per cent worse off in real terms since the start of the recession; whilst people at the top are 30 per cent better off," <keyword id="3654425" type="UNKNOWN" weightage="20" keywordseo="Benjamin-Frost">Benjamin Frost</keyword>, Korn Ferry Hay Group Global Product Manager, told ET. 
 Frost further added. “Strong wage growth for senior jobs is mostly because of skill shortages for key professional and managerial roles; and the increasing connection to a more <keyword id="3654426" type="UNKNOWN" weightage="20" keywordseo="globalised-pay-mark">globalised pay mark</keyword> at the senior levels - a market where India still pays less than most countries, but is catching up fast.” 
 
The poorer wage growth is a result of an oversupply of people. 
 
"India has made less progress than some other countries in bringing high value jobs to the country. This has led to poor job growth, therefore an oversupply of un/semi-skilled people, and poor wage growth," Frost said. 
 
U.S also faced one of the worst salary recoveries among the developed countries. Salaries there decreased by 3.1% on average since September 2008, while Gross Domestic Product (GDP) saw an increment of 10.2 per cent. 
 
Canada had the best salary recovery amongst the developed nation, 7.2 per cent salary growth on average, with a GDP gain of 11.2 per cent. 
Other nations like Australia stood at 5.9%, France at 5.2 per cent, Germany at 5 per cent and Italy at 2.4 per cent salary growth. 
 
"While overall, global economists point to this recovery as one of the worst in history, there are political, economic and social reasons for the disparate salary fluctuations in different countries," Frost told ET.

India saw just 0.2 % salary growth since 2008, China made huge gains

A recent report suggests that <keyword id="624" type="ORGANIZATION" weightage="100" keywordseo="Women">women</keyword> in India are earning less than men. They are earning 18.8 per cent less than their male counterparts to be exact. 
 
This is largely owing to the lack of representation of women in highest-paying job functions and industries, senior functions and in leadership positions. Moreover, even in lower-paying sectors where women dominate - such as hospitality and tourism - men are still holding the vast majority of management and executive roles which are the highest paid jobs within any industry. 
 Furthermore, according to <keyword id="3377550" type="UNKNOWN" weightage="20" keywordseo="Korn-Ferry-Hay-Group-report">Korn Ferry Hay Group report</keyword>, the India figure of 18.8 per cent is also worrisome because it is higher than the global average. Women globally are earning 17.6 per cent less than men. 
 
"Our data shows that when it comes to thinking about pay on the basis of gender, a man and a woman in the same company, doing the same job, will usually be paid nearly the same - but still favouring men by 1.6 per cent," Ben Frost, a global reward expert at Hay Group said, adding that the data shows this very consistently, from Sweden to South Africa. In India, for the similar job levels and functions the pay gap, however, is 3.5 per cent. 
 
The study proves that organisations are following an unconscious male bias in the ways they hire talent. It is only when they have more women in higher paying jobs will we see the gender pay gap begin to close - not only by further equalling pay at similar job levels, but ensuring females reach the most senior roles, at the top of global organisations. 
 
(The global study by the group's PayNet database tracked and analysed gender and pay for more than 8 million employees in 33 countries, including 57,000 job holders in India. PayNet database otherwise contains pay details for more than 20 million job holders in 25,000 organisations in more than 110 countries. )

Women in India are earning 19 per cent less than men despite being in the same company doing the same job

Indian workers might get their highest <a href="http://www.businessinsider.in/searchresult.cms?query=salary+hike">salary hike</a> in 2016 as compared to the last three years. The rate has been pegged at 4.75% as compared to 2.1% in 2015 and 0.2% in 2014, the Korn Ferry Hay Group 2016 Salary Forecast says. 
 
Workers are expecting a 2.5% raise globally, the highest in three years. The primary reason is the historically low <a href="http://www.businessinsider.in/searchresult.cms?query=inflation">inflation</a>. 
 
"The 2015 salary forecast for India stood at 10.5 per cent. For 2016, the forecast is only marginally lesser at 10.3 per cent. However, at the same time, Indian workers are likely to see highest real wage increase at 4.7 per cent, compared to 2.1 per cent last year," Amer Haleem, Business Manager, Productized Services, <a href="http://www.businessinsider.in/searchresult.cms?query=Hay+Group+India">Hay Group India</a> said in a release. 
 
"The highest salary growth predicted in Asia is not surprising, given the war for talent in the region. Globally too, the forecast is better, with the salary rise expected to be the highest in three years. Companies are more focused than ever before on flexibility. They are willing to customise their strategies, even in link with rewards. The effort to retain talent can be directly linked to this," he added. 
 
Globally, the highest real wage growth will be in Asia, where, according to the <a href="http://www.businessinsider.in/searchresult.cms?query=Korn+Ferry+Hay+Group">Korn Ferry Hay Group</a> forecast. Real wages are expected to rise by 4.2%, the highest across the world.

Study says Indians to be paid the highest since the
last 3 years

As per the results of a research by the Hay Group division of the global people and organisational advisory firm Korn Ferry, Indian employees can expect pay increases of average 10.3%, across their job roles this year, which is a bit less than the actual average salary increase of 10.4% across India Inc in 2015. 
 
The annual report has broken down jobs into four levels - Clerical and operational, supervisory and junior professionals, middle management and seasoned professionals, and senior management and executives. While there is no change in the hike of middle and clerical and operations levels, the percentages for senior and supervisory levels are down by about 0.2-0.3%. Over all, the increments are expected to range between 10-10.5%. 
 
Talking about industries, chemicals and high technology industries are expected to be the leaders in terms of pay raises. In fact, high tech is the only sector where increments would be higher as compared to last year. On the other hand, the biggest decline can be expected in auto sector. 
 
"This year's compensation study predicts the pay raise to be more or less the same or slightly lower than last year. At this point, the general market can expect the median salary increase and salary hike figure to stay between 10%-11%," said Amer Haleem, country manager, productized services, Hay Group. 
 
"Even though there is hardly any change in increment percentage in the last 4-5 years, what's changing is the play within that overall percentage. Companies are now making a sharp differentiation between high, average and low performers. The increment grids have a broader range spread, which directly brings the focus on the differentiation in rewards, for different levels of performance. Variable pay plans for many organisations have been modified to lay emphasis on organization performance. Organization weightage has a key role to play at senior and middle management and it also cascades down to junior management," he added.

You Searched For "korn ferry hay group 2017 salary forecast" and got 5 results

Don’t expect a good salary hike next year. Here’s why

BI India Bureau

India saw just 0.2 % salary growth since 2008, China made huge gains

BI India Bureau

Women in India are earning 19 per cent less than men despite being in the same company doing the same job

Anushree Singh

Study says Indians to be paid the highest since the last 3 years

BI India Bureau

You will get paid less in 2016 than in 2015. Brace up!

BI India Bureau

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