Note ban has little impact on increments in FY17: report
New Delhi: Demonetisation did not impact this year’s increments in spite of all speculations to the contrary as companies doled out as much as 20% to key talent in the appraisal process, finds out a survey. Post November 2016, air was rife with speculation about the cash recall’s impact on the hiring landscape and it was felt that the job market would be highly affected.
According to a survey by Antal International Network India, though the job market did seem a bit slack at the start of 2017, it picked up pace gradually. The survey noted that as many as “85% respondents said demonetisation did not impact this year’s increments at all in spite of the speculations”. The survey analysed benchmarking data and key insights on appraisal trends across disciplines.
Finance professionals within logistics and engineering sectors were offered the highest increment of 20% whereas retail saw the lowest 5% followed by telecom and BFSI (Banking, Financial Services and Insurance). HR professionals in FMCG, BFSI, engineering and retail got the maximum increments of 15-20 per cent whereas e- commerce saw the lowest rise at 7%.
Marketing professionals in advertising were given the highest increment of 20% while the telecom sector saw the lowest hike handed out to marketing professionals. Supply chain professionals from the healthcare industry received the highest increment of 24% followed by logistics. The manufacturing sector offered the lowest increase to marketing professionals.
Engineers and manufacturing professionals in power were given the highest increment of 20% whereas auto featured in the lowest of increments of 2%. The survey covered 2,329 decision makers at mid and senior levels across disciplines such as finance, HR, operations, sales, marketing, supply chain, engineering and manufacturing to ascertain 2016-17 appraisal trends.