Hello Hive Fam!
I hope your day is going well and that you're having a good time.
The organisation I work for follow annual increment policy and their revise the salary for every employee effective first April. This is a pre-men so I got my increment letter today showing the increase on the annual salary package and this time the increase percentage has been low if I do compare with what I have got in last few years.
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I also discussed with my some of friends working in different companies to understand how other organisations are doing this year and what percentage of increment they are getting. It is really surprising the at hardly any of my friend has got the increase in double digit. This is because the companies are exploring ai possibilities to reduce manpower and they don't want to increase their expenses. Even the job market is highly competitive and many companies are doing lay offs. This is tough time and people are concerned about the job first so thinking about an increase is not something that many people think of.
Whatever increase I have received is just managing the inflation which is around 6 to 7% in India. Even if someone gets an increase of 9% then it's just inflation adjustment overall and a very little addition on that. This is the time to work on skills I think so that in this market which is highly competitive and uncertain because of ai we can survive. Many people are also seeking options to move away from job and start something on their own.
I have also observed that this percentage of increase is going on when we grow vertically but this should also be decent. Companies are ok to pay more when they hire backfill but not ready to give a good increase to retain existing employees. This is a bitter reality and even in my organisation it works this way. May be there is some reason why they do it and I don't know. Thank you.
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