After the great recession in 2008, salary in India has inched up only by a meagre 0.2%. No wonder, we have high rates of salary dissatisfaction!
A new report by the Hay Group division of Korn Ferry has found that India is a unique case if low salary growth and high unequal wages.
Pay packets grew just 0.2% since 2008:
While the pay packets in India grew just by 0.2%, China recorded the highest real salary growth of 10.6%, followed by Indonesia (9.5%) and Mexico (8.9%). “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 said.
Going by these stats, there is a large section of the Indian employees who are “dissatisfied” with their salary and increments. Here are 4 things that HRs can do to make up and keep the employee morale boosted!
- Instant Recognition: Keep telling them how important they are. Appreciate their work as much as possible. From quick personal notes, to pat on the back cards, little gestures go a long way in keeping employees happy.
- Enable Them: Help them in getting out to the daily mundane manual work. Empower them with technology that simplifies their work. This will not only make them more productive, but will also result in higher job satisfaction and self-achievement.
- Give Ownership: Make them feel responsible for the work they do. This makes them feel important. Let them take decisions and take their opinion in matters beyond work.
- Be Reachable: It is very important for the employees to feel connected with their workplace and the top management. Make sure that there is an open communication channel and that the employees get to talk to the top bosses.
Economics and social factors are not always favorable and there is little that we can do to amend them. However, a right mix of people management strategies, will help you keep your employees happy and engaged.