2016; A Thriving Year for Indian Startups
It seems that 2016 would be a really good year for anyone involved in an Indian startup. In the performance appraisal season that in coming up in the country, the startup members will be the most ecstatic. It is estimated that the salaries of budding startups would go up by 15.6% in the financial year of 2016. A recent survey by Aon Hewitt, a human resources firm has confirmed this piece of good news. The survey covered about 700 startups in India, across 19 verticals.
The other sectors which would see a salary hike include Life Sciences, Media, Hi-tech industries and consumer products. A partner of Aon Hewitt, Anandorup Ghose stated that increased availability of funding and the specialist needs have led to the salary increase in the startup environment.
“This is a business necessity where these startups need specialised people and do not have an option of not paying. It is also cyclical. In 1999-2000, when the insurance industry was on the rise in India, it saw similar increases. Same was the case with the telecom industry in the mid 2000s,” saidGhose. He pointed out how the salaries in the startup up companies would go up for a while before settling down.
Meanwhile, verticals such as telecom, cement, transportation and logistics, etc. would witness a muted growth in salaries. The Indians would be experiencing a 10.3% hike in salaries in the financial year of 2016. It is also notable how the Indians are shifting jobs at a gradual pace.