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Friday, 05 June 2020 06:10

Salary Hike During A Lockdown: Is it Wrong to Expect One?

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In general, if there were anything affecting your confidence level in a not-so-good-way we would have advised you to fight it really hard, lest it costs you big time. But we are no more in usual times, are we? Territories have been locked down and with an economy that’s at its lowest in the past decade, could there still be things working in your favor?
Typically, March to May would be the time when one of the days you are expected to sit down and explain to your senior- your learnings and success stories from the past financial year. Companies from various industries like Hotel and Tourism, Aviation, Exports, and so on have begun to lay off employees as a result of the lockdown due to COVID-19. In such a scenario when people are losing jobs with no fault of theirs, is it wrong to think of all that effort you put into your work for more than 12 months? Let’s find out.
According to a report by Korn Ferry, as mentioned by the Business Standard, nearly 36 percent of companies in India are considering opting out of salary hikes, as a cost-cutting method. While no one expected anything of this magnitude to affect industries all over, what also cannot be ignored is everyone has contributed to lifting the situation in their own way.
Recruitment firms in India for Executive and Leadership roles say that leaders are trying everything to survive the crisis. Know that everyone is in the same boat as you are. They have put in the effort and learned a good bit. So no, there’s nothing wrong in expecting a hike, but NOW- may not be the time.
41 percent of companies have still not decided if they will be able to pay increments this year, but 24.6 percent are certain for NO HIKE this year. 17.2 percent of companies to reduce increments and an equal percentage will continue increments like before- The Hindu Business.
The article published by Business Standard mentioned that communicative and action-oriented leadership is of utmost necessity right now to make team members feel secure. Hike or not, this could be something that favors you in the long term.
Just in case you are offered compensation, make sure you take the middle path which is less than expected but guaranteed to be higher than their offer. That way, you end up getting a hike, while being on the considerate side.
Expecting a hike is not wrong, but in the current situation maybe you should just be patient and observe the market for a while. Prometheus Consulting, one of the best recruitment firms in Delhi offers specialized solutions for hiring in the Hospitality, Retail, and Semiconductor industry. To know more about the current scenario of jobs, hikes and more, log on to prometheusconsulting.in

Read 277 times Last modified on Friday, 05 June 2020 07:05

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Ajey Chaudhary

Ajey Chaudhary has diverse experience in Global Talent Acquisition, specializing in attracting talent for fortune 500 companies. He is currently heading the Recruitment function for Prometheus Consulting. He takes keen interest in Photography, biking and reading in his spare time.

 

Website: https://in.linkedin.com/in/ajeychaudhary

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