The average projected variable pay is 15.4 per cent across sector, close to 0.4 per cent more than the pay in 2016-17, says the KPMG Annual Compensation Trends Survey. The report also says that the logistics sector witnessed the lowest increment at 8.1 per cent.
The top three reasons reported for attrition are better pay elsewhere (28.1 per cent), better career opportunity (23.4 per cent) and personal reasons such as marriage, relocation and health (19.6 per cent).
The report has also identified top three compensation levers for talent retention. These are performance-based variable pay (19.7 per cent), recognition awards (13.1 per cent) and retention bonus (11.8 per cent).
Top Compensation levers for attracting talent are attractive benefits offerings (26.3 per cent), guaranteed incentives and variable pay (19.4 per cent) and referral benefits and awards (16.6 per cent), as per the survey.
KPMG surveyed 263 organisations from 19 different sectors for the report. It was carried out to understand a wide range of current and emerging compensation trends in organisations across India. (KD)
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